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

May 15, 2017
Column chart comparing the change in value of U.S. agricultural exports before and after key trade agreements.
April 11, 2017
This biannual report, published in April and October, report includes data on U.S. and global trade, production, consumption and stocks, as well as analysis of developments affecting world trade...
January 18, 2017
Panama has made progress in animal biotechnology with the development of genetically enhanced (GE) salmon and has conducted field trials for GE mosquitoes to fight the Dengue virus and GE Cochliomyia
January 16, 2017
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.