Economy

Trade deficit hitting record levels

While Panama's exports are decreasing so far this year, imports continue to break records. This has led to the country's trade deficit increasing 41 percent in the first two months of the year compared to same period last year, reaching a record $1.1 billion, according to data supplied by the Contraloría General de la República. Imports were $1.3 billion, 47 percent more than last year. Exports, on the other hand, were $232 million, 9 percent less than last year.

Not surprisingly, the rising cost of fuel has generated most of the increase. Those products accounted for $232 million, a 100 percent increase. Imports of household appliances grew by 193 percent. Meanwhile, imports of construction materials, and raw materials for manufacturing and agriculture all also grew substantially.