Economic and Political Overview

Panama: Economic and Political Overview

In this page: Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline | COVID-19 Country Response

Economic Indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

Panama's economy is small, very much open, highly diversified, dollar driven and highly competitive by regional standards. In 2021, the country had an estimated growth in GDP of 12%, mainly driven by the recovery in activity in the Panama Canal, a gradual upturn in tourism, and an increase of investment in infrastructure and transportation, which stimulated employment and boosted private consumption. The Panamanian economy is expected to continue recovering in the coming years, albeit at a slower pace, with the IMF predicting a GDP growth of 5% for both 2022 and 2023.

Public spending remains under pressure, as gross public debt represented 62.2% of GDP in 2021. However, the country has been experiencing ongoing fiscal improvement and economic recovery, so a gradual debt decrease is expected. According to the IMF, the gross government debt is expected to decrease to 61.2% in 2022 and 60.6% in 2023. Fiscal deficit reached 6% of GDP in 2021, and should continue decreasing in 2022 and 2023, reaching 3% and 2.2%, respectively. Although the current account has a structural deficit, it had been declining. In 2021, it represented -3.7% of GDP, a rate that's expected to decrease to -3.5% in 2022 and -3.2% in 2023. The external debt is sustainable, with more than 50% held by the banking system. A sovereign wealth fund and banks' foreign currency assets mitigate liquidity risks. In 2021, inflation remained low at 1.4% and this trend is expected to continue, with inflation rates reaching 2% in 2022 and remaining stable in 2023. The country is known as a tax haven, and has recently improved the banking regulation system, especially transparency and cooperation with the legal authorities. However, the Panama Papers scandal has shown that banking regulation remains insufficient. In addition, the banking sector is highly exposed to the regional slowdown and strength of the USD, which can affect internal consumption and investment. Two economic drivers, namely real estate and construction, could be particularly affected: given the weight of foreign demand in these sectors, there is concern about potential losses for developers in the event of demand falling as we observe an excess of supply in real estate and high-end tourism. To mitigate the impact of the COVID-19 pandemic, the government continued implementing a series of fiscal measures in 2021, which included increased health spending, temporary economic support to vulnerable households; tax relief, benefits, and and a series of tax-related measures - such as an extension of the deadline for the filing and payment of taxes, quicker tax refunds, and the suspension of penalties and interest. Overall, the fiscal measures implemented by the Panamanian government in light of the pandemic have been effective in boosting economic activity, which has been gradually recovering.

According to the IMF, Panama has the 8th highest GDP per capita in Latin America, at around USD 14,640. However, despite remarkable progress made by the authorities in recent years, income inequality is among the highest in the region and poverty has increased as a result of the COVID-19 pandemic, especially within most vulnerable groups. When it comes to children, poverty is much higher than average, as more than half the country's children are poor, and almost a fifth suffer malnutrition. Although unemployment has been rising since 2012, the country experienced a significant decrease of unemployment rates in 2021, due to the Panama's steady recovery following the initial impact of the COVID-19 pandemic. Still, it's worth noting that the informal sector employs more than 40% of the labour force. In 2021, unemployment reached 10.2% of the population, and it should continue decreasing in the coming years, with rates expected to reach 9.2% in 2022 and 8.2% in 2023.

Main Indicators	2020	2021	2022	2023	2024
GDP (billions USD)	53.98	63.61	71.09	76.38	81.79
GDP (Constant Prices, Annual % Change)	-17.9	15.3	7.5	4.0	4.5
GDP per Capita (USD)	12,616	14,664	16,173	17,154	18,136
General Government Balance (in % of GDP)	-6.1	-5.4	-3.7	-2.8	-1.9
General Government Gross Debt (in % of GDP)	65.6	58.4	55.6	55.1	53.9
Inflation Rate (%)	-1.6	1.6	3.9	3.3	2.5
Unemployment Rate (% of the Labour Force)	18.5	11.3	9.5	10.0	10.0
Current Account (billions USD)	1.10	-1.41	-2.62	-2.50	-2.44
Current Account (in % of GDP)	2.0	-2.2	-3.7	-3.3	-3.0

Source: IMF – World Economic Outlook Database , Latest available data

Note: (e) Estimated Data

Main Sectors of Industry

The economy of Panama is largely dependent on the mining, agriculture, and timber industries. The country has one of the largest copper ore reserves in the world, as well as large reserves of gold, manganese, and iron. Hydropower is also a major natural resource in Panama as it supplies 60% of all electricity in the country. Additionally, 30% of the country's land is devoted to farming, as agriculture is one of the industries that contributes the most to the economy. Overall, agriculture accounts for 2.77% of GDP and employs 14.41% of the labour force - about 80% of all farmers in the country are family farmers. Panama produces mainly bananas and different varieties of vegetables, maize, sugarcane, rice, coffee, watermelons, cocoa beans, pineapples, potatoes, coconuts, soybeans, timber, milk, livestock and shrimp. In 2021, the Panamanian agricultural industry showed a steady recovery from the impacts of the pandemic, as well as hurricane Eta and tropical storm Iota - both of which hit the country in November 2020. Although all of these factors initially reduced Panama's agricultural production, by the end of 2021, Panama saw good harvests, especially of rice, corn, pumpkin, and bananas - all of which increased compared to the previous year, mainly due to good management, technological improvement, and the increase in hectares.

Industry is not very developed and contributes 22.8% of GDP, employing 17.7% of the labour force. 43.6% of Panama land is forest land, so logging is a big industry in the country. The main industrial activities are in agribusinesses, dairy, sugar refining, apparel manufacturing, petroleum products, chemicals, paper and paper products, printing, furniture and building. Given the country's large mineral reserves, mining is the fastest growing industry in Panama. Although the industrial sector wasn't as deeply impacted by COVID-19 as the other two economic sectors, the challenges that were faced by the industry sector in the initial stages of the pandemic were promptly overcome and, in 2021, the Panamanian industry registered a significant growth. The greatest recovery was registered in the manufacturing industry, construction, and the public utility industries of electricity and water.

Panama's economy is pegged to the dollar and the service industry is the biggest in the country, accounting for 70% of Panama’s GDP and employing 67.8% of the workforce. Transport is the most important sector of the service industry, as it comprises the Panama Canal - the government’s chief revenue source. Other well-developed sectors are logistics, banking, the Colón Free Zone (a focal point for foreign investment in the manufacturing industry), insurance, container ports, boat registrations and tourism. Panama is also an important country for off-shore banking services. In 2021, the services sector showed a steady recovery following the pandemic, as the activity in the Panama Canal intensified thanks to the resumption of world trade, and tourism rates increased.

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Employment By Sector (in % of Total Employment)	14.4	17.7	67.9
Value Added (in % of GDP)	2.6	27.7	66.0
Value Added (Annual % Change)	2.9	37.5	9.4

Source: World Bank - Latest available data.

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Monetary Indicators	2016	2017	2018	2019	2020
Panamean Balboa (PAB) - Average Annual Exchange Rate For 1 MUR	0.03	0.03	0.03	0.03	0.03

Source: World Bank - Latest available data.

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Indicator of Economic Freedom

Definition

Definition:

The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.

Score:: 66,2/100
World Rank:: 62
Regional Rank:: 10

Economic freedom in the world (interactive map)
Source: Index of Economic Freedom, Heritage Foundation

Country Risk

See the country risk analysis provided by Coface.

Foreign Trade in Figures

Panama is mainly export oriented and highly dependent on trade, which represents 83.2% of GDP. The country also has the largest trading fleet in the world, with 16% of the global fleet carrying capacity being registered in Panama. The free zone of Colón is the second largest free zone in the world after Hong Kong, demonstrating the country’s openness to foreign trade. Panama mainly exports medicaments (14.6%), oxygen-function amino-compounds (5.6%), sulphonamides (4.5%), electrical apparatus for line telephony (4.3%), and perfumes (3.5%), while its top imports include petroleum oils (8.6%), medicaments (6.7%), motor vehicles (3.9%), oxygen-function amino-compounds (3.4%), and electrical apparatus for line telephony (2.7%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services decreased by 14.7% in 2020 and is expected to increase by 17.1% in 2021, while the volume of imports of goods and services decreased by 17.4% in 2020 and is expected to increase by 17.6% in 2021.

