Are you looking for an easy way to ship your cargo to Panama? Choose the best freight forwarder to transport your goods to Panama safely and on time.
Exporting goods to Panama, whether it is for the first time, or on a regular basis, can be a challenging experience.
There are many elements to consider when shipping to a country such as Panama. If you are in Canada or the US and not entirely familiar with the Latin American market, you should consider a cargo shipping company that knows the business culture, the language, the customs regulations and has a proven track record of success when it comes to shipping to Panama.
WHAT CAN YOU EXPECT IN PANAMA?
Regulations in Panama are not only very different from the ones in the US or Canada, communication methods and business etiquette are also very distinct: ● Foreign corporations operating in Panama have had an impact on the style and manners of doing business, thus business practices are very similar to those of Europe or the USA and Canada. Panamanians are very pragmatic and business oriented when working. However, Panama remains a Latin American country and it is still important to develop easy going business “friendships”. ● Because of the influence of foreign business established in Panama, punctuality is expected for business appointments as well as for social occasions. ● It is also important to consider the language as a possible barrier. Although English is widely spoken amongst the business class, the average person could have more difficulties to use it and would rather speak only Spanish.
QUICK FACTS ABOUT PANAMA (2018)
- Capital: Panama City
- Other Large Cities: San Miguelito, Las Cumbres, La Chorrera, Tocumen, Pacora
- Population: 4,176,873 (Urban Population: 67.7%)
- Official languages: Spanish
- Time Zone : GMT - 5
- Currency: Panamean Balboa (PAB)
ECONOMIC SNAPSHOT ( Source: IMF - World Bank, 2018)
- Currency: Panamean Balboa (PAB)
- Inflation Rate: 0.8%
- Unemployment Rate: 3.9%
- Total Imports of Goods: 23,00 billion USD
- FDI Inward Flow: 5.91 billion USD (9,1% of GDP)
- Ease of Doing Business Score (2019) : 79th / 190
WHY DOING BUSINESS WITH PANAMA IS THE RIGHT DECISION
Panama may be small in size but it is big in stature. It benefits from its strategic location on the world's most important shipping route, the Panama Canal. The country offers unique business opportunities for companies looking to expand internationally. The Panamanian economy is historically based on trade which has always made it possible to trade a variety of products with this prominent market. Panama’s currency is the US Dollar, the Panamanian government offers interesting fiscal and tax incentives. Panama is one of the most important trade hubs thanks to the Colon Free Trade Zone (FTZ) on the Atlantic coast. The FTZ allows consumer goods to be imported, stored, modified and re-exported, without having to pass through customs, avoiding unnecessary payment of duties or any taxes. As a result, Panama is the ideal location to base your business operations. Many international companies are already well established in Panama, they are able to access not only the Panamanian market but other markets as well, especially Latin America. Panama's ambition to be the gateway to the Americas is apparent in the large investments being made, such as infrastructure, both renewable & electric energy, as well as logistics. This presents promising business opportunities for newcomers. Our experienced professionals are very familiar with the market requirements in Panama which is very important to avoid delays during the importation process. We provide you with all the necessary tools to break into the Panamanian market, headache free.
PANAMA TRADE OVERVIEW
- MAIN IMPORTS: Medicaments, Footwear, Clothing, Perfumes, Liquor, Beverage, Telecommunication Equipment, Home Appliance
- MAIN EXPORTS: Medicaments, Footwear, Clothing, Perfumes, Liquor, Beverage, Telecommunication Equipment, Electronics
- INDUSTRIES WITH STRONG BUSINESS OPPORTUNITIES: Consumer Goods, Apparel Manufacturing, Mining, Agriculture, Forestry, Hydropower, Logistics, Infrastructure & Construction
- PRINCIPAL TRADING PARTNERS: USA, Colombia, Costa Rica, Venezuela, Dominican Republic, Guatemala, Honduras, Nicaragua, El Salvador, Ecuador, China, Singapore, Mexico, Vietnam, Europe (Belgium, France, Germany, United Kingdom)