As was mentioned earlier Panama is hoping to attract tourism to help with its poor economy. One example of this is that a former U.S. air force radar tower just outside Panama City is being converted into a hotel. It is believed that when Panama s birding, snorkeling, and deep-sea fishing is discovered, tourists will start coming into Panama, hence, boosting the economy. Because of the Panama Canal, there are numerous maritime services. There are tariffs related to shipping.
Revenue is earned from the canal operations, as well as warehousing, and banking.
Petroleum is also imported from Venezuela, Ecuador, and Mexico. Also related to maritime operations is fishing, whish deserves a brief mention. Fishing is responsible for a fifth of Panama s foreign income earned. The Canal Economy More than 14,000 ships pass through the canal each year carrying on average 700,000 passengers and crew. Since there is a lot of traffic, and new port facilities, Panama is expected to become Central America s multi-modal logistics center.