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27 September 2024
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Key Indicators
Overview
Panama: Bridging Continents through the Panama Canal
Nestled in Central America, Panama serves as a crucial link connecting the Atlantic and Pacific Oceans through the iconic Panama Canal. In 2024, it ranked 76 globally in GDP, showcasing a robust economy driven by its unique geographical position.
Introduction:
Panama, strategically positioned as a global shipping hub due to the Panama Canal, relies heavily on imports to support its service-oriented economy, which includes sectors like logistics, banking, and tourism. This makes Panama a dynamic market for global exporters.
Economic Overview:
With an economy heavily driven by the service sector, particularly around the Canal and free trade zones, Panama is one of the fastest-growing economies in Latin America. Imports are crucial for both the operation of its major industries and the consumption needs of its urban population. Ongoing projects to expand canal capabilities and infrastructure developments influence import needs significantly.
Political and Regulatory Environment:
Panama's political environment is generally stable, fostering a favorable climate for international trade. Recent trade agreements and adjustments in import regulations aim to streamline processes and enhance the economic landscape, affecting the dynamics of imports.
Opportunities and Challenges for Exporters:
There are opportunities in supplying consumer goods, high-tech machinery, and medical supplies. Exporters face challenges such as navigating complex customs procedures and competition from regional manufacturers.
Positives:
1. Panama Canal: The world-renowned Panama Canal serves as a vital maritime shortcut, connecting the Atlantic and Pacific Oceans and facilitating efficient global trade routes.
2. International Business Hub: Panama's strategic location attracts international businesses, fostering a thriving services sector, including finance and logistics.
3. Free Trade Agreements: Participation in various free trade agreements enhances Panama's access to global markets, promoting trade diversification.
Negatives:
1. Vulnerability to Natural Disasters: Panama's susceptibility to natural disasters, including hurricanes, may disrupt trade operations.
2. Income Inequality: Disparities in wealth distribution pose social challenges, impacting long-term stability.
3. Infrastructure Development: Despite progress, ongoing infrastructure needs, especially in rural areas, may affect overall trade efficiency.
Panama import export data, including buyer and supplier names, is available on the Volza Platform.
Panama import export data, including buyer and supplier names, is available on the Volza Platform.
Imports:
In September 2023, Panama ranked 53th in global imports, with imports valued at 11.08 billion, representing a -4% growth from September 2022.From September 2023 to September 2024, the country's imports amounted to US$269.1 billion, showing a 23% growth from the preceding year.
In 2024, imports totaled 11.08 billion, marking a -27% YOY growth from 2023. Sources of these imports were Free Zones, USA, China, Mexico, Costa Rica, Colombia, Spain, Brazil, Rep. of Korea, Japan. Imported products were Mineral fuels and oils, Machinery and equipment, Vehicles and Parts other than railway or tramway. Suppliers were MOTORES JAPONESES S A, AMERICAN SPORTWEAR S A, and AMERICAN FASHION. Importers in Panama were Free Zones: 28.4%, USA: 19.4%, and China: 11.8%.
Top 10 Import Products:
- Refined petroleum (HS code: 2710) - Fuel needs.
- Automobiles (HS code: 8703) - Transportation sector.
- Pharmaceuticals (HS code: 3004) - Healthcare requirements.
- Computers (HS code: 8471) - Technology demand.
- Mobile phones (HS code: 8517) - Telecommunications growth.
- Furniture (HS code: 9403) - Real estate and hospitality sectors.
- Machinery parts (HS code: 8479) - Industrial maintenance.
- Electrical machinery (HS code: 8501) - Infrastructure projects.
- Clothing (HS code: 6203) - Retail market supply.
- Plastics (HS code: 3901) - Various manufacturing uses.
Top Buyers from Panama:
BOEHRINGER INGELHEIM INTERNATIONAL GMBH, JOHN CHIJIOKE FRANK ONYEUBA, INTERNACIONAL DE ELÉCTRICOS IE GROUP S.A.
Solution for Global Exporters:
Exporters interested in entering or expanding within the Panamanian market should utilize Volza’s online import data. This tool provides essential insights into market trends, enabling effective strategy formulation and opportunity identification. Visit Volza for in-depth analysis and support in navigating Panama’s import landscape efficiently.
Import Database - Factsheet
Data Source- Detailed data
- Data Available From
- 02, Jan, 2016
Data Coverage- 100%
Last Shipment- 30, Jun, 2024
Source : Volza Import Data
Panama
Import Data
Import Data
7,839,044 Bill of Ladings, 98,939 Buyers & 112,956 Suppliers
Import
vs
Export
Jan-Dec 2023
Shipments
Data Source: VolzaImport Data
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Reach out to the Panama Import market Identify verified and active business partners in Panama
Panama Import Data
Product | Importers | Suppliers | Arrival Date |
|---|---|---|---|
SPARE PARTS / ACCESSORIES / COMPONENT FOR MARUTI / SUZUKI VEHICLES | 30-04-2024 | ||
BROCHURE FREE PROMOTIONAL MATERIAL FOR |   India | 30-04-2024 | |
100% COTTON MENS WOVEN SHIRTS | 30-04-2024 | ||
Hyundai Cars NEWGRANDI10 4DR 1.2 GL AT P | India | 30-04-2024 | |
.750 GOLD JEWELLERY STUDDED AS PER INVOI | India | India | 30-04-2024 |
100% COTTON WOVEN LADIES TOP. | 30-04-2024 |
Top 10 Importers
Panama Top 10 Importers
Within our Volza database, we possess comprehensive information about over 10 active importers in Panama. To assist you in identifying the leading importers in Panama, Volza offers an advanced feature that analyzes billions of shipping invoices using more than 20 parameters. Noteworthy among the top 10 importers in Panama are companies like MOTORES JAPONESES S A, AMERICAN SPORTWEAR S A , and AMERICAN FASHION. These key players are featured prominently within our extensive database. For a more comprehensive overview, please refer to our table, which outlines the top 10 importers, and explore the additional resources provided below.
