Panama

Panama ranked No. 47 in total trade value through March with a total of $2.13 billion. Exports totaled $2.03 billion and Imports totaled $98.71 million, a surplus of $1.93 billion.

U.S. trade with Panama rose to $2.13 billion through March

Panama’s trade with the United States rose to $2.13 billion through the first three months of 2020, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 14.38 percent above its total trade during the same time period last year. U.S. exports to Panama increased 14.61 percent while U.S. imports from Panama rose 9.8 percent. The U.S. surplus with Panama was $1.93 billion.

Through March, 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 Miami. In the current time period, the top five accounted for 67.33 percent of Panama’s U.S. trade.

Among those top five:

  • Trade with No. 1 Port of Houston rose 192.12 percent to $691.96 million.
    Exports rose 196.77 percent to $689.85 million. Imports fell 52.29 percent to $2.11 million.
  • Trade with No. 2 Port of Pascagoula, Miss. fell 8.61 percent to $243.82 million.
    Exports fell 8.61 percent to $243.82 million. There were no imports.
  • Trade with No. 3 Port of New Orleans rose 190.51 percent to $198.3 million.
    Exports rose 224.56 percent to $192.93 million. Imports fell 39.07 percent to $5.37 million.
  • Trade with No. 4 Miami Int’l Airport fell 4.35 percent to $149.88 million.
    Exports fell 7.06 percent to $116.34 million. Imports rose 6.39 percent to $33.54 million.
  • Trade with No. 5 Port Everglades, Fla. fell 13.19 percent to $149.78 million.
    Exports fell 14.4 percent to $143.63 million. Imports rose 29.79 percent to $6.15 million.

Panama ranked No. 47 among the United States’ top trade partners through the current period. In the same period one year ago, it ranked No. 53.

Meanwhile, total U.S. trade with the world increased to $964.77 billion, down 4.16 percent compared to the same period last year. The nation’s exports dropped 3.07 percent to $395.69 billion; imports dropped 4.91 percent to $569.09 billion. The nation’s top five countries so far this year, by value, are Mexico; Canada; China; Japan and Germany. The overall trade deficit was $173.4 billion, down compared to the same period of last year when the deficit was $190.25 billion.

The top five U.S. exports to Panama by value through March were the categories of Gasoline, other fuels; Rum, gin, vodka, other liquors; Low value shipments; Petroleum gases, other gaseous hydrocarbons; and Civilian aircraft, parts, respectively. They accounted for 65.49 percent of total exports to Panama.

The value of the top five categories of U.S. imports from Panama –– Value added to a returned import; Fish, fresh or chilled; Scrap of precious metal; Gold; and Cane, beet sugar, solid form –– accounted for 67.67 percent of all inbound shipments.

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

  • Gasoline, other fuels rose 62.74 percent compared to last year to $1.01 billion.
  • Rum, gin, vodka, other liquors rose 457.05 percent compared to last year to $178.18 million.
  • Low value shipments rose 12.47 percent compared to last year to $73.27 million.
  • Petroleum gases, other gaseous hydrocarbons fell 7.78 percent compared to last year to $43.39 million.
  • Civilian aircraft, parts fell 76.85 percent compared to last year to $27.05 million.

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

  • Value added to a returned import fell 3.97 percent compared to last year to $38.84 million.
  • Fish, fresh or chilled rose 11.3 percent compared to last year to $10.14 million.
  • Scrap of precious metal rose 183.53 percent compared to last year to $8.12 million.
  • Gold rose 2.29 percent compared to last year to $6.35 million.
  • Cane, beet sugar, solid form rose 767.51 percent compared to last year to $3.35 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.