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Panama

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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 $11.0 billion in 2015 (latest data available).  Exports were $9.3 billion; imports were $1.7 billion.  The U.S. goods and services trade surplus with Panama was $7.6 billion in 2015.

Panama is currently our 52th largest goods trading partner with $6.6 billion in total (two way) goods trade during 2016. Goods exports totaled $6.1 billion; goods imports totaled $408 million. The U.S. goods trade surplus with Panama was $5.7 billion in 2015.

Trade in services with Panama totaled an estimated $2.9 billion in 2015 (latest data available).  Services exports totaled $1.6 billion; services imports totaled $1.3 billion.  The U.S. services trade surplus with Panama with $357 million in 2015.

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' 34rd largest goods export market in 2016.
     
  • U.S. goods exports to Panama in 2016 were $6.1 billion, down 19.8% ($1.5 billion) from 2015 but up 131% from 2006. U.S. exports to Panama are down 37.5% from 2012 (pre-FTA).
     
  • The top export categories (2-digit HS) in 2016 were: mineral fuels ($2.2 billion), machinery ($555 million), electrical machinery ($394 million), beverages (whiskies/grape brandy) ($262 million), and special other (low value shipments) ($242 million).
     
  • U.S. total exports of agricultural products to Panama totaled $680 million in 2016.  Leading domestic categories include: corn ($84 million), soybean meal ($79 million), prepared food ($55 million), dairy products ($40 million), and pork & pork products ($36 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 $5.7 billion in 2016, a 20.9% decrease ($1.5 billion) over 2015.
     
  • The United States has a services trade surplus of an estimated $357 million with Panama in 2015 (latest data available), up 13.7% from 2014.

Investment

  • U.S. foreign direct investment (FDI) in Panama (stock) was $4.1 billion in 2015 (latest data available), a 12.2% decrease from 2014.  U.S. direct investment in Panama is led by nonbank holding companies, finance/insurance, and wholesale trade.
     
  • Panama's FDI in the United States (stock) was $2.7 billion in 2015 (latest data available), up 12.9% from 2014.  Panama's direct investment in the United States is led by real estate, finance/insurance, and wholesale trade.
     
  • Sales of services in Panama by majority U.S.-owned affiliates were $2.1 billion in 2014 (latest data available), while sales of services in the United States by majority Panama-owned firms were $182 million.