Panamanian imports of goods from the United States increased at a year-on-year rate of 48% in 2022, to US$12.032 billion, according to data from the Department of Commerce.
What U.S. goods did Panama buy the most of? In descending order, petroleum oils, oil, gas, alcohol, telephones and corn.
In contrast, Panamanian exports of goods to the United States fell at an annual rate of 30%, to US$549 million.
Panamanians exported mainly fish, waste or scrap of precious metals, sugar, gold and bananas.
Panamanian imports
Panama’s strengths are linked to its privileged geographical position, which through the Panama Canal favors logistical activity, the degree of openness of the Panamanian market and the diversification of its economic activities.
As a result, Panama has achieved a high level of competitiveness in sectors with high exposure to international markets, which requires maintaining a trade policy framework that provides predictability and stability.
The National Customs Authority is developing the Customs Logistics Integration Project (PILA), which establishes the modernization of border processes and seeks to incorporate technology, infrastructure and equipment for fiscal and parafiscal control.
Among Panama’s strengths in trade facilitation are the following: right of recourse, periodic review of duties and charges, limitation of formalities and documentation requirements, use of international standards, and elimination of consular duties and formalities.
In addition, according to the World Trade Organization (WTO), the emphasis on the principle of non-discrimination, the possibility of returning rejected goods, pre-arrival clearance, expedited procedures for emergency shipments, the elimination of pre-inspection and objective criteria for tariff classification stand out.
In particular, in line with this program, Panama and Costa Rica will work toward the establishment of a single customs and immigration window to facilitate the entry of visitors to both countries, within the framework of the commitments established in the Central American Strategy for Trade Facilitation and Competitiveness with an Emphasis on Coordinated Border Management.
