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Panama

US Revised Tariffs (%)

10

Ease of doing business

theboardiQ Tariffs Dashboard:

Powering Mutually Beneficial Global Trade.

 

Understand the complexities of international tariffs and ease of doing business across nations to cultivate balanced trade relationships, streamline operations, and deliver cost savings to end consumers.

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Share of US Imports % (1 implies <1%)
US Tariff %
Revised Tariff %
Country Tariff Rate %
1
10
10
5.9
Exports (in USD Bill.) 2024
Imports (in USD Bill.) 2024
Balance (in USD Bill.) 2024
10.7
0.56
10.15

US Revised Tariffs

Country Tariffs

Balance of Trade

Commercial Guide

Learn about the market conditions, opportunities, regulations, and business conditions in countries, prepared by U.S. Embassies worldwide, Commerce Department, State Department and other U.S. agencies’ professionals

Tariff Rate for US

World Bank staff estimates using the World Integrated Trade Solution system, based on tariff data from the United Nations Conference on Trade and Development's Trade Analysis and Information System ( TRAINS ) database and global imports data from the United Nations Statistics Division's Comtrade database.

US Imports Guide 

United States Imports from Countries during 2024, according to the United Nations COMTRADE database on international trade. United States Imports from Countries- data, historical chart and statistics - was last updated on April of 2025.

Implications

As of Sunday, April 20, 2025, here's the latest update on tariffs involving Panama: United States Tariffs on Goods from Panama: U.S.-Panama Trade Promotion Agreement (TPA): This agreement, which entered into force on October 31, 2012, significantly liberalized trade between the two countries. Duty-Free Access: Over 87% of U.S. exports of consumer and industrial products to Panama became duty-free immediately upon the agreement's implementation. Remaining tariffs are being phased out over a period of ten years. Agricultural Goods: Nearly 56% of U.S. agricultural exports to Panama became duty-free immediately, with most remaining tariffs to be eliminated within 15 years. Panama immediately eliminated duties on many key U.S. agricultural products like high-quality beef, soybeans, wheat, and certain fruits.   Textiles and Apparel: Tariffs on U.S. textiles and apparel meeting the agreement's rules of origin were eliminated upon entry into force.     Recent U.S. "Reciprocal Tariffs": On April 2, 2025, the U.S. announced a baseline 10% tariff on imports from most countries, alongside higher "reciprocal tariffs" for specific nations. However, for Panama, the announced reciprocal tariff rate was also the baseline 10%. On April 9, 2025, the U.S. implemented a 90-day pause on these new reciprocal tariffs for most countries, including Panama.   Current Situation: As of today, April 20, 2025, imports from Panama are subject to the terms of the U.S.-Panama TPA. This means that most goods originating from Panama enter the U.S. duty-free. The temporary 10% reciprocal tariff is currently paused. Panama's Tariffs on Goods from the United States: Upon the entry into force of the U.S.-Panama TPA in 2012, Panama eliminated tariffs on over 87% of U.S. industrial goods immediately. Tariffs on most remaining U.S. goods are being phased out gradually, with most agricultural tariffs to be eliminated within 15 years. Panama's general tariff rates are relatively low, with a maximum of 15% for most goods since joining the WTO in 1997. The average tariff was around 12% at that time. Under the TPA, Panama provides immediate duty-free access to many U.S. agricultural products, including beef, soybeans, and wheat. Key Points: The U.S.-Panama Trade Promotion Agreement is the primary factor determining tariff rates between the two countries. It has led to significant tariff elimination. The recent U.S. "reciprocal tariffs" are currently on a 90-day pause for Panama, meaning the TPA terms prevail. The focus of the U.S.-Panama trade relationship is on facilitating free trade and economic growth through the existing TPA. To find specific tariff rates for particular goods, you can refer to resources like the U.S. Customs and Border Protection website for information on the Panama TPA and the World Integrated Trade Solution (WITS) database for MFN and applied tariffs.

