November 28, 2007

Panama’s average tariff is 7.3 percent on all products, compared to 3.5 percent for the United States. Panama’s tariff breaks down to 13.6 percent average applied NTR tariff on agricultural products and 6.6 percent average on nonagricultural products. Highest Panamanian applied tariffs are on dairy products. With the entry into force of the U.S.-Panama Trade Promotion Agreement, over 88 percent of U.S. exports of consumer and industrial products to Panama will become duty-free immediately, with remaining tariffs phased out over 10 years. In addition, more than half of current U.S. farm exports to Panama will become duty-free immediately, with tariffs on most remaining tariffs phased out within 15 years.
Source: Prepared by the International Trade Administration.