In the first six months of the year the country exported $9.5 million more than it did in the same period in 2010.
According to the Controller's Office, total exports of gold last June was $54.4 million, compared with $33 million in the same period in 2010. Gold exports have been rising month on month, from $8 million in April 2011 to $11 million in June 2011.
During the first five months of 2012, the Colon Free Zone in Panama registered a trade surplus of $870.2 million.
A press release from the Ministry of Economy and Finance of Panama reads:
During the first five months of 2012, the Colon Free Zone registered a trade surplus of 877.2 million balboas ($877.2 million), after recording re-exports worth 6.6624 billion balboas ($6.6624 billion) and imports worth 5.7852 billion balboas ($5.7852 billion), as reported by the Department of Economics and Social Analysis of MEF through a report.
Gold exports have increased from 5,749 ounces in the first half of 2009 to 33,369 in the same period of this year.
According to information from the National Comptroller's Office, income from gold exports increased from $1.5m to $23.8m.
"Experts and the Panamanian Mining Chamber say that the figures are entirely due to the beginning of Petaquilla's operations in Colón, which will already be generating royalties for the government, though not everyone agrees with the project," reports Pa-digital.com.pa.