USD: Annual: Imports of Goods and Services 2018: 30,511: 28,549: Mil. Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism and Panama is a center for offshore banking. (i) Agricultural products (SITC sections 0, 1, 2, 4 minus 27 and 28). Exports of Goods 2018: 11,480: 11,092: Mil. and Consumer Credit Risk Solutions from 2018 : U.S. trade in goods with Panama . - Other machinery (SITC divisions 71, 72, 73, 74, 77 minus groups 713, 776 and minus sub-group 7783), of which: -- Power generating machinery: power generating machinery and equipment minus internal combustion piston engines and parts thereof, n.e.s. It should be noted that other food products and live animals, beverages and tobacco, animal and vegetable oils, fats and waxes, oilseeds and oleaginous fruit are referred to as other food products, electronic data processing and office equipment is referred to as EDP and office equipment, and integrated circuits and electronic components is referred to as integrated circuits. The yearly income revenue from the Panama Canal just topped $1,650 million in 2017. Non-residential - Commercial & Retail - Vacancy, Nominal Fixed Investment (gross fixed capital formation), Real Fixed Investment (gross fixed capital formation), Instituto Nacional De Estadistica y Censo (INEC). -- Other transport equipment: railway vehicles, aircraft, spacecraft, ships and boats, and associated parts and equipment, motorcycles and cycles, motorized and non-motorized, trailers and semi-trailers, other vehicles (not mechanically propelled), and specially designed and equipped transport containers, internal combustion piston engines for aircraft, and parts thereof,n.e.s., internal combustion piston engines, marine propulsion, internal combustion piston engines, n.e.s., parts, n.e.s., for internal combustion piston engines listed above (SITC division 79, groups 713, 785, 786 minus sub-group 7132). The CFZ, which accounts for more than 7.0% of the national economy, also serves as a major distribution point for re-exported goods. exclusive survey of global business confidence. NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. 328 2018 nde o conoi Freedo ... Trade is significant for Panama’s economy; the combined value of exports and imports equals 94 percent of GDP. Activity in the main free zone of America increased by 6.5% in 2018. International competition for sales is strong across many sectors including telecommunications equipment, automobiles, heavy construction equipment, consumer electronics, computers, apparel, gifts, and novelty products. Join your colleagues in participating in this The United States, Ecuador and Venezuela are the main recipients of these exports. This page has economic forecasts for Panama including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Panama economy. Join your colleagues in participating in this Exports in Panama averaged 68695.80 PAB Thousand from 2003 until 2020, reaching an all time high of 181465.14 PAB Thousand in March of 2008 and a record low of 40502.29 PAB Thousand in December of 2018. Panama has made significant progress in reducing poverty in recent years in part due to economic growth and public transfers. The average applied tariff rate is From the annual and quarterly national accounts for Panama, expenditure approach (use of GDP) in current and constant prices and production approach (gross value added by industry) in constant prices. (iii) Other semi-manufactures: leather, leather manufactures, n.e.s., and dressed furskins, rubber manufactures, n.e.s., cork and wood manufactures (excluding furniture), paper, paperboard and articles of paper pulp, of paper or of paperboard, non-metallic mineral manufactures, n.e.s., manufactures of metals, n.e.s. Merchandise Trade statistics data for Panama (PAN) including exports and imports, applied tariffs, top exporting and importing countries, effectively applied and MFN tariff along with most exported and imported product groups, along with development indicators such as GDP, GNI per capita, trade balance and trade as percentage of GDP for Most Recent Year. The sale of products such as banana, melon, wood, tuna, tilapia, cobia and dorado accounted for $156.8 million between January and March 2019. The SNA recommends that if possible, be made regular changes of base year even five years each. Over the same period, the country exported USD 11.4 billion in goods and USD 13.6 million in services. Panama’s economy continues to grow, outdoing its neighboring countries. Major agricultural products include bananas, cocoa beans, coffee, coconuts, timber, beef, chicken, shrimp, corn, potatoes, rice, soybeans, and