Country profile
Panama
PA · PANAs of: 6/27/2026Global transit hub, Panama Canal and transshipment hub
Panama is the central logistics hub of the Americas: the Panama Canal links the Atlantic and Pacific and handles around five percent of world trade. Imports and exports are processed by the National Customs Authority (ANA) and the digital customs system SIGA; the import tax ITBMS is 7 percent. The ports of Balboa (Pacific), Cristobal and MIT (Atlantic) and the Colon Free Zone, the largest free-trade zone in the Americas, make the country a transshipment and re-export hub for Latin America and the Caribbean. Tocumen (PTY) is a leading regional air-cargo hub. The balboa currency is pegged 1:1 to the US dollar, which serves as the main means of payment.
Overview
Panama (PA) lies in Central America and connects North and South America, with coasts on both the Pacific and the Caribbean. A presidential republic with a US-dollar-based economy, it is primarily a services and logistics economy. Its centrepiece is the Panama Canal, which links the Atlantic and Pacific and handles around five percent of world trade. Imports and exports are processed by the National Customs Authority (ANA) and the digital customs system SIGA; the import tax ITBMS is 7 percent (10 percent on alcohol and accommodation, 15 percent on tobacco). The container ports of Balboa on the Pacific and Cristobal and the Manzanillo International Terminal on the Atlantic are among the busiest in Latin America. The Colon Free Zone is the largest free-trade zone in the Americas and a re-export hub for the entire region. Tocumen Airport (PTY) is a leading air-cargo and passenger hub. The national currency, the balboa, is pegged 1:1 to the US dollar. This combination makes Panama one of the most important transit and transshipment markets in the Western Hemisphere.
Mentioned countries
Customs & Import/Export
Customs authority
Autoridad Nacional de Aduanas (ANA)Import system
Electronic import declaration via SIGA (Sistema Integrado de Gestión Aduanera) of the ANA; tariff query via the ANA's national customs tariff tool.
Export system
Export declaration (Declaración de exportación) via SIGA of the ANA; exports are exempt from ITBMS.
Import VAT
- ITBMS 7 percent standard rate
- 10 percent on alcohol and accommodation, 15 percent on tobacco
- basic foodstuffs, medicines and exports are exempt.
Import documents
- Commercial invoice (Factura comercial)
- Packing list
- Bill of lading / air waybill (Bill of Lading / Luftfrachtbrief)
- Import declaration (Declaración de importación, SIGA)
- Proof of origin for preferential treatment
- If applicable, import licenses and health/phytosanitary permits
Export documents
- Export declaration (Declaración de exportación, SIGA)
- Commercial invoice
- Packing list
- Transport document (B/L, AWB)
- Proof of origin per agreement
- If applicable, phytosanitary or sanitary certificates
Origin proofs / FTA
Proof of origin per agreement: USA (TPC), EU-Central America Association, EFTA, Canada, Chile, Peru, Singapore, Mexico, Central America; declaration or certificate.
Restricted & prohibited goods
Restricted or subject to permit: weapons and explosives, certain agricultural and plant products (phytosanitary), medicines, chemicals, and used vehicles subject to conditions.
Export controls & sanctions
No autonomous sanctions regimes; as a UN member, Panama implements UN Security Council sanctions. Financial transactions with sanctioned states are made more difficult through the US dollar system.
Without warranty — always verify with freight forwarder/customs agent and official authorities.
Customs / Import / Export (Americas) — General process
Quick operational overview for international shipments to the Americas. Depending on the destination, additional security filings, product requirements, or broker processes may apply.
Documents (typical)
- Commercial invoice (description, value, Incoterms)
- Packing list (weights, dimensions, packages)
- HS code / tariff classification
- Proof of origin / preference docs (where relevant)
- Transport documents (AWB / Bill of Lading) depending on mode
Process (simplified)
- Prepare export (docs, HS code, origin)
- Import clearance in destination country (declaration, possible checks)
- Release and delivery; duties/taxes according to classification and value
Important: Requirements depend on goods, origin, Incoterms, value, and consignee. When in doubt, confirm with your broker/forwarder and official sources.
