At least 51 Taiwanese businesses will participate in the 24th EXPOCOMER international commercial exhibition to be held from March 8 to March 12 in Panama City, officials from Taiwan's embassy in Panama said on Monday.
It will mark the 23rd consecutive year that Taiwanese businesses have displayed their products at the fair, they said.
Taiwan's ambassador to Panama Hou Ping-fu (侯平福) and August Simons, head of the Panamanian Chamber of Commerce, Industries and Agriculture signed a contract last Thursday on leasing space at the fair for Taiwan's businesses.
Two-way trade between Taiwan and Panama has rapidly expanded since a free trade pact between the two countries came into effect on Jan. 1 last year.
Trade last year between Taiwan and Panama, excluding the Colon free trade zone, reached US$32.7 million, representing an increase of 25.28 percent over the figure for 2003.
Panamanian exports to Taiwan totaled US$11.06 million last year, posting record-high year-on-year growth of 67.15 percent, while Taiwan's exports to the Central American nation hit US$21.63 billion, up 11.05 percent, according to Taiwan's embassy.
For the first nine months of this year, two-way trade amounted to US$33.79 million, with Panamanian exports to Taiwan hitting US$14.82 million, up a huge 112.96 percent over the previous year. Meanwhile, Taiwan's exports to Panama reached US$18.96 million, up 14.49 percent year on year.
Pointing out that Panama's trade deficit with Taiwan dropped from US$10.57 million in 2003 to just US$4.14 million last year, Hsu Ta-wei (徐大衛), an official from Taiwan's embassy in charge of economic affairs, said the free trade accord had done well in eliminating trade imbalances between the two countries.
At the EXPOCOMER 2005 held last March, Taiwanese businesses received contracts totaling some US$4.65 million, with US$8.25 million in follow-up orders, according to the embassy.
More than 500 businesses from 30 nations attended this year's Panamanian trade fair, which hosted more than 300,000 visitors. Business deals signed at the exhibition totaled US$97 billion, according to EXPOCOMER organizers.
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