Breadcrumb

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 $10.4 billion in 2018. Exports were $8.5 billion; imports were $1.9 billion. The U.S. goods and services trade surplus with Panama was $6.6 billion in 2018.

Panama is currently our 54th largest goods trading partner with $7.3 billion in total (two way) goods trade during 2018. Goods exports totaled $6.8 billion; goods imports totaled $421 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 $3.2 billion in 2018. Services exports were $1.7 billion; services imports were $1.5 billion. The U.S. services trade surplus with Panama was $223 million in 2018.

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 $6.8 billion, up 8.7% ($548 million) from 2017 and up 39.9% from 2008. U.S. exports to Panama are down 30.4% from 2012 (pre-FTA).

  • The top export categories (2-digit HS) in 2018 were: mineral fuels ($2.6 billion), machinery ($641 million), aircraft ($401 million), electrical machinery ($357 million), and vehicles ($304 million).

  • U.S. total exports of agricultural products to Panama totaled $700 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' 101st largest supplier of goods imports in 2018.

  • U.S. goods imports from Panama totaled $421 million in 2018, down 4.9% ($22 million) from 2017, but up 11.0% from 2008. U.S. imports from Panama are down 22.1% from 2012 (pre-FTA).

  • The top import categories (2-digit HS) in 2018 were: special other (repairs) ($162 million), fish and seafood (fresh fish) ($90 million), precious metal and stone (gold) ($34 million), sugar ($29 million), and machinery ($14 million).

  • U.S. total imports of agricultural products from Panama totaled $48 million in 2018. Leading categories include: raw beet & cane sugar ($23 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 $1.5 billion in 2018, 14.4% ($185 million) more than 2017, and 55.4% greater than 2008 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 9.7% increase ($570 million) over 2017.

  • The United States has a services trade surplus of an estimated $223 million with Panama in 2018, down 32.0% from 2017.

Investment

  • U.S. foreign direct investment (FDI) in Panama (stock) was $5.1 billion in 2018, a 7.3% increase from 2017. U.S. direct investment in Panama is led by nonbank holding companies, wholesale trade, and mining.

  • Panama's FDI in the United States (stock) was $2.8 billion in 2018, up 14.3% from 2017. There is no information on the distribution.

  • Sales of services in Panama by majority U.S.-owned affiliates were $1.7 billion in 2017 (latest data available).