China has become the third largest export destination for Panama, whose exports to China soared almost 80 percent last year, the latest official statistics from the Central American country show.

China was only the 17th largest export destination for Panama in 2006, but jumped to third place last year after its exports to China grew to 62.9 million U.S. dollars, a 78.6-percent rise over the previous year, media reports said Sunday.

China now ranks third in terms of imports from Panama, next only to the United States and the Netherlands, importing mainly scrap iron, coffee and chicken from that country.

Bao Esheng, a Chinese trade official, said China's rapid economic growth guarantees the development of trade between the two countries.

About 40 percent of Panama's exports go to the United States and some 33 percent end up in Europe. With an economic slowdown in the United States, Panamanian exporters are seeking to explore other markets.

(Xinhua News Agency March 11, 2008)