Panama textile and textile manufacturing industry is in the spotlight following a series of high-profile corruption scandals and the resignation of President Juan Carlos Varela, which were brought to light last month.
According to Panama Business, a Panama-based non-profit organization dedicated to strengthening economic and social development in the Caribbean nation, the country’s textile industry is among the world’s most significant in terms of annual revenue and is worth approximately US$100 billion.
While the textile industry in Panama was largely overlooked when it came to the 2016 elections, the situation has changed drastically over the past few years.
The country has emerged as a major export destination for Western companies as well as the United States.
The United States has been the largest textile exporter to Panama in recent years.
Since the beginning of the Panama Canal in 1982, Panama’s textile exports have increased to US$4.7 billion.
But the country has also experienced some financial troubles in recent times.
Since 2011, the Panama government has taken measures to shore up the economy, including reducing the capital gains tax and the imposition of an import duty of 12.5 percent.
The Panama Canal, which opened in May 2015, has also seen a rise in trade between the two countries.
In the last two years, the number of trade flows between the United Kingdom and Panama has increased by about 20 percent.
In addition, Panama has been named one of the world leaders in terms on the number and types of textile products it produces, the report states.
Panama, which is home to a number of industries, including textile, textiles and leather goods, is known for its production of apparel, textile goods, textilicals, footwear, and leather products.