The country’s partners are the United States, China, Colombia, Singapore, Costa Rica, the Dominican Republic, Venezuela, Mexico, and South Korea. The expansion of the canal has more than doubled its capacity, allowing it to accommodate vessels that were originally too wide with the United States and China being the first users of this vessel type. The country has trade agreements with the United States, Mexico, Peru, Canada, Chile, Singapore, Taiwan, and Israel. Panama is also a member of the "Central American Integration System" (or SICA), a regional institution whose main purpose is to promote integration between Central American countries, fostering security, freedom, democracy, and social development within the region. Additionally, Panama is also one of the countries in the Central America-EFTA agreement, as well as the Central America-EU agreement.

According to the last available data from WTO, Panama imported USD 14.7 million worth of goods and USD 3 million in services in 2020. Over the same period, the country exported USD 9.4 million in goods and USD 8.5 million in services. As a result, when only accounting for goods, Panama had a trade deficit of USD 2.7 million. However, the country registered an overall trade balance (including services) of USD 2.7 million in 2020.

Foreign Trade Indicators	2017	2018	2019	2020	2021
Imports of Goods (million USD)	21,939	23,006	21,492	14,740	20,596
Exports of Goods (million USD)	11,093	11,480	11,318	9,483	13,161
Imports of Services (million USD)	4,652	4,828	5,001	3,009	4,263
Exports of Services (million USD)	13,303	13,678	13,817	8,502	10,745
Imports of Goods and Services (Annual % Change)	4.3	4.5	-2.5	-34.0	25.2
Exports of Goods and Services (Annual % Change)	5.0	5.3	1.2	-20.6	20.6
Imports of Goods and Services (in % of GDP)	45.6	47.2	43.8	34.5	41.6
Exports of Goods and Services (in % of GDP)	41.8	42.8	41.2	39.6	51.1
Trade Balance (million USD)	-8,469	-9,209	-7,607	-2,819	-3,871
Trade Balance (Including Service) (million USD)	192	-355	1,023	2,677	2,610
Foreign Trade (in % of GDP)	87.4	90.0	85.0	74.1	92.7

Source: WTO – World Trade Organisation ; World Bank , Latest Available Data

Main Partner Countries

Main Customers (% of Exports)	2021
China	31.7%
Japan	13.2%
South Korea	10.2%
Spain	8.7%
India	5.1%
Germany	4.9%
United States	4.0%
Netherlands	3.6%
Bulgaria	3.1%
Brazil	2.4%
Canada	1.3%
Costa Rica	1.1%
Mexico	0.9%
Thailand	0.9%
United Kingdom	0.7%
Philippines (the)	0.6%
Guatemala	0.5%
Nicaragua	0.5%
Colombia	0.4%
Honduras	0.4%
See More Countries	31.2%

Main Suppliers (% of Imports)	2021
United States	25.5%
China	11.9%
Mexico	4.9%
Costa Rica	4.0%
Colombia	3.2%
Spain	2.1%
Guatemala	2.1%
Japan	1.8%
Brazil	1.7%
Germany	1.6%
Argentina	1.2%
South Korea	1.2%
Italy	1.1%
India	1.0%
Türkiye	0.9%
France	0.9%
El Salvador	0.9%
Chile	0.8%
Thailand	0.7%
Peru	0.7%
See More Countries	50.5%

Source: Comtrade, Latest Available Data

Main Products

3.8 bn USD of products exported in 2021
Copper ores and concentratesCopper ores and concentrates	77.5%
Bananas, incl. plantains, fresh or driedBananas, incl. plantains, fresh or dried	4.6%
Ferrous waste and scrap; remelting scrap ingots of...Ferrous waste and scrap; remelting scrap ingots of iron or steel (excl. slag, scale and other waste from the production of iron or steel; radioactive waste and scrap; fragments of pigs, blocks or other primary forms of pig iron or spiegeleisen)	1.4%
Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304)	1.3%
Palm oil and its fractions, whether or not refined...Palm oil and its fractions, whether or not refined (excl. chemically modified)	1.3%
Wood in the rough, whether or not stripped of bark...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 in the form of railway sleepers; wood cut into boards or beams, etc.)	1.2%
Crustaceans, whether in shell or not, live, fresh,...Crustaceans, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine, even smoked, incl. crustaceans in shell cooked by steaming or by boiling in water; flours, meals and pellets of crustaceans, fit for human consumption	1.0%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006)	0.9%
Meat of bovine animals, frozenMeat of bovine animals, frozen	0.9%
Coffee, whether or not roasted or decaffeinated;...Coffee, whether or not roasted or decaffeinated; coffee husks and skins; coffee substitutes containing coffee in any proportion	0.7%
Cane or beet sugar and chemically pure sucrose, in...Cane or beet sugar and chemically pure sucrose, in solid form	0.6%
Flours, meals and pellets, of meat or meat offal,...Flours, meals and pellets, of meat or meat offal, of fish or of crustaceans, molluscs or other aquatic invertebrates, unfit for human consumption; greaves	0.6%
Undenatured ethyl alcohol of an alcoholic strength...Undenatured ethyl alcohol of an alcoholic strength of < 80%; spirits, liqueurs and other spirituous beverages (excl. compound alcoholic preparations of a kind used for the manufacture of beverages)	0.6%
Waste and scrap, of aluminium (excl. slags, scale...Waste and scrap, of aluminium (excl. slags, scale and the like from iron and steel production, containing recoverable aluminium in the form of silicates, ingots or other similar unwrought shapes, of remelted waste and scrap, of aluminium, ashes and residues from aluminium production)	0.5%
Melons, incl. watermelons, and papaws "papayas",...Melons, incl. watermelons, and papaws "papayas", fresh	0.4%
Cement, incl. cement clinkers, whether or not...Cement, incl. cement clinkers, whether or not coloured	0.4%
Waste and scrap, of copper (excl. ingots or other...Waste and scrap, of copper (excl. ingots or other similar unwrought shapes, of remelted copper waste and scrap, ashes and residues containing copper, and waste and scrap of primary cells, primary batteries and electric accumulators)	0.4%
Edible offal of bovine animals, swine, sheep,...Edible offal of bovine animals, swine, sheep, goats, horses, asses, mules or hinnies, fresh, chilled or frozen	0.4%
Casks, drums, cans, boxes and similar containers,...Casks, drums, cans, boxes and similar containers, incl. rigid or collapsible tubular containers, of aluminium, for any material (other than compressed or liquefied gas), of a capacity of <= 300 l, not fitted with mechanical or thermal equipment, whether or not lined or heat-insulated, n.e.s.	0.3%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form	0.3%
Uncoated kraft paper and paperboard, in rolls of a...Uncoated kraft paper and paperboard, in rolls of a width > 36 cm or in square or rectangular sheets with one side > 36 cm and the other side > 15 cm in the unfolded state (excl. goods of heading 4802 or 4803)	0.3%
Frozen fish (excl. fish fillets and other fish...Frozen fish (excl. fish fillets and other fish meat of heading 0304)	0.2%
Fats and oils and their fractions of fish or...Fats and oils and their fractions of fish or marine mammals, whether or not refined (excl. chemically modified)	0.2%
Birds' eggs, in shell, fresh, preserved or cookedBirds' eggs, in shell, fresh, preserved or cooked	0.2%
Waste and scrap of precious metal or of metal clad...Waste and scrap of precious metal or of metal clad with precious metal; other waste and scrap containing precious metal or precious-metal compounds, of a kind used principally for the recovery of precious metal (excl. waste and scrap melted down into unworked blocks, ingots, or similar forms)	0.2%
Dates, figs, pineapples, avocados, guavas, mangoes...Dates, figs, pineapples, avocados, guavas, mangoes and mangosteens, fresh or dried	0.2%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals	0.2%
Paints and varnishes, incl. enamels and lacquers,...Paints and varnishes, incl. enamels and lacquers, based on synthetic polymers or chemically modified natural polymers, dispersed or dissolved in an aqueous medium	0.1%
Unwrought lead :Unwrought lead :	0.1%
Fish fillets and other fish meat, whether or not...Fish fillets and other fish meat, whether or not minced, fresh, chilled or frozen	0.1%
Prepared or preserved fish; caviar and caviar...Prepared or preserved fish; caviar and caviar substitutes prepared from fish eggs	0.1%
Milk and cream, concentrated or containing added...Milk and cream, concentrated or containing added sugar or other sweetening matter	0.1%
Preparations of a kind used in animal feedingPreparations of a kind used in animal feeding	0.1%
Other vegetables, fresh or chilled (excl. potatoes...Other vegetables, fresh or chilled (excl. potatoes, tomatoes, alliaceous vegetables, edible brassicas, lettuce "lactuca sativa" and chicory "cichorium spp.", carrots, turnips, salad beetroot, salsify, celeriac, radishes and similar edible roots, cucumbers and gherkins, and leguminous vegatables)	0.1%
See More Products	13.9%

