The Republic of Panama is situated in Central America. According to the Panamanian economy statistics, it has been wildly growing in the context of the production of agricultural commodities. Panama's Agricultural sector is causing the other sectors to lack out. However, the entire experience of day-to-day improving agricultural production in Panama creates good results for the Panama import-export data situation. International foreign trade data states that Panama is currently facing a trade deficit of 10 billion USD in the country of Central America. Yet, there is a high potential of decreasing this deficit by improving Panama's agriculture situation.
Custom Data Panama, available with Cybex.in discloses that in 2009, the Agriculture and fishery sector of Panama compensated to the country's GDP/Gross Domestic Product by 7%. However, there is also Panama import export data available which indicates that Panama's agricultural sector faces domination from giant international companies who own multiple soulful lands in Panama. There's no doubt that Panama will be the forthcoming countries with the highest import and export of crops and natural eatables in the world. You will be surprised to know that the USA, Netherlands, Germany, France, and Brazil are currently the most dominating countries/continents in the world when it comes to the import and export of agricultural products. Mainly including corn, fish, palm oil, wheat, rice, and soybeans.
But, it is crucial to note that Panama does not solely depend on its agricultural sector for international trade partnership and business. Following is the list of Top 10 Main Imports and Exports of Panama up until 2020.
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Top 5 Main Imports of Panama
Do you know? The world of import-export goes hand-in-hand. There's no country in the world that gives but does not take. Hence, the trade balance keeps rising or falling. Apart from this, the import and export priorities of countries also keep changing. Here are the top 5 main imports of Panama based on a decade of Panama's import data by Cybex:
#1: Petroleum Oil, HS Code: 2710
Shipment Data Panama in 2017 revealed that the country imported petroleum oil worth 1.89 billion USD. Do you know? It makes up 8% of Panama's Import data in 2017.
#2: Medicaments, HS Code: 3004
Again in 2017, Panama imported Medicaments for 1.49 billion USD. Later on, in December 2019, Panama import data of medicaments declined to 82 million USD only. Shipment data Panama disclosed two major imports of medicaments. To name them: Drogueria Ramon Gonzalez Revilla SA and Argefarma Group SA.
#3: Automobile, HS Code: 8703
There is no doubt that Panama's export data is lacking in the industrial sector. Yet, the import of automobiles, motor cars, and vehicles in Panama has increased. It makes it parallel to 3% of the total Panama import in 2017. The top brands that are popular in Panama are Mazda, Hyundai, Honda, and Ford. Panama imported 850 million USD worth of vehicles in the given year.
#4: Oxygen-function amino compounds
Import Data Panama shows more than 3% coverage of total imports by oxygen function amino compounds. These compounds are a mix of gases with more than one type of oxygen combination. This covers the Panama Trade balance by 7.5 million USD.
#5: Data processing machines, HS Code: 8471
Panama's industrial and business sector is on the way to improvement. Amid this, the country is compensating its Panama Import data with 2.18% coverage of Data Processing Machines for business/workplace purposes.
Apart from the above-mentioned top five main imports of Panama, it also highly focuses on imports of women's clothing, footwear, organic chemicals, and transmission appliances.
Top 10 Main Exports of Panama
#1: Organic Chemicals
Panama Export Data wildly focuses on the exports of organic chemicals. The data shows coverage by 16.1% of total exports. Each year, Panama sells/exports organic chemicals worth over 1.8 billion USD.
#2: Pharmaceuticals
Manufacturing of Pharmaceuticals in Panama is increasing quickly. Today, the country has increased its exports of pharma products by 54% in the international trade market. However, according to Panama pharmaceuticals data, today's value of export is 14% only of the total exports. Whereas, in 2013, it was at 16%.
The industry defends its loss by stating emergencies due to COVID-19 widespread.
#3: Electronics, Machinery, and Equipment
Panama's total Export data contained by Electronics and equipment at the share of 10% approximately.
#4: Footwear
Pier 17 and Kennedy Center Corp. are the largest shoe manufacturers in Panama. The country exports over 800 million USD worth of footwear to different countries all over the world.
#5: Clothing and Accessories
Last but not least, Panama's Export Data also shows high demand for its clothing and accessories all over the world. To your surprise, some top clothing brands come from Panama, including Tony Vergara, Anna Francesca, and Malore.
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