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Panama Import Export Data Complete Profile

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By Author: Varun Pratap Singh
Total Articles: 36
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Panama, Embracing the isthmus and more than 1,600 islands off its Atlantic and Pacific coasts, the tropical nation is renowned as the site of the Panama Canal, which cuts through its midsection. It is equally well known for its natural beauty, for its diverse plant and animal life, including hundreds of bird and tree species, and for its vibrant music and culture.

Panama Export Data shows Panama is mainly export oriented and highly dependent on trade, which represents 83.2% of GDP. The country also has the largest trading fleet in the world, with 16% of the global fleet carrying capacity being registered in Panama. The free zone of Colón is the second largest free zone in the world after Hong Kong, demonstrating the country’s openness to foreign trade. Panama mainly exports medicaments (14.6%), oxygen-function amino-compounds (5.6%), electrical apparatus for line telephony (4.3%), and perfumes (3.5%), while its top imports include petroleum oils (8.6%), medicaments (6.7%), motor vehicles (3.9%), oxygen-function amino-compounds (3.4%), and electrical apparatus ...
... for line telephony (2.7%).

According to IMF Foreign Trade Forecasts, the volume of exports of goods and services decreased by 14.7% in 2020 and is expected to increase by 17.1% in 2021, while the volume of imports of goods and services decreased by 17.4% in 2020 and is expected to increase by 17.6% in 2021. The unprecedented fall in volume of imports and exports in 2020 was due to the global economic crisis following the outbreak of the COVID-19 pandemic. However, despite an overall decrease in exports of goods, Panamanian banana exports grew in 2020.

According to the last available data from WTO, Panama Import Data shows Panama imported USD 21.4 billion worth of goods and USD 5 billion in services in 2019. Over the same period, the country exported USD 10.5 billion in goods and USD 13.8 million in services. As a result, when only accounting for goods, Panama had a trade deficit of USD 7.8 billion. However, the country registered an overall trade balance (including services) of USD 934 million in 2019. However, the trade deficit should improve in 2020, as imports of goods are expected to stabilize.

Panama- USA Trade Data Relationship

The relationship between the United States and Panama has historically been positive, despite occasional hiccups during the times when the U.S. still had control of the Panama Canal. Panama felt that it was being shortchanged economically and humiliated politically as a result of the one-sided conditions created by the 1903 Hay–Bunau-Varilla Treaty, which gave the United States the right to build the canal and administer it while maintaining an enclave in perpetuity within Panamanian territory.

The U.S — Panama trade data Promotion Agreement, which entered into force on Oct. 31, 2012, further cemented the strong diplomatic and commercial bonds between our two countries. The United States has always been and still is Panama’s main trading partner. The dollar has circulated freely in the country since the time of its independence; this has been hugely beneficial to Panama, contributing to the country’s economic growth and stability.

Panama- China Trade Data Relationship

China Export Data shows China’s exports to Panama mostly comprise light industry products, textiles, fuel oil, rubber, computers, and communications products, while the country’s imports from Panama include fishmeal, scrap metal, cement, and leather. This points to complementarity between the two countries in the merchandise trade. Chinese customs data shows that China’s trade with Panama totaled $6.69 billion in 2017, with China’s exports to Panama reaching $6.63 billion and its imports at $62 million, a year-on-year increase of 2.8 percent, 2.4 percent, and 67.6 percent, respectively.

This suggests there is substantial room for China to increase its imports of Panamanian products. Although Panama’s market is relatively small for China, building a free trade zone with Panama would serve to expand the sources of China’s imports, therefore helping with China’s trade remodeling. More importantly, the trade deal would provide an institutional basis for bilateral trade growth and ensure the stable development of bilateral relations.

India — Panama Trade Data Relations

India-Panama relations are the oldest in the Central American region, dating back to the middle of the 19th Century when groups of Indians came to Panama to work on the construction of Panama Railways and later the Panama Canal in the early 20th Century. Panama also has a Resident Mission in New Delhi. India enjoys warm and cordial political relations with Panama. The diplomatic relations between India and Panama were established in 1962 and Panama was the first country in Central America to establish diplomatic relations with India.

India’s exports to Panama registered a hike of 10.37 % and India’s imports from Panama surged markedly in 2016–17. The main items of India´s exports to Panama consist of automobiles and accessories; textiles; pharmaceuticals; articles of iron and steel; plastic products; tobacco products; rubber products; furniture items; electrical and electronic equipment’s, etc. India Import Data shows the main items India imported from Panama include ships, boats, and floating structures; teak and other wood; mineral fuels; oils and waxes; metal scrap and raw cashew.

Costa Rica’s Exports to Panama Up 66%

The figure makes Panama the fourth largest importer of Costa Rican products in the world and the first in Central America, followed by Guatemala and Nicaragua. In the same period, exports to these two countries increased by 15% and 35% respectively.

Costa Rica Import & Export Data shows the main products sold are: medicines (14% of total), prepared foods (7%), power cables (5%), plastic containers (3%) and paints and varnishes (3%).

Chile-Panama Free Trade Agreement (FTA)

The Chile Import Data shows-Panama Free Trade Agreement (FTA) establishes that the Republic of Chile granted a tariff reduction on 92% of the exports products covered by the Chile-Panama Free Trade Agreement and that those export products could enter duty free from the first day of the Chile-Panama Free Trade Agreement (FTA). Panama Import Export Data shows Panama exports to Chile are baby foods, plastic products, textiles, kitchen products, and copper.

Conclusion

This article provides you with some valuable insights about how Panama & United States, India, Costa Rica, China can be beneficial for the growth and expansion of the business. What are the factors that one should consider while assessing import and export data and how it can be used to form business trade policies? In my opinion, Panama Trade Data can be worthwhile for any business looking out from expanding its business and strategic decision making. It can provide some groundwork and a great understanding of the prospective markets and make a business move accordingly.

Export trade enables one to understand the trade mechanics, supply chain, market conditions, and market opportunities. India importers data aids one to know the exact trade conditions in the country, the trade policies, goods in demand, supply chain, etc. Investing in trade data of growing countries such as Panama, Sri Lanka, Paraguay, Costa Rica, Argentina, etc. can help one to cognize the international demand of local goods and services in the market, the speculated market size, trade barriers, etc.

For more details visit A/57, 1st Floor, Om Vihar Phase 1, Uttam Nagar Delhi, India.
Contact No. :- +91–9560057267
Email:-info@usaimportdata.com

More About the Author

I am Varun Pratap dealing in Import and Export Data all over the countries. I Started this import export business in 2015. we provide Import Export data of all the major countries which helps to grow your business exponentially. We provide the latest and most accurate import export data that are based on Trade Bills, Bill of Entry, Shipping Bills, Bill of Lading, Invoices, and other import export customs documents. Through our India trade data, we create business intelligence reports that are helpful for any kind of businesses to always be ahead from competitors.

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