13.3 bn USD of products imported in 2021
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals	14.5%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702)	5.3%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006)	4.9%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528)	1.8%
Maize or cornMaize or corn	1.5%
Food preparations, n.e.s.Food preparations, n.e.s.	1.4%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s.	1.3%
Articles for the conveyance or packaging of goods,...Articles for the conveyance or packaging of goods, of plastics; stoppers, lids, caps and other closures, of plastics	1.1%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons	1.1%
Preparations of a kind used in animal feedingPreparations of a kind used in animal feeding	1.0%
Insecticides, rodenticides, fungicides, herbicides...Insecticides, rodenticides, fungicides, herbicides, anti-sprouting products and plant-growth regulators, disinfectants and similar products, put up for retail sale or as preparations or articles, e.g. sulphur-treated bands, wicks and candles, and fly-papers	1.0%
Oilcake and other solid residues, whether or not...Oilcake and other solid residues, whether or not ground or in the form of pellets, resulting from the extraction of soya-bean oil	0.9%
Furniture and parts thereof, n.e.s. (excl. seats...Furniture and parts thereof, n.e.s. (excl. seats and medical, surgical, dental or veterinary furniture)	0.9%
Flat-rolled products of iron or non-alloy steel,...Flat-rolled products of iron or non-alloy steel, of a width >= 600 mm, hot-rolled or cold-rolled "cold-reduced", clad, plated or coated	0.8%
Women's or girls' suits, ensembles, jackets,...Women's or girls' suits, ensembles, jackets, blazers, dresses, skirts, divided skirts, trousers, bib and brace overalls, breeches and shorts (excl. knitted or crocheted, wind-jackets and similar articles, slips, petticoats and panties, tracksuits, ski suits and swimwear)	0.8%
Instruments and appliances used in medical,...Instruments and appliances used in medical, surgical, dental or veterinary sciences, incl. scintigraphic apparatus, other electro-medical apparatus and sight-testing instruments, n.e.s.	0.8%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s.	0.8%
New pneumatic tyres, of rubberNew pneumatic tyres, of rubber	0.8%
Refrigerators, freezers and other refrigerating or...Refrigerators, freezers and other refrigerating or freezing equipment, electric or other; heat pumps; parts thereof (excl. air conditioning machines of heading 8415)	0.8%
Bread, pastry, cakes, biscuits and other bakers'...Bread, pastry, cakes, biscuits and other bakers' wares, whether or not containing cocoa; communion wafers, empty cachets of a kind suitable for pharmaceutical use, sealing wafers, rice paper and similar products	0.7%
Waters, incl. mineral waters and aerated waters,...Waters, incl. mineral waters and aerated waters, containing added sugar or other sweetening matter or flavoured, and other non-alcoholic beverages (excl. fruit or vegetable juices and milk)	0.7%
Footwear with outer soles and uppers of rubber or...Footwear with outer soles and uppers of rubber or plastics (excl. waterproof footwear of heading 6401, orthopaedic footwear, skating boots with ice or roller skates attached, and toy footwear)	0.7%
Insulated "incl. enamelled or anodised" wire,...Insulated "incl. enamelled or anodised" wire, cable "incl. coaxial cable" and other insulated electric conductors, whether or not fitted with connectors; optical fibre cables, made up of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors	0.7%
Coal; briquettes, ovoids and similar solid fuels...Coal; briquettes, ovoids and similar solid fuels manufactured from coal	0.7%
Monitors and projectors, not incorporating...Monitors and projectors, not incorporating television reception apparatus; reception apparatus for television, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatus	0.7%
Articles of iron or steel, cast, n.e.s.Articles of iron or steel, cast, n.e.s.	0.7%
Machinery for sorting, screening, separating,...Machinery for sorting, screening, separating, washing, crushing, grinding, mixing or kneading earth, stone, ores or other mineral substances, in solid, incl. powder or paste, form; machinery for agglomerating, shaping or moulding solid mineral fuels, ceramic paste, unhardened cements, plastering materials or other mineral products in powder or paste form; machines for forming foundry moulds of sand; parts thereof	0.7%
Cheese and curdCheese and curd	0.6%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with the machinery of heading 8425 to 8430, n.e.s.	0.6%
Beer made from maltBeer made from malt	0.6%
Bars and rods, of iron or non-alloy steel, not...Bars and rods, of iron or non-alloy steel, not further worked than forged, hot-rolled, hot-drawn or hot-extruded, but incl. those twisted after rolling (excl. in irregularly wound coils)	0.6%
Organic surface-active agents (excl. soap);...Organic surface-active agents (excl. soap); surface-active preparations, washing preparations, incl. auxiliary washing preparations, and cleaning preparations, whether or not containing soap (excl. those of heading 3401)	0.6%
Articles of plastics and articles of other...Articles of plastics and articles of other materials of heading 3901 to 3914, n.e.s.	0.5%
Men's or boys' suits, ensembles, jackets, blazers,...Men's or boys' suits, ensembles, jackets, blazers, trousers, bib and brace overalls, breeches and shorts (excl. knitted or crocheted, wind-jackets and similar articles, separate waistcoats, tracksuits, ski suits and swimwear)	0.5%
Sanitary towels (pads) and tampons, napkins and...Sanitary towels (pads) and tampons, napkins and napkin liners for babies, and similar articles, of any material	0.5%
Prepared or preserved fish; caviar and caviar...Prepared or preserved fish; caviar and caviar substitutes prepared from fish eggs	0.5%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab	0.5%
Cartons, boxes, cases, bags and other packing...Cartons, boxes, cases, bags and other packing containers, of paper, paperboard, cellulose wadding or webs of cellulose fibres, n.e.s.; box files, letter trays, and similar articles, of paperboard of a kind used in offices, shops or the like	0.5%
Diagnostic or laboratory reagents on a backing,...Diagnostic or laboratory reagents on a backing, prepared diagnostic or laboratory reagents whether or not on a backing, and certified reference materials (excl. compound diagnostic reagents designed to be administered to the patient, blood-grouping reagents, animal blood prepared for therapeutic, prophylactic or diagnostic uses and vaccines, toxins, cultures of micro-organisms and similar products)	0.5%
Printing machinery used for printing by means of...Printing machinery used for printing by means of plates, cylinders and other printing components of heading 8442 (excl. hectograph or stencil duplicating machines, addressing machines and other office printing machines of heading 8469 to 8472); other printers, copying machines and facsimile machines, whether or not combined; parts thereof	0.5%
Malt extract; food preparations of flour, groats,...Malt extract; food preparations of flour, groats, meal, starch or malt extract, not containing cocoa or containing < 40% by weight of cocoa calculated on a totally defatted basis, n.e.s.; food preparations of milk, cream, butter milk, sour milk, sour cream, whey, yogurt, kephir, and similar goods of heading 0401 to 0404, not containing cocoa or containing < 5% by weight of cocoa calculated on a totally defatted basis, n.e.s.	0.5%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products	0.5%
Unglazed ceramic flags and paving, hearth or wall...Unglazed ceramic flags and paving, hearth or wall tiles; unglazed ceramic mosaic cubes and the like, whether or not on a backing (excl. of siliceous fossil meals or similar siliceous earths, refractory ceramic goods, tiles specially adapted as table mats, ornamental articles and tiles specifically manufactured for stoves)	0.5%
Toilet paper and similar paper, cellulose wadding...Toilet paper and similar paper, cellulose wadding or webs of cellulose fibres, of a kind used for household or sanitary purposes, in rolls of a width <= 36 cm, or cut to size or shape; handkerchiefs, cleansing tissues, towels, tablecloths, serviettes, bedsheets and similar household, sanitary or hospital articles, articles of apparel and clothing accessories, of paper pulp, paper, cellulose wadding or webs of cellulose fibres	0.5%
Prepared or preserved meat, offal or blood (excl....Prepared or preserved meat, offal or blood (excl. sausages and similar products, and meat extracts and juices)	0.5%