US Negotiation Strategy

Based on the latest data from 2024, the top imports to the US from Panama by value are: Commodities not specified according to kind ($172.55 Million) - This is a broad category and difficult to pinpoint specific manufacturing states. Fish, crustaceans, molluscs, aquatic invertebrates ($98.27 Million) Pearls, precious stones, metals, coins ($78.35 Million) Electrical, electronic equipment ($55.06 Million) Sugars and sugar confectionery ($41.64 Million) Now, let's look at which states in the US can manufacture similar goods, along with some example companies: Fish, crustaceans, molluscs, aquatic invertebrates: Alaska: Known for its large commercial fishing industry, particularly salmon, cod, and crab. Companies include Trident Seafoods and Icicle Seafoods.   Washington: Another major seafood producer, with significant aquaculture and wild-caught fisheries. Companies include Cooke Aquaculture Pacific and Taylor Shellfish Farms. Louisiana: Important for shrimp, oysters, and other Gulf Coast seafood. Companies include LA Shrimp LLC and Gulf Coast Oyster Co.   Other states with significant seafood industries include Massachusetts, Maine, Oregon, and North Carolina.   Pearls, precious stones, metals, coins: New York: Has a significant jewelry industry, particularly in New York City's Diamond District, involved in cutting, polishing, and setting precious stones and metals. Companies include Tiffany & Co. (though they also source globally) and various smaller manufacturers and jewelers.   California: Also has a substantial jewelry manufacturing sector, especially in the Los Angeles area. Companies include jewelry design and manufacturing firms. Rhode Island: Historically known for jewelry manufacturing, though the industry has shifted somewhat. Some manufacturers still operate there.   States with coin production include Pennsylvania (Philadelphia Mint) and Colorado (Denver Mint), both operated by the US Mint.   Electrical, electronic equipment: California: A major hub for technology and electronics manufacturing, including semiconductors, computer equipment, and other electrical devices. Companies include Intel, Apple (though primarily design), and various component manufacturers.   Texas: Has a growing technology and electronics manufacturing sector. Companies include Texas Instruments and Samsung Austin Semiconductor.   Massachusetts: Strong in electronics and high-tech manufacturing. Companies include Analog Devices and Raytheon Technologies (defense electronics). Other states with electrical and electronic equipment manufacturing include Oregon, Arizona, and North Carolina.   Sugars and sugar confectionery: Florida: A major producer of sugarcane. Companies include Florida Crystals.   Louisiana: Also has a significant sugarcane industry. Companies include Louisiana Sugar Cane Products Inc. Michigan and Minnesota: Significant producers of sugar beets. Companies include Michigan Sugar Company and Minn-Dak Farmers Cooperative.   Many states have confectionery manufacturers. Examples include Illinois (Mars Wrigley), Pennsylvania (Hershey), and California (See's Candies). It's important to note that while these states have the capacity to manufacture similar types of goods, the specific varieties, qualities, and quantities might differ from those imported from Panama. Global supply chains often involve specialization and cost efficiencies that lead to international trade even when domestic manufacturing exists.

Investing in USA

theboardiQ Economic Relevance Score, ranks States of USA based on 11 parameters

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Sources : Forbes | USDA Economic Research | TCGen Total Innovation Rank Index | Best States for Manufacturing | World Population Review | Tax Foundation | US News | BEA Data | Wikipedia | International Trade Administration

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theboardiQ's Economic Relevance Score provides a comprehensive, data-driven assessment of a nation's economic vitality and global significance. This score is meticulously calculated using 11 key parameters, each reflecting a critical facet of economic performance. It analyzes the representation of Fortune 500 companies within a nation, a strong indicator of its business environment and market size. The balance of trade surplus or deficit reveals the nation's international competitiveness and export strength. It incorporates Gross Domestic Product (GDP), a fundamental measure of overall economic output, and examine the health of key sectors like agriculture and manufacturing. The score also accounts for innovation, gauging a nation's ability to drive future growth through technological advancements. Crucial labor market indicators such as employment rates are considered, alongside fiscal policies reflected in tax rates. To capture the lived experience of citizens, it assesses cost of living and disposable income, providing insight into purchasing power and economic well-being. Finally, education levels are integrated, recognizing their pivotal role in fostering a skilled workforce and driving long-term economic development. By synthesizing these 11 parameters, theboardiQ's Economic Relevance Score delivers a nuanced and holistic view of a nation's economic standing, enabling informed strategic decisions. The Top 5 States in the assessment are Texas, North Carolina, Virginia, Florida and Washington. Texas does consistently well across most of the 11 variables especially in the areas of GDP, F500 representation in the State, Balance of Trade where it ranks 2nd nationally. North Carolina scores as the highest-ranking state nationally in manufacturing and performs consistently across the other variables. Virginia does well in disposable income where it ranks 3rd nationally. It also scores high in the variables of manufacturing and employment Florida holds the 4th ranking nationally for GDP and Tax Washington State scores the top spot for disposable income nationally, 2nd for education and 3rd for innovation. Colorado, with an overall rank of 7 scores the top spot for Education (schools and higher education). Nebraska, that ranked 10th overall, did well in Agriculture where it is ranked 3rd nationally as well as Trade Balance where it ranked 5th. Illinois, though ranked 20th overall did well nationally in F500 representation, GDP, Agriculture, and Disposable Income. Pennsylvania comes in at 21 overall doing well nationally in GDP (6th); Manufacturing (8th) and F500 representation (8th) New York scores 23rd overall with a 2 ranking in Disposable Income nationally, as well as 3rd in both F500 representation and GDP. California comes in at 29th overall and has the top spot ranking in a whopping 4 variables nationally – GDP, Innovation, Agriculture and F500 representation. However, performance in the areas of Trade Balance, Cost of Living, Tax, Manufacturing and Employment resulted in the overall ranking dipping. Wyoming at 30th overall scores the top spot nationally in the area of Tax Massachusetts at 31 overall does well in innovation where it is ranked 2nd nationally Arkansas at 36 and Alabama at 39, do well in overall Cost of Living where they are ranked 2nd and 3rd nationally, respectively. Louisiana ranked 44th overall is ranked 1st in Trade Balance nationally.

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