Statistics

Miami-Panama Annual Report: No.21 trade partner headed toward $1 billion

July 27th, 2006

Expansion of the Panama Canal could boost trade results for South Florida.

Panama has positioned itself to break $1 billion when it comes to trade with South Florida.

In 2005, Panama and the Miami Customs District saw their bilateral trade jump more than 15 percent to close the year at $909 million. If those growth rates continue at the same pace this year, Panama will be a new member of the billion-dollar club. Last year, 20 countries had more than $1 billion in commerce with South Florida.

Three-quarters of the trade exchange was on the export side. South Florida shipped $751 million in goods to the Central American country, an increase of 19 percent, led by a huge jump in exports of medicine. Medicine exports rose nearly 41 percent to close the year worth $97 million.

But computers, the second most important export to Panama, rose even more to end 2005 at $44 million. Computer parts, however, fell nearly 13 percent to total $33 million.

The biggest jump among top exports to Panama was the 81 percent spike in shipments of aircraft parts, which reached a value of $31 million. Panama is home to Copa airlines, among others.

On the import side, South Florida relied on Panama for seafood as did the United States as a whole. Shipments of fresh or chilled seafood stayed nearly flat at $45 million but shipments of shrimp, crabs and lobsters fell 8.5 percent to $8 million.

Gold was the big winner on the import list. It rose 44 percent to close the year near 12 million.

The Panama Canal is an icon of international trade and, as U.S. West Coast ports become jammed with cargo from Asia, increasing volumes are being diverted through other ports including Miami to boost the canal’s business.

That business promises to jump even more if Panama goes through with its plans to widen and deepen the canal

Panama has been negotiating a free trade agreement with the United States since 2003. A more balanced trade landscape would benefit the 3.2 million resident of the Central American country, which only signed its first free trade pact in 2002 and that was with nearby El Salvador. Panama’s role as an international banking center, as well as growth in its tourism sector, are big drivers of the economy, although Panama Canal revenues exceed $1 billion annually.

Overall in 2005, Panama and the United States posted $2.5 billion in trade, an increase of 16 percent when compared with trade results from a year earlier. Some 90 percent of the from Panama enter the United States duty free under the Caribbean Basin Initiative and other trade preferences measures.

Beacon Council Press Release: "South Florida Global Economic Impact Study Reveals Region’s Economic Muscle" (01/17/2008)

Multinational study looks at 'revenues under management' in Greater Miami area (10/31/2007)

7th annual Miami TradeNumbers released (06/18/2007)

1st Q: Miami, led by exports, growing faster than national average (05/21/2007)

Annual trade statistics: Miami soars past $70 billion but is losing ground (02/13/2007)

Miami in danger of falling a notch, to No. 14 behind Philadelphia (02/01/2007)

Third quarter trade results: Miami headed on pace for a strong 2006 (12/11/2006)

DR-CAFTA nations help propel Miami growth (09/15/2006)

Looking ahead (08/02/2006)

Export spree boosts Miami trade (08/02/2006)

Export frenzy feeds top traders (08/02/2006)

Mid-tier traders are on the move (08/02/2006)

Tapping trade opportunities (08/02/2006)

Understanding trade’s value (08/02/2006)

Deciphering the data (08/01/2006)

rising tide (08/01/2006)

Miami-Costa Rica Annual Report: No. 5 trade partner- Med-tech goods shape trade (07/27/2006)

Miami-Honduras Annual Report: No. 6 trade partner- Apparel dominates exchange (07/27/2006)

Miami-China Annual Report: No. 7 trade partner pushing for the top spot (07/27/2006)

Miami-Colombia Annual Report: Trade with No. 4 trade partner Colombia blooms (07/27/2006)

Miami-Dominican Republic Annual Report:No. 3 Trade partners- Slowing the trade pace (07/27/2006)

Miami-Venezuela Annual Report:Win-win with No. 2 trade partner Venezuela (07/27/2006)

Miami-Brazil Annual Report: No.1 Trade Partner Brazil loses ground in South Florida (07/27/2006)

Miami-Guatemala Annual Report: No. 8 trade partner- From apparel to agro products (07/27/2006)

Miami-Chile Annual Report: No. 9 trade partner Chile posts big trade gains (07/27/2006)

Miami-El Salvador Annual Report: No. 10 trade partner- Trade holds steady (07/27/2006)

Miami-Argentina Annual Report: No. 11 trade partner- Surplus-boosting year (07/27/2006)

Miami-UK Annual Report: No. 12 trade partner- Tapping the Americas' gateway (07/27/2006)

Miami-France Annual Report: No. 13 trade partner- Global products for good living (07/27/2006)

Miami-Mexico Annual Report: No. 14 trade partner- Reaching to Yucatan Peninsula (07/27/2006)

Miami-Italy Annual Report: No. 15 trade partner- Italian luxury captivates Miami (07/27/2006)

Miami-Peru Annual Report: No. 16 trade partner- Tariff exemptions boost trade (07/27/2006)

Miami-Ecuador Annual Report: No. 17 trade partner- Keeping on the proven path (07/27/2006)

Miami-Bahamas Annual Report: No. 18 trade partner- Feeding the toursim sector (07/27/2006)

Miami-the Netherlands Annual Report: No. 19 trade partner- High-speed growth (07/27/2006)

Miami-Germany Annual Report: No. 20 trade partner- Trade with Germany climbs (07/27/2006)

Miami-Panama Annual Report: No.21 trade partner headed toward $1 billion (07/27/2006)

Miami-Japan Annual Report: No. 22 trade partner- Import hike causes trade boost (07/27/2006)

Miami-Haiti Annual Report: No. 23 trade partner- Clothing connection (07/27/2006)

Miami-Paraguay Annual Report: No. 24 trade partner riding high on exports (07/27/2006)

Miami-Spain Annual Report: No. 25 trade partner- Trade with Spain plunges (07/27/2006)

Latin America plays growing role in South Florida trade, helping fuel a $2.2 billion surplus (03/15/2006)