Who does Panama trade with?

In 2017, Panama major trading partner countries for exports were United States, Unspecified, Colombia, Costa Rica and Dominican Republic and for imports they were China, United States, Free Zones, Singapore and Mexico.

Who does Panama trade with the most?

The United States is Panama’s most important trading partner and U.S. products enjoy a high degree of popularity in Panama. In 2018, U.S. exports to Panama reached $6.8 billion, while in 2017, total exports reached $6.3 billion.

Who are Panama’s major import partners?

Panama’s main import partners are the United States, China, Mexico, South Korea, Japan and Colombia.

What do we trade with Panama?

The top export categories (2-digit HS) in 2019 were: mineral fuels ($3.7 billion), machinery ($515 million), beverages (whiskies, grape brandy) ($363 million), electrical machinery ($333 million), and special other (low value estimates) ($310 million).

What exports Panama?

Panama’s exports are dominated by the agricultural and fishing sector (60 percent of total exports). Salmon, banana and gold are the most exported products. Panama’s main export partners are the United States, Canada, Netherlands, Sweden and Costa Rica. The North American market represents 40 percent of total exports.

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Who does Panama import and export?

Panama top 5 Export and Import partners

Exporter Trade (US$ Mil) Partner share(%)
China 4,351 19.84
United States 4,063 18.52
Free Zones 2,807 12.80
Singapore 1,521 6.93

What are the top 3 imports of Panama?

Imports The top imports of Panama are Passenger and Cargo Ships ($7.94B), Refined Petroleum ($6.13B), Crude Petroleum ($4.24B), Special Purpose Ships ($1.47B), and Packaged Medicaments ($934M), importing mostly from China ($7.95B), United States ($7.2B), Japan ($6.09B), Colombia ($2.35B), and Ecuador ($1.92B).

What is the money of Panama?

The Panamanian balboa (PAB) is the national currency of the Republic of Panama, which circulates alongside the U.S. dollar (USD), to which the PAB is pegged at par (1:1). Balboas are issued only in coin form and are subdivided into 100 centésimos.

What are Panama major imports and exports?

Economy of Panama

Statistics
Export goods fruit and nuts, fish, iron and steel waste, wood
Main export partners United States 18.9% Netherlands 16.6% China 6.5% Costa Rica 5.4% India 5.1% Vietnam 5% (2017)
Imports $21.91 billion (2017 est.) includes the Colon Free Zone

What does United States get from Panama?

U.S. exports to Panama include oil, machinery, aircraft, agricultural products, and low-value shipments. The United States is the number-one user of the Canal, with 68 percent of transits heading to or from U.S. ports. U.S. imports from Panama include fish and seafood, gold, cane sugar, bananas, and pineapples.

Does Panama have tariffs?

U.S. industrial goods currently face an average tariff of 7 percent in Panama, with some tariffs as high as 81 percent. … Over 86 percent of U.S. exports of consumer and industrial products to Panama will become duty-free immediately, with remaining tariffs phased out over ten years.

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What is the main industry in Panama?

Panama: Economy

Economic Trivia Panama has prosperous transportation and logistics service sectors that contribute to its economy’s high growth.
Top Industries Construction; Brewing; Cement and Other Construction Materials; Sugar Milling

How is the economy doing in Panama?

A small, dollarized economy, Panama had one of the strongest growth performance in Latin America and the Caribbean (LAC) before the COVID-19 crisis. It grew at 4.7 % on average from 2014 to 2019, while LAC grew at 0.9 %. … Panama’s Gross Domestic Product (GDP) contracted 17.9 % in 2020.

Why is Panama so poor?

This is largely due to international trade being introduced through the newly expanded Panama Canal. … Poor infrastructure and little opportunity for agricultural growth constitute the primary reasons for the causes of poverty in Panama. The country’s poor infrastructure is one of its main causes of poverty.