U.S. Sees Benefits for Both Sides from Panama FTA
The Department of Commerce released May 17 the following statistics illustrating the development of trade between the U.S. and Panama, which implemented a bilateral free trade agreement in October 2012.
- The total volume of two-way trade rose 21% in 2012 to $10.5 billion.
- U.S. merchandise exports to Panama increased 20% to $9.9 billion in 2012. Exports have risen 470% from 1999, during which time Panama has grown from being the 45th largest market for U.S. goods exports to the 30th.
- The largest category of U.S. merchandise exports to Panama in 2012 was petroleum and coal products ($5.2 billion), followed by transportation equipment ($781 million), computers and electronic products ($640 million) and chemicals ($635 million).
- The categories of U.S. merchandise exports to Panama that grew the fastest between 2011 and 2012 included petroleum and coal products (up $1.2 billion), miscellaneous manufactured commodities (up $139 million) and computers and electronic products (up $132 million).
- Panama joined the World Trade Organization’s Information Technology Agreement and in 2012 U.S. exports of ITA-covered goods to Panama rose from $564.6 million to $632.1 million.
- U.S. merchandise imports from Panama saw a 39% gain in 2012 to $542 million. After the FTA took effect, U.S. goods imports from Panama rose 50% between November 2012 and March 2013 compared to the same period a year earlier.