Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697724845335.pdf (Canada)
CANADA–PANAMA PANAMA'S PROFILE Economic Indicators Gross domestic product (GDP) at purchasing power parity (PPP): US$100.2 billion (2017) GDP per capita at PPP: US$24,400 (2017) Population: 4.1 million (2017) International merchandise exports and imports: 51.3% of GDP at official exchange rates (2017) Canada's 92 largest merchandise trade partner (2017) Ease of Doing Business ranking: 79 among 190 countries (2017) World Competitiveness ranking: 50 among 137 countries (2017) nd th th Notable Trade and Investment Agreements between Canada and Panama Canada–Panama Free Trade Agreement (2013) Canada–Panama Foreign Investment Promotion and Protection Agreement (1998) NOTES The Library of Parliament's Trade and Investment series provides information on Canada's trade and investment relationship with the world and with selected countries.
It also describes the trade relationship of each of Canada's 10 provinces and three territories with the world.

In addition, it presents Canada's merchandise trade relationship with each of the United States' 50 states.

All figures were prepared using Statistics Canada data available in spring 2018.

To see the data tables used to generate the figures, view the HTML version of this profile at Investment Series 2017 .
Trade and The merchandise trade data are customs‑based; the foreign direct investment data are balance of payments–based.

Services trade data are unavailable for Panama.

Numbers in this profile have been rounded.

All dollar amounts are in Canadian dollars unless otherwise noted.

Definitions appear at the end of this profile.

The five most highly valued merchandise export and import categories have been identified based on 2017 values.
In the Economic Indicators section, data for GDP at PPP, GDP per capita at PPP, population, and international merchandise exports and imports as a share of GDP are from the World Bank's World Development Indicators database.

The merchandise trade ranking is based on Statistics Canada data.

The Ease of Doing Business ranking is from the World Bank's Doing Business project.

The World Competitiveness ranking is from the World Economic Forum's Global Competitiveness Report.
Marie Dumont Economics, Resources and International Affairs Division Parliamentary Information and Research Service Publication No.
2018-629-E 30 November 2018 CANADA'S MERCHANDISE TRADE WITH PANAMA Merchandise Trade ($ millions) 200 150 100 50 0 -50 -100 1997 2002 2007 2012 2017 Exports Imports Balance Share of the Total Value of Canadian Trade 0.040% 0.035% 0.030% 0.025% 0.020% 0.015% 0.010% 0.005% 0.000% 1997 2002 2007 2012 2017 Exports Imports Share of Exports by Province/Territory Alberta, 0.9% Quebec, 23.6% Ontario, 37.8% Territories, 0.0% Atlantic, 6.2% Manitoba, 4.0% Saskatchewan, 6.2% British Columbia, 21.3% Bilateral merchandise trade in 2017: $161.4 million Exports: $150.8 million, a 22.9% increase from 2016 Imports: $10.5 million, a 34.3% increase from 2016 Trade surplus in 2017: $140.3 million, an increase from $114.9 million in 2016 Exports in 2017: 0.03% of the total value of Canadian exports, an increase from 0.02% in 2016 Imports in 2017: a statistically insignificant share of the total value of Canadian imports, unchanged from 2016 Highest‑valued exporters in 2017: Ontario – $57.0 million, an increase from $39.4 million in 2016 Quebec – $35.7 million, a decrease from $43.2 million in 2016 Share of Exports by Sector 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1997 2002 2007 2012 2017 Manufacturing Resources Most Highly Valued Exports by Product Category ($ millions) 100 80 60 40 20 0 2010 2011 2012 2013 2014 2015 2016 2017 Aircraft and parts Pharmaceuticals Machinery and equipment Vegetables Motor vehicles‚ parts Share of Imports by Sector 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1997 2002 2007 2012 2017 Manufacturing
 Resources Exports in 2017: Resource‑based goods – 10.7%, a decrease from 13.4% in 2016 Manufactured goods – 89.3%, an increase from 86.6% in 2016 Highest‑valued exports in 2017: Aircraft and medications, together accounting for 22.5% of the total value of Canadian exports to Panama Aircraft: $20.8 million (data for 2016 are not available) Medications: $13.1 million, a decrease from $14.2 million in 2016 Imports in 2017: Resource‑based goods – 18.9%, a decrease from 33.7% in 2016 Manufactured goods – 81.1%, an
 increase from 66.3% in 2016 Most Highly Valued Imports by Product Category ($ millions) 10 8 6 4 2 0 2010 2011 2012 2013 2014 2015 2016 2017 Other base metals Stone‚ plaster‚ cement Machinery and equipment Fish‚ seafood Coffee‚ tea‚ spices Trade Balance by Product Category ($ millions) Agriculture and food Metals‚ mines and energy Forest products Machinery and equipment Transportation equipment Clothing and textiles Other manufactured goods 0 10 20 30 40 Highest‑valued imports in 2017: Unwrought beryllium and abrasive powder, together accounting for 22.7% of the total value of Canadian imports from Panama Unwrought beryllium: $2.3 million (data for 2016 are not available) Abrasive powder: $1.8 million, a decrease from $2.2 million in 2016 Largest merchandise trade deficit in 2017: None Largest merchandise trade surplus in 2017: Other manufactured goods, at $37.0 million CANADA'S FOREIGN DIRECT INVESTMENT WITH PANAMA Stock of Foreign Direct Investment ($ billions) 6 5 4 3 2 1 0 1997 2002 2007 2012 2017 Canadian investment in Panama Panamanian investment in Canada Share of Foreign Direct Investment Stock 0.50%0.50% 0.45% 0.40% 0.35% 0.30% 0.25% 0.20% 0.15% 0.10% 0.05% 0.00% 1997 2002 2007 2012 2017 Canadian stock of foreign direct investment (FDI) in Panama as % of total Canadian FDI abroad Stock of FDI in Canada of Panamanian origin as % of total FDI in Canada Stock of Canadian direct investment in Panama in 2017: $4.5 billion, a 1.7% decrease from 2016 Panama as
 a destination for Canadian foreign direct investment among the 127 countries for which data were available for 2017: 27 largest th Stock of Panamanian direct investment in Canada in 2017: $13.0 million, unchanged from 2016 Panama as a source of foreign direct investment in Canada among the 59 countries for which data were available for 2017: 53 largest rd Data on Canadian direct investment in Panama are not available for 2007, 2008 and 2011 Data on Panamanian direct investment in Canada are not available
 for 2009 to 2011 and 2015 0.4% of Canada’s foreign direct investment stock was in Panama in 2017, unchanged from 2016 A statistically insignificant share of the foreign direct investment stock in Canada was of Panamanian origin in 2017, unchanged from 2016 Data on Canadian direct investment in Panama are not available for 2007, 2008 and 2011 Data on Panamanian direct investment in Canada are not available for 2009 to 2011 and 2015 DEFINITIONS Definitions Used Throughout the Series Balance of payments–based data Data that calculate trade flows using surveys of the international trade and investment activity of firms and other entities.
Customs-based data Data compiled from declarations that are filed with the Canada Border Services Agency and that are used to track the flow of goods into and out of Canada, with one exception: exports to the United States.

