Panama‘s ports and the Panama Canal have shown a growing trend in their operations through 2022, according to information from the Panamanian government.
On the one hand, in 2022, the Manzanillo International Terminal (MIT) handled approximately 2.7 million TEUs of cargo and containers, compared to approximately 2.8 million TEUs in 2021.
In 2022, the Colon Container Terminal handled approximately 1.4 million TEUs of cargo and containers, while in the previous year the volume was 1.1 million TEUs.
Port sector
Panama’s estimated GDP growth in 2022 was 10.8%, compared to 15.8% in 2021, mainly due to the continued recovery of all economic activities thanks to the control of the Covid-19 pandemic, which allowed for the full opening of the economy.
At the same time, inflation was 2.9% in 2022 versus 2021.
Ports and the Panama Canal
In 2022, the Port of Balboa container terminal handled approximately 2.2 million TEUs of cargo and containers, compared to approximately 2.3 million TEUs in 2021.
Finally, the Port of Cristobal container terminal handled approximately 913,911 TEUs of cargo and containers in 2022, down slightly from 1.0 million TEUs in 2022.
In the Panama Canal Authority’s fiscal year 2022, which ended on September 30, 2022, Canal transits increased to 14,239. During fiscal year 2021, there were 13,342 transits. Meanwhile, cargo tonnage grew to 291.8 million long tons in fiscal year 2022, compared to 287.5 million long tons in fiscal year 2021.
According to the Panama Canal Authority (ACP), toll revenues for FY2022 reached $3,027.9 million. This represents a 2.0% year-on-year increase. Additionally, the toll revenues accounted for 4.0% of Panama’s estimated nominal GDP for 2022.
Financial information
The Panama Canal plays an important role in the Panamanian economy.
On average, from FY2018 to FY2022, Canal transits increased 1.1% y/y and cargo tonnage increased 4.0% y/y.
Factors such as the development of alternative land routes and the increase in the size of vessels that can transit the Canal have contributed to the decrease between 2018 and 2022 in the number of vessels required to transport cargo.
On average, from FY2018 through FY2022, toll revenues increased 6.3% annually, primarily due to an increase in toll rates.
The following table shows the Canal’s statistical and financial information for fiscal years 2018 through 2022 (each ended September 30):
