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Panama

Panama Flag

The United States-Panama Trade Promotion Agreement (TPA) was signed on June 28, 2007. Panama approved the TPA on July 11, 2007. The TPA was signed into law in the United States on October 21, 2011, and entered into force in both countries on October 31, 2012.

U.S.-Panama Trade Facts

U.S. goods and services trade with Panama totaled an estimated $9.3 billion in 2016 (latest data available). Exports were $7.6 billion; imports were $1.7 billion. The U.S. goods and services trade surplus with Panama was $5.9 billion in 2016.

Panama is currently our 55th largest goods trading partner with $6.7 billion in total (two way) goods trade during 2017. Goods exports totaled $6.3 billion; goods imports totaled $443 million. The U.S. goods trade surplus with Panama was $5.9 billion in 2017.

Trade in services with Panama totaled an estimated $2.8 billion in 2016 (latest data available). Services exports totaled $1.5 billion; services imports totaled $1.3 billion. The U.S. services trade surplus with Panama was $266 million in 2016.

According to the Department of Commerce, U.S. exports of Goods and Services to Panama supported an estimated 41 thousand jobs in 2015 (latest data available) (31 thousand supported by goods exports and 10 thousand supported by services exports).

Exports

  • Panama was the United States' 37th largest goods export market in 2017.
  • U.S. goods exports to Panama in 2017 were $6.3 billion, up 3.8% ($232 million) from 2016 and up 71.7% from 2007. U.S. exports to Panama are down 35.9% from 2012 (pre-FTA).
  • The top export categories (2-digit HS) in 2017 were: mineral fuels ($2.4 billion), machinery ($557 million), electrical machinery ($392 million), beverages (ethyl alcohol) ($281 million), and vehicles ($265 million).
  • U.S. total exports of agricultural products to Panama totaled $660 million in 2017. Leading domestic export categories include: corn ($80 million), soybean meal ($72 million), prepared food ($49 million), dairy products ($45 million), and poultry meat & prods. (ex. eggs) ($34 million).

Imports

  • Panama was the United States' 91st largest supplier of goods imports in 2015.
  • U.S. goods imports from Panama totaled $408 million in 2016, down 0.1% ($549 thousand) from 2015, but up 7.7% from 2006.  U.S. imports from Panama are down 24.5% from 2012 (pre-FTA).  
  • The top import categories (2-digit HS) in 2016 were: special other (returns) ($160 million), fish and seafood (shrimp, snapper, tuna) ($88 million), precious metal and stone (gold) ($31 million), sugar ($28 million), and electrical machinery ($12 million).
  • U.S. total imports of agricultural products from Panama in 2016 totaled $56 million in 2016. Leading categories include: raw beet & cane sugar ($24 million), coffee, unroasted ($7 million), other vegetable oils ($6 million), sugars/sweeteners/beverage bases ($4 million), and other fresh fruit ($4 million).
  • U.S. imports of services to Panama were an estimated $1.3 billion in 2015 (latest data available), 0.5% ($7 million) more than 2014.  Leading services imports from Panama to the United States were in the travel, transport, and professional and management services sectors.

Trade Balance

  • The U.S. goods trade surplus with Panama was $5.9 billion in 2017, a 3.5% increase ($200 million) over 2016.
  • The United States has a services trade surplus of an estimated $266 million with Panama in 2016 (latest data available), down 25.5% from 2015.

Investment

  • U.S. foreign direct investment (FDI) in Panama (stock) was $4.7 billion in 2017, a 9.4% increase from 2016. U.S. direct investment in Panama is led by nonbank holding companies, wholesale trade, and finance and insurance.
  • Panama's FDI in the United States (stock) was $2.4 billion in 2017, down 10.3% from 2016. Panama's direct investment in the U.S. is led by real estate, finance and insurance, and retail trade.
  • Sales of services in Panama by majority U.S.-owned affiliates were $1.2 billion in 2015 (latest data available), while sales of services in the United States by majority Panama-owned firms were $91 million.