Panama's fishermen had one of their worst years in almost a decade in 2007 in terms of exports.
The Asociación de Productores, Procesadores y Exportadores de Productos del Mar (Appexmar) reported that exports dropped more than 43 percent in 2007 as compared to the previous year. The association said exports went from 4.1 million kilograms in 2006 to 2.3 million kilograms last year.
The situation forced three of the country's 20 facilities dedicated to preparing seafood for export to close.
Appexmar President Valerio De Sanctis blamed a variety of factors, including the rising price of gas which made it difficult for many fishermen to continue in the trade.
Exporters also had difficulty dealing with the government's tax laws. While the government announced it would extend the Certificado de Abono Tributario (CAT) program until 2009, exporters went without the tax exemption for the first seven months of the year.
Because transportation costs increased so much during the year, many exporters decided to freeze their products and deliver them by ship instead of exporting fresh seafood by place. This cut into profits as frozen seafood commands a much lower price.
While most segments of the fishing industry were down, Panama's shrimp industry continued its strong sales, with business increasing by about 5 percent last year.