Panama Sportfishing Economics

Sportfishing in Panama

For Immediate Release:  October 22, 2013
Contact: Donna@southwickassociates.com

Fishing Drives Economy in Panama

FERNANDINA BEACH, Fla. A recent report, initiated by The Billfish Foundation(TBF) and conducted by Southwick Associates, found that sportfishing has not only been a major force in attracting tourists to the country, but that the potential for greater economic growth is on the very near horizon- provided that fishing remains great and consumers are made aware of it.

The report, entitled “Sportfishing in Panama: A Natural Economic Gold Mine,” was funded by Panamanian government agency SENACYT, announced that the number of anglers visiting Panama has doubled from 2001 to 2011 and the surge could only be the beginning.  In fact, for every U.S. angler that has visited the country, eight more are interested in Panama as a fishing destination.

In 2011 (most recent data), 86,250 visitors fished in Panama.  Those anglers and the rest of their travel companions spent $97 million on charter boats, fuel, food, lodging, and other related expenses. Further, considering the Panama’s wonderful climate and amazing beaches alone are major attractions, one in four  tourists that fished  visited Panama JUST to fish.

“This boom in tourism in Panama is really no surprise. Our survey asked U.S. anglers why they choose to fish in some countries but not others,” said Ellen Peel, the President of TBF. “Panama has all the key ingredients that attract, and lure back, anglers including quality fishing opportunities, to overall climate, to the natural beauty of the location.  It is paramount though that private and governmental agencies continue to focus on maintaining healthy marine habitats and quality fisheries – not just for billfish, but for all species.  If managed correctly, Panama’s sportfishing sector will become a biggercash-cow for Panama’s tourism economy.“

Panama also scored high among surveyed anglers regarding the reasonable cost of travel, safety, and that quality charter boats were available.  In fact, 87 percent of the anglers surveyed were “satisfied” or “very satisfied” with their trips.  This bodes extremely well for Panama tourism because 68.5 percent of people choose a vacation destination based on friends or family recommendations.  Because people leaving Panama have such a high rate of satisfaction, word-of-mouth between friends and family will drive even more people to the country.

“For every 10 sportfishing visitors to Panama, another Panamanian job is supported,” Peel said.  “But to continue to add these jobs Panama needs to maintain top notch fishing, which requires strong, well-enforced fisheries regulations. Anglers reported they favor fishing destinations that tightly and effectively control commercial and recreational harvests.  Panama needs to communicate that they are on board with these tourism-driving factors.”

Interest in fishing Panama is already high.  If each interested angler was enticed into visiting, it could translate into an additional $776 million for the Panamanian economy.

Sportfishing tourism annually provides Panama with:

  • $97 million new dollars via spending by visiting anglers.
  • $170.4 million in total retail and business-to-business sales within Panama.
  • 9,503 Panamanian jobs.
  • US $3.1 million in new tax revenues, and an increase in Gross Domestic Product of US $48.4 million.

The full results from the survey can been seen in greater depth at: Sportfishing in Panama

The Billfish Foundation (TBF), a 501(c)(3) non-profit organization, was founded in 1986 with the mission to conserve billfish worldwide through research and educational programs. The organization’s keystone program, the traditional tagging program, began in 1990. Today, it is the largest international billfish-tagging program in the world. At the same time, the TBF’s overall focus has expanded to include advocacy for responsible fisheries management. The Billfish Foundation is recognized globally and has continued to distinguish itself from other fish conservation organizations through sustained emphasis on synthesizing science and policy into effective, yet reasonable, fishery management solutions—solutions that are good for the fish but not punitive to recreational anglers. To learn more, visit www.billfish.org.

Southwick Associates helps the outdoor industry, management agencies and non-profit organizations understand the size of markets, sales and participation trends and the economic aspects of hunting, fishing and other outdoor recreation and conservation issues.

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