• Analysis and Studies
• Panama

Panama, a nation located in Central America, shares borders with Colombia and Costa Rica. It was colonized by Spain in the 16th century and later became a part of Greater Colombia. Following the dissolution of Greater Colombia in 1830, Panama remained a member of Colombia. However, with the support of the United States, Panama declared its independence in 1903. Subsequently, the US negotiated a treaty allowing for the construction of the Panama Canal and granting control over a strip of land on both sides of the canal.

The construction of the Panama Canal and its economic ties with the United States propelled Panama's remarkable economic development. Today, Panama stands as one of the most developed countries in the region. This growth is attributed to the country's strategic location, which has facilitated international trade and investment.

A look at the market

Panama boasts an upper middle-class economy in Central America and has been strengthening its economic relations with the Chinese government. The use of the US dollar as its currency provides Panama with financial stability. In recent years, the government has actively financed the expansion of the Panama Canal, which has served as a catalyst for larger infrastructure investments.

Panama's major exports include Copper Ore ($2.93 billion), Passenger and Cargo Ships ($686 million), Packaged Medicaments ($278 million), Bananas ($276 million), and Refined Petroleum ($242 million). These exports are primarily destined for China ($1.11 billion), Japan ($782 million), Guatemala ($508 million), South Korea ($419 million), and Spain ($395 million).

On the import side, Panama's primary imports consist of Passenger and Cargo Ships ($7.09 billion), Refined Petroleum ($6.89 billion), Crude Petroleum ($5.72 billion), Packaged Medicaments ($790 million), and Cars ($540 million). These imports mainly originate from China ($8.66 billion), the United States ($6.73 billion), Japan ($4.8 billion), Ecuador ($3.95 billion), and Colombia ($2.4 billion).

The trade dynamics and infrastructure development in Panama underscore its significance as a thriving economy in the region, leveraging its strategic location and international partnerships.

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