Demand for Rum in Panama Reduced

The evolution of the Panamanian economy brings changes in consumption patterns which favor imported wine and premium liquors.

Monday, November 18, 2013

Figures from the Comptroller General of the Republic up until August reveal that local production of alcoholic beverages stood at 176.8 million liters, 2.2 % less than the 180.2 million reported in the same period in 2012. This decrease was driven by the 10.2% decline reported in rum production which went from 5.3 million liters to 4.7 million.

According to Farid Gozaine, CEO of Central Industrial Chiricana S.A., the decrease in production was mainly due to increased competition in the alcoholic beverage market. This is due to the increase in affluent foreigners living in the country in addition to the increase in the purchasing power of Panamanians, which has favored consumption and imported premium drinks such as wine.

Central Industrial Chiricana SA, has decided to confront this by creating a better infrastructure for aging its rums, which has allowed them to offer premium beverages and also open up markets such as Costa Rica, Guatemala, El Salvador, Bolivia and the U.S.

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