Panama Top 10 Importers
| Rank | Importers | Shipments |
|---|---|---|
1 | 75,564 | |
2 | 17,279 | |
3 | 12,924 | |
4 | 10,961 | |
5 | 10,666 | |
6 | 8,191 | |
7 | 6,715 | |
8 | 5,195 | |
9 | 4,584 | |
10 | 4,520 |
Data Source : Volza Import Data
Top 10 Import Products
Panama Top 10 Import Products
As the Panama import data reveals, the nation's top import products for 2024 were prominently characterized by:- Cotton Knitting Yarn: 44.06%
- Automobile Component: 14.09%
- Baby Pant: 11.37%
- Presenter Box: 7.82%
- Finished Knitted Fabric: 7.51%
- Wheelers Component: 7.33%
- Automotive Door: 5.15%
- Men's Long Sleeve Shirt: 2.01%
- Plastic Bathroom: 0.34%
- Exercise Book: 0.31%
Panama Top 10 Import Products
| Rank | Import Products | Shipments |
|---|---|---|
1 | COTTON KNITTING YARN | 12,843,432 |
2 | Automobile Component | 4,108,511 |
3 | BABY PANT | 3,315,216 |
4 | PRESENTER BOX | 2,280,631 |
5 | FINISHED KNITTED FABRIC | 2,189,811 |
6 | WHEELERS COMPONENT | 2,137,048 |
7 | Automotive Door | 1,502,115 |
8 | Men's Long Sleeve Shirt | 585,298 |
9 | Plastic Bathroom | 97,668 |
10 | Exercise Book | 91,746 |
Data Source : Volza Import Data
Trading Partners
Top Trading Partners of Panama
Import Trading Partners
Export Trading Partners
Top 1 Import Trading Partners
Panama Top 1 Import Trading Partners
Panama trade data from 2024 highlights the nation's top 1 import partners as follows: INDIA (USD 448,971).
The growth rates for the leading three importers were as follows: India at 100.00% .
Trade balance analysis reveals that Panama had a trade deficit with both Iran and China. Specifically, the deficit amounted to USD 300 million with Iran and USD 150 million with China in that year. Panama import statistics show that the country's top 1 import partners in 2024 collectively contributed 87.2% to the overall value of import shipments. Furthermore, Panama’s major imports from India include PRESENTER BOX, Automobile Component, BABY PANT, WHEELERS COMPONENT, COTTON KNITTING YARN, Automotive Door, Plastic Bathroom, FINISHED KNITTED FABRIC, Men's Long Sleeve Shirt, Exercise Book, products. The provided chart below breaks down the values in percentile of Panama’s top 1 import partners for 2024.
Panama Top 1 Import Trading Partners
| Rank | Import Trading Partners | Shipments |
|---|
Data Source : Volza Import Data
Import Data Sample record
Panama Import Data Sample record
Panama import data covers all important shipping details that are essential for businesses to find importers in Panama, analyze market trends and identify potential industries. Panama trade data contains customs-based details including Date, Importer Name, HS Code, HS Code Description, Commercial Description, Gross Weight, Net Weight, Total Value USD and Origin Country. View Panama import data sample with complete number of fields available in data.
Panama Import Data Sample record
Wine of fresh grapes, including fortified wines; grape must other than that of heading 2009
- Date:
- 30 Apr 2024
- HS Code:
- 87082900
- Quantity:
- 1
- Quantity Unit:
- PCS
- Value FC:
- 0.73
- Value:
- HS Descirption:
- PARTS AND ACCESSORIES OF THE MOTOR VEHICLES OF headings 8701 TO 8705
- Exporter:
- MARUTI SUZUKI INDIA LIMITED
- Importer:
- FALCONS GT MOTORS FZCO
Data Source : Volza Import Data
Panama Import Fields
S.No | Data Fields |
|---|---|
1 | |
2 | |
3 | |
4 | |
5 | |
6 | |
7 | |
8 | |
9 |
Total 72 Fields
Data Source : Volza Import Data
Top 10 Import Ports
Panama Top 10 Import Ports
Panama's global import trade operates through over 10 ports. Colon Free Zone stands as the predominant port, handling 215,423 import shipments, which constitutes a 49.37% market share. Thoothibari LCS follows with an 16.36% share, accounting for 71,391 shipments, while Balboa contributes a 13.29% market share with its 57,983 shipments. For detailed import trade statistics of each port in Panama, refer to the provided links below. Collectively, these ports underscore the integrated nature of Panama's trade infrastructure. As the trade data indicates, these crucial import ports facilitate the consistent delivery of essential goods across Panama.
Panama Top 10 Import Ports
| Rank | Importers | Count |
|---|
Data Source : Volza Import Data
Import Bill of Lading
- Import Shipments of Panama
- 7,839,044
- Date
- 30-04-2024
- Shipper Name
- MOTORES JAPONESES S A
- Consignee Name
- MARUTI SUZUKI INDIA LIMITED
- Consignee Address
- REPUBLIC OF PANAMA
- Weight Unit
- PCS
- Quantity
- 1
- Shipment Origin
- India
- Port of origin
- Delhi Air