Air conditioning machines comprising a...Air conditioning machines comprising a motor-driven fan and elements for changing the temperature and humidity, incl. those machines in which the humidity cannot be separately regulated; parts thereof	0.4%
Sauce and preparations therefor; mixed condiments...Sauce and preparations therefor; mixed condiments and mixed seasonings; mustard flour and meal, whether or not prepared, and mustard	0.4%
Wheat and meslinWheat and meslin	0.4%
Soya-bean oil and its fractions, whether or not...Soya-bean oil and its fractions, whether or not refined (excl. chemically modified)	0.4%
Pumps for liquids, whether or not fitted with a...Pumps for liquids, whether or not fitted with a measuring device (excl. ceramic pumps and secretion aspirating pumps for medical use and medical pumps carried on or implanted in the body); liquid elevators (excl. pumps); parts thereof	0.4%
Tricycles, scooters, pedal cars and similar...Tricycles, scooters, pedal cars and similar wheeled toys; dolls' carriages; dolls; other toys; reduced-size "scale" recreational models, working or not; puzzles of all kinds	0.4%
Tableware, kitchenware, other household articles...Tableware, kitchenware, other household articles and toilet articles, of plastics (excl. baths, shower-baths, washbasins, bidets, lavatory pans, seats and covers, flushing cisterns and similar sanitary ware)	0.4%
Structures and parts of structures "e.g., bridges...Structures and parts of structures "e.g., bridges and bridge-sections, lock-gates, towers, lattice masts, roofs, roofing frameworks, doors and windows and their frames and thresholds for doors, shutters, balustrades, pillars and columns", of iron or steel; plates, rods, angles, shapes, sections, tubes and the like, prepared for use in structures, of iron or steel (excl. prefabricated buildings of heading 9406)	0.4%
Plates, sheets, film, foil and strip, of...Plates, sheets, film, foil and strip, of non-cellular plastics, not reinforced, laminated, supported or similarly combined with other materials, without backing, unworked or merely surface-worked or merely cut into squares or rectangles (excl. self-adhesive products, and floor, wall and ceiling coverings of heading 3918)	0.4%
Centrifuges, incl. centrifugal dryers (excl. those...Centrifuges, incl. centrifugal dryers (excl. those for isotope separation); filtering or purifying machinery and apparatus, for liquids or gases; parts thereof (excl. artificial kidneys)	0.4%
Jerseys, pullovers, cardigans, waistcoats and...Jerseys, pullovers, cardigans, waistcoats and similar articles, knitted or crocheted (excl. wadded waistcoats)	0.4%
Mineral or chemical fertilisers containing two or...Mineral or chemical fertilisers containing two or three of the fertilising elements nitrogen, phosphorus and potassium; other fertilisers (excl. pure animal or vegetable fertilisers or mineral or chemical nitrogenous, phosphatic or potassic fertilisers); animal, vegetable, mineral or chemical fertilisers in tablets or similar forms or in packages of a gross weight of <= 10 kg	0.4%
Tubes, pipes and hoses, and fittings therefor, e.g...Tubes, pipes and hoses, and fittings therefor, e.g. joints, elbows, flanges, of plastics	0.4%
Trunks, suitcases, vanity cases, executive-cases,...Trunks, suitcases, vanity cases, executive-cases, briefcases, school satchels, spectacle cases, binocular cases, camera cases, musical instrument cases, gun cases, holsters and similar containers; travelling-bags, insulated food or beverage bags, toilet bags, rucksacks, handbags, shopping-bags, wallets, purses, map-cases, cigarette-cases, tobacco-pouches, tool bags, sports bags, bottle-cases, jewellery boxes, powder-boxes, cutlery cases and similar containers, of leather or of composition leather, of sheeting of plastics, of textile materials, of vulcanised fibre or of paperboard, or wholly or mainly covered with such materials or with paper	0.4%
Electrical transformers, static converters, e.g....Electrical transformers, static converters, e.g. rectifiers, and inductors; parts thereof	0.4%
Taps, cocks, valves and similar appliances for...Taps, cocks, valves and similar appliances for pipes, boiler shells, tanks, vats or the like, incl. pressure-reducing valves and thermostatically controlled valves; parts thereof	0.4%
Chocolate and other food preparations containing...Chocolate and other food preparations containing cocoa	0.3%
Tubes, pipes and hollow profiles "e.g., open seam...Tubes, pipes and hollow profiles "e.g., open seam or welded, riveted or similarly closed", of iron or steel (excl. of cast iron, seamless tubes and pipes and tubes having internal and external circular cross-sections and an external diameter of > 406,4 mm)	0.3%
Footwear with outer soles of rubber, plastics,...Footwear with outer soles of rubber, plastics, leather or composition leather and uppers of leather (excl. orthopaedic footwear, skating boots with ice or roller skates attached, and toy footwear)	0.3%
Mineral or chemical nitrogenous fertilisers (excl....Mineral or chemical nitrogenous fertilisers (excl. those in pellet or similar forms, or in packages with a gross weight of <= 10 kg)	0.3%
Air or vacuum pumps (excl. gas compound elevators...Air or vacuum pumps (excl. gas compound elevators and pneumatic elevators and conveyors); air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan, whether or not fitted with filters; parts thereof	0.3%
Prepared foods obtained by the swelling or...Prepared foods obtained by the swelling or roasting of cereals or cereal products, e.g. corn flakes; cereals (other than maize "corn") in grain form or in the form of flakes or other worked grains (except flour, groats and meal), pre-cooked or otherwise prepared, n.e.s.	0.3%
Preparations for use on the hairPreparations for use on the hair	0.3%
Electric accumulators, incl. separators therefor,...Electric accumulators, incl. separators therefor, whether or not square or rectangular; parts thereof (excl. spent and those of unhardened rubber or textiles)	0.3%
Other vegetables prepared or preserved otherwise...Other vegetables prepared or preserved otherwise than by vinegar or acetic acid, not frozen (excl. preserved by sugar, and tomatoes, mushrooms and truffles)	0.3%
Fruits, nuts and other edible parts of plants,...Fruits, nuts and other edible parts of plants, prepared or preserved, whether or not containing added sugar or other sweetening matter or spirit (excl. prepared or preserved with vinegar, preserved with sugar but not laid in syrup, and jams, fruit jellies, marmalades, fruit purée and pastes, obtained by cooking)	0.3%
Seats, whether or not convertible into beds, and...Seats, whether or not convertible into beds, and parts thereof, n.e.s. (excl. medical, surgical, dental or veterinary of heading 9402)	0.3%
Household or laundry-type washing machines, incl....Household or laundry-type washing machines, incl. machines which both wash and dry; parts thereof	0.3%
Shaving preparations, incl. pre-shave and...Shaving preparations, incl. pre-shave and aftershave products, personal deodorants, bath and shower preparations, depilatories and other perfumery, toilet or cosmetic preparations, n.e.s.; prepared room deodorisers, whether or not perfumed or having disinfectant properties	0.3%
Margarine, other edible mixtures or preparations...Margarine, other edible mixtures or preparations of animal or vegetable fats or oils and edible fractions of different fats or oils (excl. fats, oils and their fractions, partly or wholly hydrogenated, inter-esterified, re-esterified or elaidinised, whether or not refined, but not further prepared, and mixtures of olive oils and their fractions)	0.3%
Fruit juices, incl. grape must, and vegetable...Fruit juices, incl. grape must, and vegetable juices, unfermented, not containing added spirit, whether or not containing added sugar or other sweetening matter	0.3%
Glaziers' putty, grafting putty, resin cements,...Glaziers' putty, grafting putty, resin cements, caulking compounds and other mastics; painters' fillings; non-refractory surfacing preparations for façades, indoor walls, floors, ceilings or the like	0.3%
T-shirts, singlets and other vests, knitted or...T-shirts, singlets and other vests, knitted or crocheted	0.3%
Undenatured ethyl alcohol of an alcoholic strength...Undenatured ethyl alcohol of an alcoholic strength of < 80%; spirits, liqueurs and other spirituous beverages (excl. compound alcoholic preparations of a kind used for the manufacture of beverages)	0.3%
