Panama

Panama is one of the fastest-growing economies in Latin America. The United States exported a record of nearly $667 million in agricultural products to Panama during the 2014 fiscal year, up nearly 17 percent from the prior year. Top exports included soybean meal, corn, dairy, wheat, and processed food products.

The U.S.-Panama Trade Promotion Agreement entered into force on October 31, 2012, granting U.S. exporters immediate duty-free treatment on products accounting for more than half of current trade. Tariffs on most remaining agricultural products will be phased out within 15 years. Moreover, the two countries signed a far-reaching agreement on sanitary and phytosanitary (SPS) measures and technical standards that eliminated long-standing regulatory barriers faced by a variety of U.S. products in the Panamanian market.

The new trade agreement, combined with 2014 completion of the Panama Canal expansion project, points to strong future trade and economic growth in Panama.

Data & Analysis

December 24, 2014
Panamanian consumers continue perceiving U.S. food products as high quality, wholesome and reliable, which has resulted in a continuous growth in demand of 14.8 % annually.
July 15, 2014
According to major economic forecasts, Panama is expected to experience the greatest growth in the region during 2014, at an expected rate of 7.2 %, despite delays in the canal expansion project.
July 15, 2014
Panama has approved the imports of GM corn seeds for local production, and has conducted GM mosquitoes and salmon field tests.