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Panama

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 $9.6 billion in 2017 (latest data available). Exports were $7.9 billion; imports were $1.7 billion. The U.S. goods and services trade surplus with Panama was $6.2 billion in 2017

Panama is currently our 54th largest goods trading partner with $7.3 billion in total (two way) goods trade during 2018. Goods exports totaled $6.9 billion; goods imports totaled $462 million. The U.S. goods trade surplus with Panama was $6.4 billion in 2018.

Trade in services with Panama (exports and imports) totaled an estimated $2.9 billion in 2017 (latest data available). Services exports were $1.6 billion; services imports were $1.3 billion. The U.S. services trade surplus with Panama was $330 million in 2017 (latest data available).

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' 35th largest goods export market in 2018.
     
  • U.S. goods exports to Panama in 2018 were $6.9 billion, up 9.3% ($584 million) from 2017 and up 40.9% from 2008. U.S. exports to Panama are down 30.0% from 2012 (pre-FTA).
     
  • The top export categories (2-digit HS) in 2018 were: mineral fuels ($2.7 billion), machinery ($641 million), aircraft ($401 million), electrical machinery ($358 million), and vehicles ($304 million).
     
  • U.S. total exports of agricultural products to Panama totaled $701 million in 2018. Leading domestic export categories include: corn ($83 million), soybean meal ($81 million), prepared food ($54 million), dairy products ($47 million), and pork & pork products ($39 million).

Imports

  • Panama was the United States' 95th largest supplier of goods imports in 2018.
     
  • U.S. goods imports from Panama totaled $462 million in 2018, up 4.4% ($20 million) from 2017, and up 21.9% from 2008. U.S. imports from Panama are down 14.5% from 2012 (pre-FTA).
     
  • The top import categories (2-digit HS) in 2018 were: special other (repairs) ($164 million), fish and seafood (fresh fish) ($90 million), mineral fuels ($40 million), precious metal and stone (gold) ($34 million), and sugar ($30 million).
     
  • U.S. total imports of agricultural products from Panama totaled $48 million in 2018. Leading categories include: raw beet & cane sugar ($24 million), sugars, sweeteners, bev bases ($6 million), coffee, unroasted ($5 million), other fresh fruit ($4 million), and other vegetable oils ($4 million).
     
  • U.S. imports of services from Panama were an estimated $1.3 billion in 2017 (latest data available), 3.2% ($40 million) more than 2016, and 39.4% greater than 2007 levels. Leading services imports from Panama to the U.S. were in the transport, travel, and professional and management services sectors.

Trade Balance

  • The U.S. goods trade surplus with Panama was $6.4 billion in 2018, a 9.6% increase ($564 million) over 2017.
     
  • The United States has a services trade surplus of an estimated $330 million with Panama in 2017 (latest data available), up 21.3% from 2016.

Investment

  • U.S. foreign direct investment (FDI) in Panama (stock) was $4.7 billion in 2017 (latest data available), 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 (latest data available), down 10.3% from 2016. There is no information on the distribution.
     
  • Sales of services in Panama by majority U.S.-owned affiliates were $1.2 billion in 2016 (latest data available).