Orthopaedic appliances, incl. crutches, surgical...Orthopaedic appliances, incl. crutches, surgical belts and trusses; splints and other fracture appliances; artificial parts of the body; hearing aids and other appliances which are worn or carried, or implanted in the body, to compensate for a defect or disability	0.3%
Articles of iron or steel, n.e.s. (excl. cast...Articles of iron or steel, n.e.s. (excl. cast articles)	0.3%
Bituminous mastics, cut-backs and other bituminous...Bituminous mastics, cut-backs and other bituminous mixtures based on natural asphalt, on natural bitumen, on petroleum bitumen, on mineral tar or on mineral tar pitch	0.3%
Soap; organic surface-active products and...Soap; organic surface-active products and preparations for use as soap, in the form of bars, cakes, moulded pieces or shapes, whether or not containing soap; organic surface-active products and preparations for washing the skin, in the form of liquid or cream and put up for retail sale, whether or not containing soap; paper, wadding, felt and nonwovens, impregnated, coated or covered with soap or detergent	0.3%
Stoves, ranges, grates, cookers, incl. those with...Stoves, ranges, grates, cookers, incl. those with subsidiary boilers for central heating, barbecues, braziers, gas rings, plate warmers and similar non-electric domestic appliances, and parts thereof of iron or steel (excl. boilers and radiators for central heating, geysers and hot water cylinders)	0.3%
Milk and cream, concentrated or containing added...Milk and cream, concentrated or containing added sugar or other sweetening matter	0.3%
Electric instantaneous or storage water heaters...Electric instantaneous or storage water heaters and immersion heaters; electric space-heating apparatus and soil-heating apparatus; electro-thermic hairdressing apparatus, e.g. hairdryers, hair curlers and curling tong heaters, and hand dryers; electric smoothing irons; other electro-thermic appliances of a kind used for domestic purposes; electric heating resistors (other than those of heading 8545); parts thereof	0.3%
Plates, sheets and strip, of aluminium, of a...Plates, sheets and strip, of aluminium, of a thickness of > 0,2 mm (excl. expanded plates, sheets and strip)	0.2%
Meat and edible offal of fowls of the species...Meat and edible offal of fowls of the species gallus domesticus, ducks, geese, turkeys and guinea fowls, fresh, chilled or frozen	0.2%
Vegetables prepared or preserved otherwise than by...Vegetables prepared or preserved otherwise than by vinegar or acetic acid, frozen (excl. preserved by sugar, and tomatoes, mushrooms and truffles)	0.2%
Beauty or make-up preparations and preparations...Beauty or make-up preparations and preparations for the care of the skin, incl. sunscreen or suntan preparations (excl. medicaments); manicure or pedicure preparations	0.2%
Flat-rolled products of iron or non-alloy steel,...Flat-rolled products of iron or non-alloy steel, of a width >= 600 mm, hot-rolled, not clad, plated or coated	0.2%
Self-propelled bulldozers, angledozers, graders,...Self-propelled bulldozers, angledozers, graders, levellers, scrapers, mechanical shovels, excavators, shovel loaders, tamping machines and roadrollers	0.2%
Builders' ware of plastics, n.e.s.Builders' ware of plastics, n.e.s.	0.2%
Prepared binders for foundry moulds or cores;...Prepared binders for foundry moulds or cores; chemical products and preparations for the chemical or allied industries, incl. mixtures of natural products, n.e.s.	0.2%
Preparations for oral or dental hygiene, incl....Preparations for oral or dental hygiene, incl. denture fixative pastes and powders; yarn used to clean between the teeth "dental floss", in individual retail packages	0.2%
Women's or girls' blouses, shirts and...Women's or girls' blouses, shirts and shirt-blouses (excl. knitted or crocheted and vests)	0.2%
Meat of swine, fresh, chilled or frozenMeat of swine, fresh, chilled or frozen	0.2%
Paints and varnishes, incl. enamels and lacquers,...Paints and varnishes, incl. enamels and lacquers, based on synthetic polymers or chemically modified natural polymers, dispersed or dissolved in an aqueous medium	0.2%
Paints and varnishes, incl. enamels and lacquers,...Paints and varnishes, incl. enamels and lacquers, based on synthetic polymers or chemically modified natural polymers, dispersed or dissolved in a non-aqueous medium; solutions of products of headings 3901 to 3913 in volatile organic solvents, containing > 50% solvent by weight (excl. solutions of collodion)	0.2%
Tracksuits, ski suits, swimwear and other garments...Tracksuits, ski suits, swimwear and other garments, n.e.s. (excl. knitted or crocheted)	0.2%
Lamps and lighting fittings, incl. searchlights...Lamps and lighting fittings, incl. searchlights and spotlights, and parts thereof, n.e.s; illuminated signs, illuminated nameplates and the like having a permanently fixed light source, and parts thereof, n.e.s.	0.2%
Wine of fresh grapes, incl. fortified wines; grape...Wine of fresh grapes, incl. fortified wines; grape must, partly fermented and of an actual alcoholic strength of > 0,5% vol or grape must with added alcohol of an actual alcoholic strength of > 0,5% vol	0.2%
Microphones and stands therefor (excl. cordless...Microphones and stands therefor (excl. cordless microphones with built-in transmitter); loudspeakers, whether or not mounted in their enclosures; headphones and earphones, whether or not combined with a microphone, and sets consisting of a microphone and one or more loudspeakers (excl. telephone sets, hearing aids and helmets with built-in headphones, whether or not incorporating a microphone); audio-frequency electric amplifiers; electric sound amplifier sets; parts thereof	0.2%
Boards, panels, consoles, desks, cabinets and...Boards, panels, consoles, desks, cabinets and other bases, equipped with two or more apparatus of heading 8535 or 8536, for electric control or the distribution of electricity, incl. those incorporating instruments or apparatus of chapter 90, and numerical control apparatus (excl. switching apparatus for line telephony or line telegraphy)	0.2%
Articles and equipment for general physical...Articles and equipment for general physical exercise, gymnastics, athletics, other sports, incl. table-tennis, or outdoor games, not specified or included in this chapter or elsewhere; swimming pools and paddling pools.	0.2%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with transmission and reception apparatus for radio-telephony, radio-telegraphy, radio-broadcasting, television, television cameras, still image video cameras and other video camera recorders, radar apparatus, radio navigational aid apparatus or radio remote control apparatus, n.e.s.	0.2%
Sugar confectionery not containing cocoa, incl....Sugar confectionery not containing cocoa, incl. white chocolate	0.2%
Printed books, brochures and similar printed...Printed books, brochures and similar printed matter, whether or not in single sheets (excl. periodicals and publications which are essentially devoted to advertising)	0.2%
Bedlinen, table linen, toilet linen and kitchen...Bedlinen, table linen, toilet linen and kitchen linen of all types of textile materials (excl. floorcloths, polishing cloths, dishcloths and dusters)	0.2%
Made-up articles of textile materials, incl. dress...Made-up articles of textile materials, incl. dress patterns, n.e.s.	0.2%
Apples, pears and quinces, freshApples, pears and quinces, fresh	0.2%
Grapes, fresh or driedGrapes, fresh or dried	0.2%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with internal combustion piston engine of heading 8407 or 8408	0.2%
Diodes, transistors and similar semiconductor...Diodes, transistors and similar semiconductor devices; photosensitive semiconductor devices, incl. photovoltaic cells whether or not assembled in modules or made up into panels (excl. photovotaic generators); light emitting diodes; mounted piezoelectric crystals; parts thereof	0.2%
Women's or girls' slips, petticoats, briefs,...Women's or girls' slips, petticoats, briefs, panties, nightdresses, pyjamas, négligés, bathrobes, dressing gowns, housecoats and similar articles, knitted or crocheted (excl. t-shirts, vests, brassieres, girdles, corsets and similar articles)	0.2%
Pharmaceutical preparations and products of...Pharmaceutical preparations and products of subheadings 3006.10.10 to 3006.60.90	0.2%
Machinery, not specified or included elsewhere in...Machinery, not specified or included elsewhere in this chapter, for the industrial preparation or manufacture of food or drink (other than machinery for the extraction or preparation of animal or fixed vegetable fats or oils); parts thereof	0.2%
