Panama

Panama ranked No. 50 in total trade value through June with a total of $3.41 billion. Exports totaled $3.24 billion and Imports totaled $175.23 million, a surplus of $3.06 billion.

U.S. trade with Panama rose to $3.41 billion through June

Panama’s trade with the United States rose to $3.41 billion through the first six months of 2020, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 16.18 percent below its total trade during the same time period last year. U.S. exports to Panama decreased 16.17 percent while U.S. imports from Panama fell 16.31 percent. The U.S. surplus with Panama was $3.06 billion.

Through June, the top five among the nation’s airports, seaports and border crossings were No. 1 Port of Houston; No. 2 Port of New Orleans; No. 3 Port of Pascagoula, Miss.; No. 4 Miami Int’l Airport; and No. 5 Port Everglades, Fla.. During the same period the previous year, the top five were No. 1 Port of Pascagoula, Miss.; No. 2 Port of Houston; No. 3 Port of Beaumont, Texas; No. 4 Port Everglades, Fla. and No. 5 Miami Int’l Airport. In the current time period, the top five accounted for 61.84 percent of Panama’s U.S. trade.

Among those top five:

  • Trade with No. 1 Port of Houston rose 155.36 percent to $1.09 billion.
    Exports rose 158.7 percent to $1.08 billion. Imports fell 18.7 percent to $6.51 million.
  • Trade with No. 2 Port of New Orleans rose 81.7 percent to $278.05 million.
    Exports rose 95.05 percent to $270.98 million. Imports fell 49.85 percent to $7.07 million.
  • Trade with No. 3 Port of Pascagoula, Miss. fell 46.13 percent to $275.47 million.
    Exports fell 46.13 percent to $275.47 million. There were no imports.
  • Trade with No. 4 Miami Int’l Airport fell 23.8 percent to $242.73 million.
    Exports fell 24.2 percent to $185.71 million. Imports fell 22.46 percent to $57.02 million.
  • Trade with No. 5 Port Everglades, Fla. fell 35.51 percent to $227.61 million.
    Exports fell 36.31 percent to $218.14 million. Imports fell 9.01 percent to $9.47 million.

Panama ranked No. 50 among the United States’ top trade partners through the current period. In the same period one year ago, it ranked No. 50.

Meanwhile, total U.S. trade with the world increased to $1.77 trillion, down 57.4 percent compared to the same period last year. The nation’s exports dropped 58.23 percent to $687.16 billion; imports dropped 56.85 percent to $1.08 trillion. The nation’s top five countries so far this year, by value, are Canada; Mexico; China; Japan and Germany. The overall trade deficit was $391.01 billion, down compared to the same period of last year when the deficit was $853.23 billion.

The top five U.S. exports to Panama by value through June were the categories of Gasoline, other fuels; Rum, gin, vodka, other liquors; Low value shipments; LNG, other petroleum gases; and Oil, respectively. They accounted for 63.62 percent of total exports to Panama.

The value of the top five categories of U.S. imports from Panama –– Returned exports, without change; Fish, fresh or chilled; Cane, beet sugar, solid form; Scrap of precious metal; and Gold –– accounted for 68.85 percent of all inbound shipments.

Looking more closely at U.S. exports to Panama:

  • Gasoline, other fuels rose 23.63 percent compared to last year to $1.55 billion.
  • Rum, gin, vodka, other liquors rose 315.53 percent compared to last year to $265.91 million.
  • Low value shipments fell 19.44 percent compared to last year to $116.6 million.
  • LNG, other petroleum gases fell 29.78 percent compared to last year to $66.71 million.
  • Oil fell 89.76 percent compared to last year to $65.4 million.

Looking more closely at U.S. imports from Panama:

  • Returned exports, without change fell 21.7 percent compared to last year to $62.78 million.
  • Fish, fresh or chilled rose 4.87 percent compared to last year to $24.3 million.
  • Cane, beet sugar, solid form rose 14.86 percent compared to last year to $16.99 million.
  • Scrap of precious metal rose 68.33 percent compared to last year to $9.65 million.
  • Gold fell 54 percent compared to last year to $6.93 million.

In the latest annual figures available, Panama recorded $8.17 billion in trade with the United States. Total U.S. exports to Panama were $ 7.72 billion and imports from Panama were $452.08 million. The U.S. surplus with Panama was $7.27 billion.