Worldwide raising prices for beef draw additional attention to Panama’s products. Authorities are willing to make efforts to make it possible to export meats to new markets in order help local farmers. One of the most promising new markets is Russia and South Korea.
According to the National Institute of Statistics of Panama exports of cattle amounted to $ 20.6 million during the period from January to October 2012, which reflect an increase of 40.2% compared to the same period in 2011. This increase in exports is due to prospects arising from the ever-increasing prices for beef. The exports of meat are expected to grow at least until mid-2014 as a result of increased demand in emerging markets such as Russia, China, India and Latin America. This increase in demand has given rise to a rise in prices, and in October 2012 the average price per ton of cattle on the Chicago Mercantile Exchange was $2,761.71, and in February 2013 the prices will reach approximately $2900 per ton.