Screws, bolts, nuts, coach screws, screw hooks,...Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter pins, washers, incl. spring washers, and similar articles, of iron or steel (excl. lag screws, stoppers, plugs and the like, threaded)	0.2%
Uncoated kraft paper and paperboard, in rolls of a...Uncoated kraft paper and paperboard, in rolls of a width > 36 cm or in square or rectangular sheets with one side > 36 cm and the other side > 15 cm in the unfolded state (excl. goods of heading 4802 or 4803)	0.2%
Electric filament or discharge lamps, incl. sealed...Electric filament or discharge lamps, incl. sealed beam lamp units and ultraviolet or infra-red lamps; arc lamps; parts thereof	0.2%
Footwear with outer soles of rubber, plastics,...Footwear with outer soles of rubber, plastics, leather or composition leather and uppers of textile materials (excl. toy footwear)	0.2%
Instruments and apparatus for physical or chemical...Instruments and apparatus for physical or chemical analysis, e.g. polarimeters, refractometers, spectrometers, gas or smoke analysis apparatus; instruments and apparatus for measuring or checking viscosity, porosity, expansion, surface tension or the like; instruments and apparatus for measuring or checking quantities of heat, sound or light, incl. exposure meters; microtomes	0.2%
Lifting, handling, loading or unloading machinery,...Lifting, handling, loading or unloading machinery, e.g. lifts, escalators, conveyors, teleferics (excl. pulley tackle and hoists, winches and capstans, jacks, cranes of all kinds, mobile lifting frames and straddle carriers, works trucks fitted with a crane, fork-lift trucks and other works trucks fitted with lifting or handling equipment)	0.2%
Tools for working in the hand, pneumatic,...Tools for working in the hand, pneumatic, hydraulic or with self-contained electric or non-electric motor; parts thereof	0.2%
Perfumes and toilet waters (excl. aftershave...Perfumes and toilet waters (excl. aftershave lotions, personal deodorants and hair lotions)	0.2%
Toilet or facial tissue stock, towel or napkin...Toilet or facial tissue stock, towel or napkin stock and similar paper for household or sanitary purposes, cellulose wadding and webs of cellulose fibres, whether or not creped, crinkled, embossed, perforated, surface-coloured, surface-decorated or printed, in rolls of a width > 36 cm or in square or rectangular sheets with one side > 36 cm and the other side > 15 cm in the unfolded state	0.2%
Mattress supports (excl. spring interiors for...Mattress supports (excl. spring interiors for seats); articles of bedding and similar furnishing, e.g. mattresses, quilts, eiderdowns, cushions, pouffes and pillows, fitted with springs or stuffed or internally filled with any material or of cellular rubber or plastics, whether or not covered (excl. pneumatic or water mattresses and pillows, blankets and covers)	0.2%
Polymers of ethylene, in primary formsPolymers of ethylene, in primary forms	0.2%
Dishwashing machines; machinery for cleaning or...Dishwashing machines; machinery for cleaning or drying bottles or other containers; machinery for filling, closing, sealing or labelling bottles, cans, boxes, bags or other containers; machinery for capsuling bottles, jars, tubes and similar containers; other packing or wrapping machinery, incl. heat-shrink wrapping machinery; machinery for aerating beverages; parts thereof	0.2%
Machinery, plant or laboratory equipment whether...Machinery, plant or laboratory equipment whether or not electrically heated (excl. furnaces, ovens and other equipment of heading 8514), for the treatment of materials by a process involving a change of temperature such as heating, cooking, roasting, distilling, rectifying, sterilising, pasteurising, steaming, drying, evaporating, vaporising, condensing or cooling (excl. those used for domestic purposes); instantaneous or storage water heaters, non-electric; parts thereof	0.2%
Dried leguminous vegetables, shelled, whether or...Dried leguminous vegetables, shelled, whether or not skinned or split	0.2%
Articles of apparel and clothing accessories, incl...Articles of apparel and clothing accessories, incl. gloves, mittens and mitts, for all purposes, of vulcanised rubber (excl. hard rubber and footwear and headgear and parts thereof)	0.2%
Sausages and similar products, of meat, offal or...Sausages and similar products, of meat, offal or blood; food preparations based on these products	0.1%
Articles of vulcanised rubber (excl. hard rubber),...Articles of vulcanised rubber (excl. hard rubber), n.e.s.	0.1%
Tractors (other than tractors of heading 8709)Tractors (other than tractors of heading 8709)	0.1%
Plates, sheets, film, foil and strip, of plastics,...Plates, sheets, film, foil and strip, of plastics, reinforced, laminated, supported or similarly combined with other materials, or of cellular plastic, unworked or merely surface-worked or merely cut into squares or rectangles (excl. self-adhesive products, floor, wall and ceiling coverings of heading 3918)	0.1%
Woven fabrics of synthetic filament yarn, incl....Woven fabrics of synthetic filament yarn, incl. monofilament of >= 67 decitex and with a cross sectional dimension of <= 1 mm	0.1%
Meat of bovine animals, frozenMeat of bovine animals, frozen	0.1%
Electric motors and generators (excl. generating...Electric motors and generators (excl. generating sets)	0.1%
Butter, incl. dehydrated butter and ghee, and...Butter, incl. dehydrated butter and ghee, and other fats and oils derived from milk; dairy spreads	0.1%
Fish fillets and other fish meat, whether or not...Fish fillets and other fish meat, whether or not minced, fresh, chilled or frozen	0.1%
Pasta, whether or not cooked or stuffed with meat...Pasta, whether or not cooked or stuffed with meat or other substances or otherwise prepared, such as spaghetti, macaroni, noodles, lasagne, gnocchi, ravioli, cannelloni; couscous, whether or not prepared	0.1%
Meat and edible offal, salted, in brine, dried or...Meat and edible offal, salted, in brine, dried or smoked; edible flours and meals of meat or meat offal	0.1%
Brooms, brushes, incl. brushes constituting parts...Brooms, brushes, incl. brushes constituting parts of machines, appliances or vehicles, hand-operated mechanical floor sweepers, not motorised, mops and leather dusters; prepared knots and tufts for broom or brush making; paint pads and rollers; squeegees of rubber or similar flexible materials	0.1%
Soups and broths and preparations therefor; food...Soups and broths and preparations therefor; food preparations consisting of finely homogenised mixtures of two or more basic ingredients such as meat, fish, vegetables or fruit, put up for retail sale as infant food or for dietetic purposes, in containers of <= 250 g	0.1%
Table, kitchen or other household articles,...Table, kitchen or other household articles, sanitary ware, and parts thereof, of aluminium, pot scourers and scouring or polishing pads, gloves and the like, of aluminium (excl. cans, boxes and similar containers of heading 7612, articles of the nature of a work implement, spoons, ladles, forks and other articles of heading 8211 to 8215, ornamental articles and fittings)	0.1%
Angles, shapes and sections of iron or non-alloy...Angles, shapes and sections of iron or non-alloy steel, n.e.s.	0.1%
Soya beans, whether or not brokenSoya beans, whether or not broken	0.1%
Video game consoles and machines, articles for...Video game consoles and machines, articles for funfair, table or parlour games, incl. pintables, billiards, special tables for casino games and automatic bowling alley equipment	0.1%
Stoppers, caps and lids, incl. crown corks, screw...Stoppers, caps and lids, incl. crown corks, screw caps and pouring stoppers, capsules for bottles, threaded bungs, bung covers, seals and other packing accessories, of base metal	0.1%
Self-adhesive plates, sheets, film, foil, tape,...Self-adhesive plates, sheets, film, foil, tape, strip and other flat shapes, of plastics, whether or not in rolls (excl. floor, wall and ceiling coverings of heading 3918)	0.1%
Monumental or building stone, natural (excl. slate...Monumental or building stone, natural (excl. slate), worked, and articles; mosaic cubes etc. of natural stone, incl. slate, whether or not on a backing; artificially coloured granules, chippings, powder, of natural stone, incl. slate (excl. setts, curbstones, flagstones; articles of fused basalt and of fired steatite; jewellery, clocks, lamps and parts; buttons, chalks, original sculptures and statuary)	0.1%
Machines and mechanical appliances having...Machines and mechanical appliances having individual functions, not specified or included elsewhere in this chapter; parts thereof	0.1%
