Pictures by Panama Canal Authority

Do you know which of the six countries (Costa Rica, Guatemala, Panama, Romania, Serbia, and Turkey) has a population of 3.2 million, maintains a 92% literacy rate, recorded a GDP of $13.9 billion in 2005 and has the U.S. as its main trading partner, accounting for nearly 30% of total imports?

The answer is: PANAMA.

Due to its strategic location, Panama serves as the crossroads of major trade ways between Northern and Southern America. Today it is a regional maritime and air transportation hub with a highly developed services sector. The Panama Canal, the Colon Free Zone, container ports, flagship registry, and such services industries as banking, insurance, medical and health play a crucial role in country’s economy. According to the U.S. Department of Commerce, these sectors account for nearly 80% of Panama’s GDP.

With regard to foreign trade, the United State remains Panama’s top trading partner. In 2005 the U.S. maintained an impressive trade surplus of $1.84 billion, with exports from U.S. valued at $2.16 billion and imports from Panama amounting to $0.33 billion. In 2006 Country Commercial Guide “Doing Business in Panama,” the U.S. Department of Commerce identified the following industries as “leading sectors for U.S. export and investment”: travel and tourism, telecommunications equipment, computers and peripherals, cosmetics and toiletries, air conditioning and refrigeration equipment, electric power systems, health services, ports and shipbuilding equipment, security and safety equipment and furniture.

Panama remains one of the fastest growing markets both for Pennsylvania and New Jersey. In 2005, New Jersey exported goods and services for the total of $100.4 million (24.6% more than in 2004). During the same period, exports from Pennsylvania amounted to $35.7 million (up by 56.8% from the previous year). Our two states combined accounted for 6.3% of total U.S exports to this country. During the first three months of 2006, exports from New Jersey totaled $15.26 million, while exports from Pennsylvania totaled $6.07 million. Major exports from our region to Panama include: chemicals, petroleum and coal products, computers and electronics, processed foods, apparel, machinery, and transportation equipment.

If you are interested in finding out more about business opportunities in Panama or would like to learn more about WTCGP Trade Mission to Guatemala, Costa Rica and Panama to take place September 17-23, 2006, please contact Brigg Lopez-M.

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Additional resources:

“2006 Index of Economic Freedom: Panama.” The Heritage Foundations. 2006.
“Background Note: Panama.” U.S. Department of State. Jan. 2006.
“Panama: Country Profile.” The Federation of International Trade Associations. 2006.

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