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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

Panama is currently our 47th largest goods trading partner with $8.2 billion in total (two way) goods trade during 2015. Goods exports totaled $7.8 billion; goods imports totaled $408 million. The U.S. goods trade surplus with Panama was $7.4 billion in 2015.

According to the Department of Commerce, U.S. exports of goods to Panama supported an estimated 31 thousand jobs in 2014 (latest data available).

Exports

  • Panama was the United States' 33rd largest goods export market in 2015.
     
  • U.S. goods exports to Panama in 2015 were $7.8 billion, down 25% ($2.6 billion) from 2014 but up 262% from 2005. U.S. exports to Panama are down 20.3% from 2012 (pre-FTA).
     
  • The top export categories (2-digit HS) in 2015 were: mineral fuels ($3.6 billion), machinery ($785 million), electrical machinery ($446 million), special other (low value estimates) ($328 million), and beverages (whiskey, brandy) ($243 million).
     
  • U.S. exports of agricultural products to Panama totaled $662 million in 2015, our 35th largest agricultural export market. Leading categories include: soybean meal ($79 million), corn ($62 million), prepared food ($53 million), dairy products ($40 million), and wheat ($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 2015, down 5.3% ($23 million) from 2014, but up 25% from 2005. U.S. imports from Panama are down 24.5% from 2012 (pre-FTA). U.S. imports from Panama are down 24.5% from 2012 (pre-FTA).
     
  • The top import categories (2-digit HS) in 2015 were: special other (returns) ($151 million), fish and seafood (snapper, grouper) ($89 million), precious metal and stone (gold) ($38 million), sugar ($20 million), and electrical machinery ($12 million).
     
  • U.S. imports of agricultural products from Panama totaled $46 million in 2015. Leading categories include: raw beet & cane sugar ($20 million), coffee, unroasted ($7 million), bananas and plantains ($4 million), other fresh fruit ($3 million), and other vegetable oils ($2 million).

Trade Balance

  • The U.S. goods trade surplus with Panama was $7.4 billion in 2015, a 26.0% decrease ($2.6 billion) over 2014.
     

Investment

  • U.S. foreign direct investment (FDI) in Panama (stock) was $4.7 billion in 2014 (latest data available), a 1.1% increase from 2013. U.S. direct investment in Panama is led by nonbank holding companies, wholesale trade, and manufacturing.
     
  • Panama's FDI in the United States (stock) was $1.2 billion in 2014 (latest data available), down 12.0% from 2013. Panama's direct investment in the U.S. is led by real estate, manufacturing, and retail trade.
     
  • Sales of services in Panama by majority U.S.-owned affiliates were $1.9 billion in 2013 (latest data available), while sales of services in the United States by majority Panama-owned firms were $185 million.

NOTE: No services trade data with Panama are available.
 

4/14/2016