sugar cane.. (SITC division 71 minus group 713), -- Non-electrical machinery: machinery specialized for particular industries, metalworking machinery, general industrial machinery and equipment, n.e.s., and machine parts, n.e.s. © 2020 Moody’s Analytics, Inc. and/or its affiliates and licensors. This dataset provides comprehensive statistics on trade in merchandise and commercial services, with an assessment of world trade flows by country, region and main product groups or service categories. Panama exports for 2018 was $27.71B, a 6.59% increase … Moody’s Analytics. NOTE: 1) The information regarding Panama on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. Recent indicators imply a more modest rebound than elsewhere, but global trade recovery will aid Panama going forward. (SITC divisions 81, 88, 89 minus group 891). More. Panama was traditionally known for trade, as its strategic geographic position making the country a hotspot for international maritime trade. The Bureau of Statistics and Census of the Comptroller General of the Republic hereby presents the methodologies used to calculate the main variables of the Annual National Accounts in Panama, from the main components of gross domestic product (GDP). USD: Annual: Exports of Goods and Services 2018: 27,707: 25,995: Mil. Agriculture in Panama is an important sector of the Panamanian economy. the company visit moodysanalytics.com. - Miscellaneous manufactures: instruments and apparatus, photography, optical goods, watches and clocks, toys and games, and other manufactured articles, n.e.s. For some activities data which do not have adequate coverage, applies to the base year data, an Annual indicator associated with the activity. Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism and Panama is a center for offshore banking. Panama imported USD 23 billion worth of goods in 2018 and USD 4.3 billion in services in 2018. Editor. IV. (SITC divisions 53, 55, 56, 59). No claims are made regarding the accuracy of Panama Economy 2018 information contained here. - Non-ferrous metals: (SITC division 68). The country's industry includes manufacturing of aircraft spare parts, cement, … 3 Other products: commodities and transactions not classified elsewhere (including gold), arms and ammunition (SITC section 9 and group 891). Bananas, waste, and scrap of steel, copper and aluminum; wood, fishmeal and fish oil, and unrefined sugar are the main economic indicators that drove the growth The forecast is a promising one for Panama in 2018, with a prediction of the economy growing 5.5% and the GDP expects to expand 5.4% in 2019. The Panamanian economy grew by 6.1 percent in 2014, coming down slightly to 5.8 and 5.4 percent in 2015 and 2016, respectively. The fully dollarized economy makes Panama dependent on … Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism and Panama is a center for offshore banking. Activity in the Panama Canal was down in the third quarter, which highlights that weak international trade continued to batter the important transport sector, albeit to a lesser extent when compared to Q2. USD: Annual: Exports of Goods and Services 2018: 27,707: 25,995: Mil. © 2020 Moody’s Analytics, Inc. and/or its affiliates and licensors. -- Electrical machinery: electrical machinery, apparatus and appliances, n.e.s., and electrical parts thereof, minus thermionic, cold cathode or photo-cathode valves and tubes, minus electrical equipment, n.e.s., for internal combustion piston engines and parts thereof, n.e.s. Trade: The top exports of Panama are Refined Petroleum ($769M), Coal Tar Oil ($497M), Passenger and Cargo Ships ($424M), Bananas ($304M), and Gold ($248M). Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. In calculating the series for economic activities, information is used from surveys, financial, and administrative records. 1 of 11. Services include the Panama Canal, banking, commerce, the Colón Free Trade Zone, insurance, container ports, and flagship registry, medical and health and tourism. For all solutions offered by The main goods that Panama exports are medicines, petroleum products, ships and agricultural commodities. exclusive survey of global business confidence. Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Series are Annual and data is available as early as 1950. International Trade Statistics is the World Trade Organization's (WTO) annual compilation of global trade statistics. (ii) Chemicals: (SITC section 5), of which: - Pharmaceuticals (SITC division 54), and. Between 2015 and 2018, poverty at US$ 5.5 fell from 15.4 to 12.6 percent while extreme poverty at US$ 3.2 declined from 6.7 to 5.2 percent. Economic Data, Research, Advisory, Forecasting Total Exports (2018) Data Unavailable: Total Imports (2018) Data Unavailable: Trade Balance (2018) Data Unavailable: Exports of goods and services (% of GDP) (2017) 42.26% Exports of Goods 2018: 11,480: 11,092: Mil. Top 10 Panamanian Imports from China China's exports to Panama … International Trade Statistics offers a comprehensive overview of the latest developments in world trade, covering the details of merchandise trade by product and trade in commercial services by category. Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Port cities soon cropped up along Panama’s coast, where trade between native Panamanians and Spaniards flourished. Details may not equal totals due to rounding. and Consumer Credit Risk Solutions from The COU was prepared by object produced by row and by economic activity as column, only for the base year 2007. While about 75% of all the region's FDI came to Panama and Costa Rica, the remaining quarter was divided among Honduras, Belize, Guatemala, and El Salvador. In 2018, Panama exported $3.97B and imported $29.5B, resulting in a negative trade balance of -$25.5B. In 2018, U.S. exports to Panama reached $6.8 billion, while in 2017, total exports reached $6.3 billion. The figure represents a decrease of 7.6% compared to the same period of 2018, Panama is a net food importer and the U.S. is its main supplier. Panama exports fell 7.6 percent in the first quarter of the year reports the Comptroller General. Economy | December 4th 2020 GDP plummets in Q2 amid global trade shock and lockdown. The commercial activity in the Colon Free Zone (CFZ), located in the Panamanian Caribbean and considered the largest in the continent, reached 20,931 million dollars in 2018, representing a 6.5% increase compared to the previous year, the commercial emporium reported Tuesday Moreover, Panama’s authorities are strengthening anti-money laundering procedures and the country remains attractive for multinationals. Before the America’s First Transcontinental Ra… For the base year 2007 was prepared Table Supply and Utilization (COU), which is a picture of macroeconomic consistency, which has produced and imported supply and destination for goods or services (consumed, invested or exported) in addition to the components of production, intermediate consumption and value added according to economic activity. -- Integrated circuits, and electronic components (SITC group 776). (SITC divisions 61, 62, 63, 64, 66, 69). Non-residential - Commercial & Retail - Vacancy, Nominal Fixed Investment (gross fixed capital formation), Real Fixed Investment (gross fixed capital formation). (SITC divisions 21, 23, 24, 25, 26, 29). Because of the complexity of its preparation, years that are not available a calculation of the series in economic activities are applied to the base year annual indicators associated with each activity. In 2016, Panama bought US$9.2 billion worth of imported products down by -36.7% since 2012 and down by -11% from 2015 to 2016. Between 2004 and 2013 the average GDP was 8.4%. PAB: Annual: Net Exports - Transport equipment (SITC group 713, sub-group 7783, groups 78 and 79), of which: -- Automotive products: motor cars and other motor vehicles principally designed for the transport of persons (other than public transport type vehicles) including station wagons and racing cars, motor vehicles for the transport of goods and special purpose motor vehicles, road motor vehicles, n.e.s., parts and accessories of motor vehicles and tractors, internal combustion piston engines for vehicles listed above, electrical equipment, n.e.s., for internal combustion engines and vehicles, and parts thereof (SITC groups 781, 782, 783, 784, and subgroups 7132, 7783), and. In 2009 agriculture and fisheries made up 7.4% of Panama's GDP. (SITC divisions 72, 73, 74), and. Moody’s Analytics. In 2018, Panama's exports per capita were $950 and its imports per capita were $7.07k. Where there were inconsistencies, was used to investigate direct sources alternative references. - Other chemicals: organic chemicals (SITC division 51), plastics (SITC divisions 57, 58), inorganic chemicals (SITC division 52), other chemicals n.e.s. All product groups are defined according to Revision 3 of the Standard International Trade Classification (SITC). - Ores and other minerals: crude fertilizers (other than those classified in chemicals) and crude minerals, metalliferous ores and metal scrap (SITC divisions 27, 28). Panamanian exports came to $583.9 