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Bilateral trade and financial investment among Colombia and Panama have developed at a rather constant rate at any time given that the two nations signed a Absolutely free Trade Settlement in September 2013. Due to the fact then, Colombia’s purely natural useful resource/commodity producers have benefited from tariff-cost-free exports to the Panamanian current market. Conversely, Panama exports made products and other finished products to Colombia, as element of a cost-free move of merchandise and products and services in between the two Latin American nations.
A transient glance at the 10-calendar year-previous Colombia-Panama FTA, and it is evident that Colombian exports to Panama considerably outweigh trade flows in the other route. In 2020, Colombia imported just 1.6 p.c of the benefit of items that it exported to Panama. That number has come up given that the pandemic-induced lull in global trade, but Colombia even now retains a big trade surplus with Panama.
Trade and Investment: Best 10 Colombian exports to Panama
In conditions of trade and financial investment, figures released on the Trading Economics web site reveal that Colombian exports to Panama topped $426.7 million USD in 2021. Here’s a breakdown of all those exports by sector and their values (in millions USD):
- Crude oil – $89.9m
- Prescribed drugs – $32m
- Plastics – $30m
- Animal, vegetable fats and oils – $19.25m
- Electronics tools – $18.46m
- Perfumes and cosmetics – $17.27m
- Construction/constructing materials – $14.79m
- Industrial substances – $13.84m
- Equipment elements – $12.44m
- Paper solutions – $12.86m
Whether or not you are a international trader looking for a bullish business to put your revenue into, or a enterprise searching for to enter the Colombian current market, it’s critical to think about all the trade and investment decision traits ahead of carrying out business enterprise in Colombia.
Trade and Expense: Major 10 Panamanian exports to Colombia
In conditions of trade and investment, figures posted on the Investing Economics internet site indicate that Panamanian exports to Colombia arrived at $40.6 million USD in 2021 – significantly considerably less than the $426 million well worth of goods Panama imports from the Andean country. Here’s a breakdown of Panama’s exports by sector and their values (in tens of millions USD):
- Iron and metal – $6.12m
- Mineral fuels, distillation products – $5.25m
- Valuable stones and jewelry – $3.37m
- Plastics – $3.26m
- Pharmaceuticals – $3.1m
- Animal fats, vegetable oils – $2.63m
- Sugar, sugar-based items – $1.79m
- Tough liquor – $1.76m
- Aluminum – $1.74m
- Footwear – $1.38m
Trade and financial investment in Colombia, Panama: Important FDI studies
- Immediately after the United States, Panama is the 2nd premier region of origin for Colombian FDI inflows
- Immediately after the United States, Colombia is the 2nd premier nation of origin for Panamanian FDI inflows
Not prolonged right after the two countries signed the bilateral trade pact, Panama and Colombia negotiated a monetary/tax information and facts sharing offer in a bid to struggle tax evasion and income laundering, information studies mentioned at the time.
For many years, Panama has relished the spoils of remaining a tax haven for overseas buyers who desire to shield some or all of their taxable earnings in their residence nations. Colombian trade and investments property in the Central American place should now be declared. In exchange for agreeing to share financial info with tax authorities, the administration of ex-Colombian president Juan Manuel Santos agreed to take away Panama from a listing of nations it considers tax havens.
Biz Latin Hub can help you with trade and expenditure in Colombia and Panama
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