Official links
Note: regional/general sources. Country-specific authority links will be added iteratively.
Trade
Freight Infrastructure & Transport Network
Transport relevance
Cargo airports
- PTY - Tocumen International (Panama-Stadt)
- BLB - Panamá Pacífico
Seaports / access ports
- Balboa (Pacific, Panama Ports Company)
- Cristóbal (Atlantic, Panama Ports Company)
- Manzanillo International Terminal (MIT, Colón)
- Colón Container Terminal (CCT)
- PSA Panama (Rodman, Pacific)
Road corridors & border crossings
- Pan-American Highway (Carretera Interamericana)
- Corredor Norte and Corredor Sur (Panama City)
- Transístmica Panama City - Colón
Rail corridors
- Panama Canal Railway (Balboa/Panama City - Colón)
Top trade lanes
- Asia - US East Coast (canal transit)
- Intra-America via Colón Free Zone
- Pacific - Atlantic (Panama Canal)
- USA - Panama
Risk & Operational Notes
Risk notes
Stable logistics location. Risks: draft restrictions in the canal during low Gatun Lake levels (drought), as well as temporary outages and maintenance of the SIGA customs system since 2025.
Seasonal & weather risks
Rainy season from May to November with heavy rain; in dry years (El Niño), low Gatun Lake levels and draft restrictions at the Panama Canal.
Current logistics notes
As of 2026: Panama Canal in normal operation (around 38 transits per day, no new restrictions for 2026); SIGA customs system restored after the 2025 outage, temporary maintenance.
As of: 2026-06-27
Operational notes – no claim to completeness. Verify with your freight forwarder and official sources.
Airports in this country
Latest News
Sources & Data Confidence
Official sources
Source references without warranty. For legal/tax decisions consult official authorities.
FAQ
What is the import tax in Panama?
The ITBMS (Impuesto de Transferencia de Bienes Muebles y Servicios) is Panama's value added tax and has a standard rate of 7 percent. Alcohol and accommodation are subject to 10 percent, tobacco products to 15 percent. Basic foodstuffs, medicines and exports are exempt.
Which authority handles customs in Panama?
The competent authority is the Autoridad Nacional de Aduanas (ANA). Imports and exports are declared electronically through the SIGA system (Sistema Integrado de Gestión Aduanera). The national customs tariff can be checked through the ANA's online tariff tool.
Which documents do I need for importing into Panama?
Commonly required are a commercial invoice, packing list, a transport document (bill of lading or air waybill) and the electronic import declaration in SIGA. For preferential trade agreements, a proof of origin is also needed; for certain goods, health or phytosanitary permits may also be required.
Which free trade agreements does Panama have?
Panama has agreements with, among others, the USA (Tratado de Promoción Comercial), the EU (Central America-EU Association Agreement since 2013), EFTA, Canada, Chile, Peru, Singapore and Mexico. Rules of origin and proofs depend on the respective agreement.
What role does the Panama Canal play in logistics?
The Panama Canal connects the Atlantic and the Pacific and handles around five percent of world trade. In 2026, around 38 ships are again transiting per day. In dry years, low water levels in Gatun Lake can lead to draft restrictions that limit cargo capacity.
What is the Colón Free Zone?
The Colón Free Zone on the Atlantic side is the largest free trade zone in the Americas and the second largest in the world. Around 2'500 companies import and re-export goods from there to Latin America and the Caribbean, without local import duties on transit goods.
What currency is used in Panama?
The official currency is the Balboa (PAB), which is pegged 1:1 to the US dollar. In everyday life and trade, the US dollar is predominantly used as legal tender; there are no currency controls.
Which trade partners are important for Panama?
Which logistics terms are especially relevant for Panama?
For international shipments, these terms are a good quick start:
Next steps
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