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
In 2019, Panama GDP was an estimated $68.5 billion (current market exchange rates); real GDP was up by an estimated 3.0%; and the population was 4 million. (Source: IMF)
U.S. goods and services trade with Panama totaled an estimated $13.1 billion in 2019. Exports were $9.9 billion; imports were $3.2 billion. The U.S. goods and services trade surplus with Panama was $6.7 billion in 2019.
Panama is currently our 53th largest goods trading partner with $8.0 billion in total (two way) goods trade during 2019. Goods exports totaled $7.5 billion; goods imports totaled $452 million. The U.S. goods trade surplus with Panama was $7.1 billion in 2019.
Trade in services with Panama (exports and imports) totaled an estimated $5.1 billion in 2019. Services exports were $2.4 billion; services imports were $2.7 billion. The U.S. services trade deficit with Panama was $337 million in 2019.
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).
- Panama was the United States' 35th largest goods export market in 2019.
- U.S. goods exports to Panama in 2019 were $7.5 billion, up 11.9% ($801 million) from 2018 and up 75.5% from 2009. U.S. exports to Panama are down 23.3% from 2012 (pre-FTA).
- 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).
- U.S. total exports of agricultural products to Panama totaled $756 million in 2019. Leading domestic export categories include: corn ($89 million), soybean meal ($70 million), dairy products ($58 million), prepared food ($55 million), and pork and pork products ($48 million).
- U.S. exports of services to Panama were an estimated $2.4 billion in 2019, 2.2% ($50 million) more than 2018, and 122% greater than 2009 levels. Leading services exports from the U.S. to Panama were in the travel, transport, and financial services sectors.
- Panama was the United States' 95th largest supplier of goods imports in 2019.
- U.S. goods imports from Panama totaled $452 million in 2019, up 7.6% ($32 million) from 2018, and up 49.4% from 2009. U.S. imports from Panama are down 16.4% from 2012 (pre-FTA).
- The top import categories (2-digit HS) in 2019 were: special other (repairs) ($146 million), fish and seafood (fresh fish) ($77 million), precious metal and stone (gold) ($70 million), sugar ($26 million), and electrical machinery ($18 million).
- U.S. total imports of agricultural products from Panama totaled $56 million in 2019. Leading categories include: raw beet and cane sugar ($24 million), coffee, unroasted ($8 million), other vegetable oils ($8 million), bananas and plantains ($5 million), and feeds and fodders ($4 million).
- U.S. imports of services from Panama were an estimated $2.7 billion in 2019, 4.3% ($112 million) more than 2018, and 223% greater than 2009 levels. Leading services imports from Panama to the U.S. were in the transport, travel, and professional and management services sectors.
- The U.S. goods trade surplus with Panama was $7.1 billion in 2019, a 12.2% increase ($769 million) over 2018.
- The United States has a services trade deficit of an estimated $337 million with Panama in 2019, up 22.5% from 2018.
- U.S. foreign direct investment (FDI) in Panama (stock) was $5.3 billion in 2019, a 3.9% increase from 2018. 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 $3.0 billion in 2019, up 6.3% from 2018. There is no information on the distribution of Panama FDI in the U.S.
- Sales of services in Panama by majority U.S.-owned affiliates were $1.3 billion in 2017 (latest data available). There were no sales of services in the United States by majority Panama owned firms in 2017.