Applied tariffs
Simple average MFN applied
2024
5.1 %
Trade-weighted MFN average
2024
6.7 %
Share of MFN duty-free
2024
56.7 %
Bound tariffs
Simple average bound
22.8 %
Binding coverage
100.0 %
Share of bound duty-free
3.8 %
Imports
Total imports: 9,913.8 million USD in 2024
Imports by partner
United States of America
24.3 %
2,405.3
million USD
China
21.7 %
2,150.1
million USD
European Union
12.8 %
1,264.2
million USD
Mexico
6.4 %
630.9
million USD
Costa Rica
4.9 %
488.7
million USD
Colombia
3.4 %
337.2
million USD
Guatemala
2.6 %
261.5
million USD
Japan
2.5 %
248.1
million USD
Brazil
2.0 %
194.6
million USD
Argentina
1.6 %
158.8
million USD
Rest of the World
17.9 %
1,774.4
million USD
Imports by products HS 2022
300490
Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic purposes, put up in measured doses "incl. those for transdermal administration" or in forms or packings for retail sale (excl. containing antibiotics, hormones or steroids used as hormones, alkaloids, provitamins, vitamins, their derivatives, antimalarial active principles and blinded clinical trial kits)
3.8 %
374.8
million USD
870322
Motor cars and other motor vehicles principally designed for the transport of <10 persons, incl. station wagons and racing cars, with only spark-ignition internal combustion reciprocating piston engine of a cylinder capacity > 1.000 cm³ but <= 1.500 cm³ (excl. vehicles for travelling on snow and other specially designed vehicles of subheading 8703.10)
3.3 %
327.2
million USD
870323
Motor cars and other motor vehicles principally designed for the transport of <10 persons, incl. station wagons and racing cars, with only spark-ignition internal combustion reciprocating piston engine of a cylinder capacity > 1.500 cm³ but <= 3.000 cm³ (excl. vehicles for travelling on snow and other specially designed vehicles of subheading 8703.10)
2.2 %
220.9
million USD
210690
Food preparations, n.e.s.
1.7 %
165.3
million USD
271019
Medium oils and preparations, of petroleum or bituminous minerals, not containing biodiesel, n.e.s.
1.5 %
153.6
million USD
870332
Motor cars and other motor vehicles principally designed for the transport of <10 persons, incl. station wagons and racing cars, with only diesel engine of a cylinder capacity > 1.500 cm³ but <= 2.500 cm³ (excl. vehicles for travelling on snow and other specially designed vehicles of subheading 8703.10)
1.4 %
136.3
million USD
100590
Maize (excl. seed for sowing)
1.3 %
127.4
million USD
230400
Oilcake and other solid residues, whether or not ground or in the form of pellets, resulting from the extraction of soya-bean oil
1.0 %
97.0
million USD
230990
Preparations of a kind used in animal feeding (excl. dog or cat food put up for retail sale)
0.9 %
91.5
million USD
870340
Motor cars and other motor vehicles principally designed for the transport of <10 persons, incl. station wagons and racing cars, with both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion (excl. vehicles for travelling on snow, other specially designed vehicles of subheading 8703.10 and plug-in hybrids)
0.9 %
90.6
million USD
Rest of the products
82.0 %
8,129.2
million USD
Exports
Total exports: 917.6 million USD in 2024
Exports by destination
European Union
24.2 %
221.6
million USD
United States of America
19.6 %
179.6
million USD
Chinese Taipei
12.1 %
110.6
million USD
India
5.9 %
54.5
million USD
China
5.4 %
49.3
million USD
Mexico
4.9 %
44.8
million USD
Costa Rica
4.2 %
38.8
million USD
United Kingdom
2.8 %
25.4
million USD
Honduras
1.9 %
17.0
million USD
Colombia
1.5 %
14.1
million USD
Rest of the World
17.6 %
161.9
million USD
Exports by products HS 2022
080390
Fresh or dried bananas (excl. plantains)
17.1 %
156.9
million USD
030617
Frozen shrimps and prawns, even smoked, whether in shell or not, incl. shrimps and prawns in shell, cooked by steaming or by boiling in water (excl. cold-water shrimps and prawns)
11.4 %
104.5
million USD
170113
Raw cane sugar, in solid form, not containing added flavouring or colouring matter, obtained without centrifugation, with sucrose content 69° to 93°, containing only natural anhedral microcrystals (see subheading note 2.)
5.1 %
47.2
million USD
151110
Crude palm oil
5.1 %
46.5
million USD
150420
Fats and oils of fish and their fractions, whether or not refined (excl. liver oils and chemically modified)
4.7 %
42.9
million USD
720410
Waste and scrap, of cast iron (excl. radioactive)
4.5 %
41.7
million USD
030289
Fresh or chilled fish, n.e.s.
4.5 %
41.6
million USD
230120
Flours, meals and pellets of fish or crustaceans, molluscs or other aquatic invertebrates, unfit for human consumption
3.9 %
36.2
million USD
440342
Teak wood in the rough, whether or not stripped of bark or sapwood, or roughly squared (excl. rough-cut wood for walking sticks, umbrellas, tool shafts and the like; wood cut into boards or beams, etc.; wood treated with paint, stains, creosote or other preservatives)
3.3 %
30.7
million USD
090122
Roasted, decaffeinated coffee
2.5 %
23.0
million USD
Rest of the products
37.8 %
346.4
million USD
Preferential regimes provided by Panama
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Panama as a beneficiary based on other economies reported preferential regimes
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