Panama

Panama ranked No. 52 in total trade value through August with a total of $4.1 billion. Exports totaled $3.86 billion and Imports totaled $236.9 million, a surplus of $3.62 billion.

U.S. trade with Panama rose to $4.1 billion through August

Panama’s trade with the United States rose to $4.1 billion through the first eight months of 2020, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 21.77 percent below its total trade during the same time period last year. U.S. exports to Panama decreased 21.81 percent while U.S. imports from Panama fell 21.11 percent. The U.S. surplus with Panama was $3.62 billion.

Through August, the top five among the nation’s airports, seaports and border crossings were No. 1 Port of Houston; No. 2 Port of Pascagoula, Miss.; No. 3 Port of New Orleans; 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 Everglades, Fla.; No. 4 Miami Int’l Airport and No. 5 Port of Beaumont, Texas. In the current time period, the top five accounted for 60 percent of Panama’s U.S. trade.

Among those top five:

  • Trade with No. 1 Port of Houston rose 90.57 percent to $1.15 billion.
    Exports rose 92 percent to $1.14 billion. Imports rose 7.88 percent to $11.09 million.
  • Trade with No. 2 Port of Pascagoula, Miss. fell 47.99 percent to $347.83 million.
    Exports fell 47.99 percent to $347.83 million. There were no imports.
  • Trade with No. 3 Port of New Orleans rose 52.67 percent to $334.46 million.
    Exports rose 62.08 percent to $324.97 million. Imports fell 48.91 percent to $9.49 million.
  • Trade with No. 4 Miami Int’l Airport fell 26.28 percent to $326.76 million.
    Exports fell 24.75 percent to $249.12 million. Imports fell 30.77 percent to $77.63 million.
  • Trade with No. 5 Port Everglades, Fla. fell 36.52 percent to $295.38 million.
    Exports fell 37.62 percent to $282.18 million. Imports rose 1.98 percent to $13.2 million.

Panama ranked No. 52 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 $2.4 trillion, down 13.21 percent compared to the same period last year. The nation’s exports dropped 16.18 percent to $917.89 billion; imports dropped 11.26 percent to $1.48 trillion. The nation’s top five countries so far this year, by value, are Mexico; Canada; China; Japan and Germany. The overall trade deficit was $564.57 billion, down compared to the same period of last year when the deficit was $575.47 billion.

The top five U.S. exports to Panama by value through August were the categories of Gasoline, other fuels; Rum, gin, vodka, other liquors; Low value shipments; Oil; and Perfumes, respectively. They accounted for 60.87 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 65.78 percent of all inbound shipments.

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

  • Gasoline, other fuels rose 6.51 percent compared to last year to $1.76 billion.
  • Rum, gin, vodka, other liquors rose 210.35 percent compared to last year to $282.47 million.
  • Low value shipments fell 25.02 percent compared to last year to $139.87 million.
  • Oil fell 87.19 percent compared to last year to $89.7 million.
  • Perfumes rose 28.29 percent compared to last year to $72.67 million.

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

  • Returned exports, without change fell 24.12 percent compared to last year to $80.84 million.
  • Fish, fresh or chilled rose 8.7 percent compared to last year to $36.75 million.
  • Cane, beet sugar, solid form fell 3.16 percent compared to last year to $17.64 million.
  • Scrap of precious metal fell 5.32 percent compared to last year to $11.03 million.
  • Gold fell 62.63 percent compared to last year to $9.56 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.