million in the first 10 months of 2018 an increase of 3.6% compared to the same period last year. For 2007, all activities were confronted in their levels of production, use of goods and consistency between supply, including imported, and their use as inputs or final demand. PAB: Annual: Imports of Goods 2018: 23,005: 21,938: Mil. Import of commodities to Panama 2018; Value of U.S. merchandise trade with Panama 2000-2010; Largest cities in Panama in 2010; Oil tankers from Panama cleared at al-Ahmadi port in Kuwait 2012-2017 USD: Annual: Imports of Goods and Services 2018: 30,511: 28,549: Mil. PAB: Annual: Net Exports An LNG tanker travels through the Panama Canal. The economy of Panama is based mainly on the services sector, which accounts for nearly 80% of its GDP and accounts for most of its foreign income. Narrowing U.S. transit data down even further, it emerges that the state of Texas is the Panama Canal's top trading partner via its petrochemical and gas exports… (SITC division 77 minus group 776 and subgroup 7783). Four U.S. facilities owned by three companies shipped out nearly 500 export cargoes of liquefied natural gas in 2018… - Raw materials: hides, skins and furskins, raw, crude rubber (including synthetic and reclaimed), cork and wood, pulp and waste paper, textile fibres and their wastes, crude animal and vegetable materials, n.e.s. (iv) Machinery and transport equipment: (SITC section 7), of which: - Office and telecommunications equipment: office machines and automatic data processing machines, telecommunications and sound recording and reproducing apparatus and equipment, thermionic, cold cathode or photo-cathode valves and tubes (SITC divisions 75, 76 and group 776), of which: -- Electronic data processing and office equipment (SITC division 75), -- Telecommunications equipment (SITC division 76), and. Economic Data, Research, Advisory, Forecasting 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. All rights reserved. Economy | December 2nd 2020 Survey shows households lack … Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. - Food: food and live animals, beverages and tobacco, animal and vegetable oils, fats and waxes, oilseeds and oleaginous fruit (SITC sections 0, 1, 4 and division 22), of which: -- Other food products and live animals, beverages and tobacco, animal and vegetable oils, fats and waxes, oilseeds and oleaginous fruit (SITC sections 0, 1, 4 and division 22 less division 03). Here are the main methodological aspects used for measuring the value added in the various categories of economic activity that make up the GDP and of their components of income and expenses. All suggestions for corrections of any errors about Panama Economy 2018 should be addressed to the CIA. Panama was the United States' 35th largest goods export market in 2019. the company visit moodysanalytics.com. All rights reserved. (vii) Other manufactures: (SITC divisions 81, 82, 83, 85, 87, 88, 89 excluding group 891), of which: - Personal and household goods: furniture (SITC division 82), travel goods (SITC division 83) and footwear (SITC division 85), - Scientific and controlling instruments (SITC division 87), and. This page provides - Panama Exports - actual values, historical data, forecast, chart, statistics, economic calendar and news. U.S. exports to Panama are down 23.3% from 2012 (pre-FTA). Panama - Exports The economy likely remained downbeat in Q3 on lingering domestic Covid-19 restrictions. PAB: Annual: Imports of Goods 2018: 23,005: 21,938: Mil. Data are in current U.S. dollars. By 2017 the forecast remains at 5.4 percent, rising to 5.5 percent in 2018. Merchandise trade and tariff statistics data for Panama (PAN) imports, from partner countries including trade value, number of products, Partner share, Share in total products, MFN and Effectively Applied Tariffs, duty free imports, dutiable imports, and free lines and number of trade agreements for year 2018 The external debt-to-GDP ratio is high (165.4% in 2018) although it is projected to decrease. Panama accounts for the bulk of FDI flowing into Central America In 2018, Central America as a whole attracted over USD43 billion, with nearly USD5.8 billion invested in Panama alone. IV.2  Manufactures: (SITC sections 5, 6, 7, 8 minus division 68 and group 891). The Panama isthmus provided early Spanish traders with a short route of transporting minerals destined for Spain from Peru. For all solutions offered by Table reflects only those months for which there was trade. Minus division 68 and group 891 ), 23, 24, 25, 26 29. 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