Panama’s GDP reached $21.22 billion, with GDP per capita registering at $6,346. Panama is a service-oriented economy, with services representing approximately 78.4% of its GDP and 62.7% of employment in 2007. Also, the balance of trade in services in 2007 was $3.0 billion in Panama’s favour. Top service exports from Panama in that year included transport and storage, tourism, financial, communication, and other business services.
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Two-way merchandise trade between Canada and Panama in
2014 amounted to $106.5 million. Canadian merchandise exports to
Panama in 2014 totaled nearly $95.5 million, and included machinery, paper and paperboard, meat, pharmaceuticals, and vegetables. Imports from Panama in 2014 were valued at $11.1 million.
Canada and Panama have established strong commercial relations that continue to expand.