Base metal mountings, fittings and similar...Base metal mountings, fittings and similar articles suitable for furniture, doors, staircases, windows, blinds, coachwork, saddlery, trunks, chests, caskets or the like; base metal hat-racks, hat-pegs, brackets and similar fixtures; castors with mountings of base metal; automatic door closers of base metal	0.1%
Bars, rods and profiles, of aluminium, n.e.s.Bars, rods and profiles, of aluminium, n.e.s.	0.1%
Mechanical appliances, whether or not...Mechanical appliances, whether or not hand-operated, for projecting, dispersing or spraying liquids or powders, n.e.s.; fire extinguishers, charged or not (excl. fire-extinguishing bombs and grenades); spray guns and similar appliances (excl. electric machines and apparatus for hot spraying of metals or sintered metal carbides of heading 8515); steam or sand blasting machines and similar jet projecting machines; parts thereof, n.e.s.	0.1%
Finishing agents, dye carriers to accelerate the...Finishing agents, dye carriers to accelerate the dyeing or fixing of dyestuffs and other products and preparations such as dressings and mordants of a kind used in the textile, paper, leather or like industries, n.e.s.	0.1%
Polymers of vinyl chloride or of other halogenated...Polymers of vinyl chloride or of other halogenated olefins, in primary forms	0.1%
Parts and accessories (other than covers, carrying...Parts and accessories (other than covers, carrying cases and the like) suitable for use solely or principally with machines of heading 8469 to 8472, n.e.s.	0.1%
Transmission apparatus for radio-broadcasting or...Transmission apparatus for radio-broadcasting or television, whether or not incorporating reception apparatus or sound recording or reproducing apparatus; television cameras, digital cameras and video camera recorders	0.1%
Builders' joinery and carpentry, of wood, incl....Builders' joinery and carpentry, of wood, incl. cellular wood panels, assembled flooring panels, shingles and shakes, of wood (excl. plywood panelling, blocks, strips and friezes for parquet flooring, not assembled, and pre-fabricated buildings)	0.1%
RiceRice	0.1%
Prefabricated buildings, whether or not complete...Prefabricated buildings, whether or not complete or already assembled	0.1%
Lubricant preparations, incl. cutting-oil...Lubricant preparations, incl. cutting-oil preparations, bolt or nut release preparations, anti-rust or anti-corrosion preparations and mould-release preparations based on lubricants; textile lubricant preparations and preparations of a kind used for the oil or grease treatment of textile materials, leather, furskins or other materials (excl. preparations containing, as basic constituents, >= 70% petroleum oil or bituminous mineral oil by weight)	0.1%
Anti-knock preparations, oxidation inhibitors, gum...Anti-knock preparations, oxidation inhibitors, gum inhibitors, viscosity improvers, anti-corrosive preparations and other prepared additives, for mineral oils, incl. gasoline, or for other liquids used for the same purposes as mineral oils	0.1%
Malt, whether or not roastedMalt, whether or not roasted	0.1%
Transmission shafts, incl. camshafts and...Transmission shafts, incl. camshafts and crankshafts, and cranks; bearing housings and plain shaft bearings for machines; gears and gearing; ball or roller screws, gear boxes and other speed changers, incl. torque converters; flywheels and pulleys, incl. pulley blocks, clutches and shaft couplings, incl. universal joints; parts thereof	0.1%
Natural or artificial abrasive powder or grain, on...Natural or artificial abrasive powder or grain, on a base of textile material, paper, paperboard or other materials, whether or not cut to shape or sewn or otherwise made up	0.1%
Articles of asbestos-cement, cellulose...Articles of asbestos-cement, cellulose fibre-cement or the like	0.1%
Brassieres, girdles, corsets, braces, suspenders,...Brassieres, girdles, corsets, braces, suspenders, garters and similar articles and parts thereof, of all types of textile materials, whether or not elasticated, incl. knitted or crocheted (excl. belts and corselets made entirely of rubber)	0.1%
Mechano-therapy appliances; massage apparatus;...Mechano-therapy appliances; massage apparatus; psychological aptitude-testing apparatus; ozone therapy, oxygen therapy, aerosol therapy, artificial respiration or other therapeutic respiration apparatus	0.1%
Undenatured ethyl alcohol of an alcoholic strength...Undenatured ethyl alcohol of an alcoholic strength of >= 80%; ethyl alcohol and other spirits, denatured, of any strength	0.1%
Plywood, veneered panel and similar laminated wood...Plywood, veneered panel and similar laminated wood (excl. sheets of compressed wood, cellular wood panels, parquet panels or sheets, inlaid wood and sheets identifiable as furniture components)	0.1%
Uncoated paper and paperboard, of a kind used for...Uncoated paper and paperboard, of a kind used for writing, printing or other graphic purposes, and non-perforated punchcards and punch-tape paper, in rolls or in square or rectangular sheets, of any size, and handmade paper and paperboard (excl. newsprint of heading 4801 and paper of heading 4803)	0.1%
Articles of plaster or of compositions based on...Articles of plaster or of compositions based on plaster (excl. plaster bandages for straightening fractures, put up for retail sale; plaster splints for the treatment of fractures; lightweight with plaster agglomerated building boards or articles for heat-insulation, sound-insulation or sound absorption; anatomic and other models for demonstration purposes; original sculptures and statuary)	0.1%
Particle board, oriented strand board "osb" and...Particle board, oriented strand board "osb" and similar board "e.g. waferboard" of wood or other ligneous materials, whether or not agglomerated with resins or other organic binding substances (excl. fibreboard, veneered particle board, cellular wood panels and board of ligneous materials agglomerated with cement, plaster or other mineral bonding agents)	0.1%
Carboys, bottles, flasks, jars, pots, phials,...Carboys, bottles, flasks, jars, pots, phials, ampoules and other containers, of glass, of a kind used for the conveyance or packing of goods, preserving jars, stoppers, lids and other closures, of glass (excl. glass envelopes and containers, with vacuum insulation, perfume atomizers, flasks, bottles etc. for atomizers)	0.1%
Onions, shallots, garlic, leeks and other...Onions, shallots, garlic, leeks and other alliaceous vegetables, fresh or chilled	0.1%
Ball or roller bearings (excl. steel balls of...Ball or roller bearings (excl. steel balls of heading 7326); parts thereof	0.1%
Discs, tapes, solid-state non-volatile storage...Discs, tapes, solid-state non-volatile storage devices, "smart cards" and other media for the recording of sound or of other phenomena, whether or not recorded, incl. matrices and masters for the production of discs (excl. products of chapter 37)	0.1%
Harvesting or threshing machinery, incl. straw or...Harvesting or threshing machinery, incl. straw or fodder balers; grass or hay mowers; machines for cleaning, sorting or grading eggs, fruit or other agricultural produce; parts thereof (other than machines for cleaning, sorting or grading seed, grain or dried leguminous vegetables of heading 8437)	0.1%
Polyacetals, other polyethers and epoxide resins,...Polyacetals, other polyethers and epoxide resins, in primary forms; polycarbonates, alkyd resins, polyallyl esters and other polyesters, in primary forms	0.1%
Electric generating sets and rotary convertersElectric generating sets and rotary converters	0.1%
Shoe polish, furniture wax and floor waxes,...Shoe polish, furniture wax and floor waxes, polishes and creams for coachwork, glass or metal, scouring pastes and powders and similar preparations, whether or not in the form of paper, wadding, felt, nonwovens, sponge plastics, cellular plastics or cellular rubber, impregnated, coated or covered with such preparations (excl. artificial and prepared waxes of heading 3404)	0.1%
Wadding, gauze, bandages and the like, e.g....Wadding, gauze, bandages and the like, e.g. dressings, adhesive plasters, poultices, impregnated or covered with pharmaceutical substances or put up for retail sale for medical, surgical, dental or veterinary purposes	0.1%
Men's or boys' underpants, briefs, nightshirts,...Men's or boys' underpants, briefs, nightshirts, pyjamas, bathrobes, dressing gowns and similar articles, knitted or crocheted (excl. vests and singlets)	0.1%
Men's or boys' shirts (excl. knitted or crocheted,...Men's or boys' shirts (excl. knitted or crocheted, nightshirts, singlets and other vests)	0.1%
See More Products	71.9%

