BRIEFS. agriculture

Strong euro is good news for farmers

Gabriel Rodríguez/la prensa

far-flung fruit:Watermelons are prepared for export. Panama’s farmers have found a booming market in Europe for their crops.991304

The rising value of the euro when compared to the dollar has been good news for Panama's farmers who export their crops to Europe.

The euro reached an all-time high this week at $1.52. That means that there is a greater demand for goods exported from countries, such as Panama, that use the dollar to those that use the euro.

Panama's farmers had been looking at a tough year because heavy rains delayed the harvesting of some crops, making them hard to sell to traditional outlets in the U.S. So the farmers looked to Europe, and have been rewarded with higher than expected demand and returns.

Farmers are now getting $1.40 per kilo of watermelon and cantaloupe, which is 25 percent higher than last year's price.

"More than anything the price hike is attributable to the increased value of the euro and not an increase in the price of fruit," said Francisco Antúnez, a former president of the Gremial de Agroexportadores no Tradicionales de Panamá (Gantrap).