Since 1990, customs-based data on Canadian exports to the United States have been based on declarations filed with U.S. Customs and Border Protection.

Gross domestic product (GDP) Measure of an economy's total production in a given year.
As one entity's income is another entity's spending, GDP is equal to the total value of final sales or to the total value of incomes.

Manufactured goods Finished or semi-finished products resulting from the transformation of materials and substances into new products (North American Industry Classification System, or NAICS, codes 31 to 33), and the output of establishments primarily engaged in operating electric, gas and water utilities (NAICS code 22).
Merchandise trade Trade in physical goods, such as cars, wheat and iron ore. Resource-based goods Products of the agriculture, forestry, fishing and hunting sector (North American Industry Classification System, or NAICS, code 11), and of the mining, quarrying, and oil and gas extraction sector (NAICS code 21).

Services trade Trade in travel, transportation, government and commercial services.
Travel services are goods and services purchased abroad by travellers, with one exception: cross border transportation.

Transportation services are the transportation of goods and cross‑border travellers, and related services.

Government services arise largely from official representation and military activities, and some governmental commercial activities.
Commercial services are all other services, such as management, financial or engineering services; this category also includes charges for the use of intellectual property.

Trade balance Difference between the value of exports and the value of imports.

There is a trade surplus if the value of exports exceeds the value of imports.

There is a trade deficit if the value of imports exceeds the value of exports.
Definitions Specific to the Profiles for Countries and Regions Foreign direct investment (FDI) Investment that provides an investor with ownership of at least 10% voting equity in an enterprise that is located in a country other than the investor's country of residence.

The stock of FDI is the value of the accumulated equity owned by investors abroad; the stock changes from year to year based on flows of FDI.
Purchasing power parity (PPP) Ratio of the prices in two countries for identical goods and services.

It is used to adjust economic indicators to account for international price differences.

With a calculation of GDP at PPP, a given good or service has the same price in each country.

Definition Specific to the Profile for Canada's Foreign Direct Investment Relationship with the World Foreign majority-owned affiliates Enterprises in which a foreign business owns more than 50% of voting shares.
Definitions Specific to the Profile for the European Union EU-13 The 13 countries that joined the European Union between 2004 and 2013: Bulgaria, Croatia, Cyprus, Czechia, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Romania, Slovakia and Slovenia.

EU-15 The 15 countries that became members of the European Union before 2004: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden and the United Kingdom.
Definitions Specific to the Profiles for Provinces and Territories Basic prices Prices received by sellers.

They exclude both taxes and subsidies on products.

Market prices Prices paid by buyers.

They include taxes net of subsidies on products.

© Library of Parliament 2018