Source: Comtrade, Latest Available Data

To go further, check out our service Import Export Flows.

Main Services

13.9 bn USD of services exported in 2019
TransportationTransportation	50.71%
TravelTravel +	32.49%
Personal travelPersonal travel	31.18%
Business travelBusiness travel	1.31%
Financial servicesFinancial services	7.78%
Other business servicesOther business services	3.96%
Computer and information servicesComputer and information services	2.18%
Insurance servicesInsurance services	1.90%
Government servicesGovernment services	0.83%
Royalties and license feesRoyalties and license fees	0.09%
Cultural and recreational servicesCultural and recreational services	0.05%

5.1 bn USD of services imported in 2019
TransportationTransportation	37.91%
TravelTravel +	27.60%
Personal travelPersonal travel	21.46%
Business travelBusiness travel	6.14%
Other business servicesOther business services	16.65%
Financial servicesFinancial services	7.24%
Insurance servicesInsurance services	4.56%
Government servicesGovernment services	2.39%
Computer and information servicesComputer and information services	1.64%
Royalties and license feesRoyalties and license fees	1.39%
Cultural and recreational servicesCultural and recreational services	0.62%

Source: United Nations Statistics Division, Latest Available Data

Sources of General Economic Information

Ministries: Ministry of Foreign Affairs (in Spanish)
Ministry of Commerce and Industry (in Spanish)
Ministry of Public Works (in Spanish)
Ministry of Economy and Finance (in Spanish)
Ministry of Government (in Spanish)
Statistical Office: National Institute of Statistics and Census (in Spanish)
Central Bank: National Bank of Panama (in Spanish)
Stock Exchange: Panama Stock Exchange (in Spanish)
Search Engines: Google.com.pa
Economic Portals: Panama Canal Authority

Political Outline

Current Political Leaders: President: Laurentino "Nito" Cortizio Cohen (since 1 July 2019)
Vice President: José Gabriel Carrizo Jaén (since 1 July 2019)
Next Election Dates: Presidential: May 2024
National Assembly: May 2024
Main Political Parties: Panama's political system is based on a multi-party system where parties work together to form coalition governments. The country's major political parties are:

- Democratic Revolutionary Party (PRD): centre-left, populist, social-democratic
- Democratic Change (CD): centre-right, opposition, works toward continued economic growth and better infrastructure
- Nationalist Republican Liberal Movement (MOLIRENA): centre-right, pro-business, liberal, conservative. Allied with the CD
- Panamenista Party (PP): right-wing, populist, conservative
- People's Party (PP): centre-right, christian democracy, conservative. Formerly known as Christian Democratic Party or PDC
- People's Party of Panama (PPP): left-wing, Communist
- Broad Front for Democracy (FAD): left-wing, socialist, indigenist
- Independent Social Alternative Party (PAIS): right-wing, conservative, evangelical
Type of State: Panama is a republic based on a parliamentary democracy.
Executive Power: The president is both the chief of state and head of the government. The president (as well as the vice-president) is elected by popular vote to serve a five-year term, and is not eligible for a consecutive re-election. The president appoints the Cabinet and has executive powers which include implementation of the law within the country and running the day-to-day affairs.
Legislative Power: The legislature in Panama is unicameral. The parliament, called the National Assembly, has 71 seats and its members are elected by popular vote for five-year terms. The legislature is a branch of the power which is equal to and independent of the executive. Legislative power is vested in both the government and the National Assembly.

Indicator of Freedom of the Press

Definition

Definition:

The world rankings, published annually, measures violations of press freedom worldwide. It reflects the degree of freedom enjoyed by journalists, the media and digital citizens of each country and the means used by states to respect and uphold this freedom. Finally, a note and a position are assigned to each country. To compile this index, Reporters Without Borders (RWB) prepared a questionnaire incorporating the main criteria (44 in total) to assess the situation of press freedom in a given country. This questionnaire was sent to partner organisations,150 RWB correspondents, journalists, researchers, jurists and human rights activists. It includes every kind of direct attacks against journalists and digital citizens (murders, imprisonment, assault, threats, etc.) or against the media (censorship, confiscation, searches and harassment etc.).

World Rank:: 77/180

Indicator of Political Freedom

Definition

Definition:

The Indicator of Political Freedom provides an annual evaluation of the state of freedom in a country as experienced by individuals. The survey measures freedom according to two broad categories: political rights and civil liberties. The ratings process is based on a checklist of 10 political rights questions (on Electoral Process, Political Pluralism and Participation, Functioning of Government) and 15 civil liberties questions (on Freedom of Expression, Belief, Associational and Organizational Rights, Rule of Law, Personal Autonomy and Individual Rights). Scores are awarded to each of these questions on a scale of 0 to 4, where a score of 0 represents the smallest degree and 4 the greatest degree of rights or liberties present. The total score awarded to the political rights and civil liberties checklist determines the political rights and civil liberties rating. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores.

Ranking:: Free
Political Freedom:: 2/7

Political freedom in the world (interactive map)
Source: Freedom in the World Report, Freedom House

COVID-19 Country Response

COVID-19 epidemic evolution: To find out about the latest status of the COVID19 pandemic evolution and the most up-to-date statistics on the COVID19 disease in Panama, please visit the Panamanian government platform with the official data. Official information on the progress of the epidemic in Panama is consolidated by the Ministry of Health. The ministry provides a daily epidemiological update, which includes key national figures.
For the international outlook you can consult the latest situation reports published by the World Health Organisation as well as the global daily statistics on the coronavirus pandemic evolution including data on confirmed cases and deaths by country.
Sanitary measures: To find out about the latest public health situation in Panama and the current sanitary measures in vigour, please consult the Panamanian government platform on COVID-19 including the up-to-date information on the containment measures put in place and public health recommendations.
Travel restrictions: The COVID-19 situation, including the spread of new variants, evolves rapidly and differs from country to country. All travelers need to pay close attention to the conditions at their destination before traveling. Regularly updated information for all countries with regards to Covid-19 related travel restrictions in place including entry regulations, flight bans, test requirements and quarantine is available on TravelDoc Infopage.
It is also highly recommended to consult COVID-19 Travel Regulations Map provided and updated on the daily basis by IATA.
The US government website of Centers of Disease Control and Prevention provides COVID-19 Travel Recommendations by Destination.
The UK Foreign travel advice also provides travelling abroad advice for all countries, including the latest information on coronavirus, safety and security, entry requirements and travel warnings.
Import & export restrictions: For the information on all the measures applicable to movement of goods during the period of sanitary emergency due to the COVID-19 outbreak (including eventual restrictions on imports and exports, if applicable), please consult the portal of the Panamanian National Customs Authority.
For a general overview of trade restrictions due to COVID-19 pandemic, please consult the section dedicated to Panama on the International Trade Centre's COVID-19 Temporary Trade Measurese wbpage.
Economic recovery plan: For the information on the economic recovery scheme put in place by the Panamanian government to address the impact of the COVID19 pandemic on the Panamanian economy, please visit the website of the Panamanian Ministry of the Economy and Finance. The information on the Panamanian economic emergency plan is available here.
For the general overview of the key economic policy responses to the COVID-19 outbreak (fiscal, monetary and macroeconomic) taken by the Panamanian government to limit the socio-economic impact of the COVID-19 pandemic, please consult the section dedicated to Panama in the IMF’s Policy Tracker platform.
Support plan for businesses: For the information on the local business support scheme established by the Panamanian government to help small and medium-sized companies to deal with the economic impacts of the COVID19 epidemic on their activity, please consult the portal of the Panamanian Department of Micro, Small and Medium Enterprises.
For a general overview of international SME support policy responses to the COVID-19 outbreak refer to the World Bank's Map of SME-Support Measures in Response to COVID-19.
Support plan for exporters: To find out about the support plan for exporters put in place by the Panamanian government, please consult the Ministry of the Economy and Finance and the Ministry of Commerce and Industry websites. The government is still working on a support plan for exporters, and once a decision is reached, it should be published on the said websites.

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