Panama belongs to the Western Civilization - Hispanic American Economic Area.
Panamanian Economy.
The main pillars of the Panamanian economy are the Panama Canal, banking, and financial services and Colon Free Trade Zone (the largest duty-free zone in the Americas)
The Balboa and U.S. Dollar (USD) are the official currencies of Panama
Panama has no central Bank; it does not have a devaluation risk, having total freedom to transfer capitals
The International Banking centre of Panama, with more than seventy international banks, is governed by the Basel Convention principles
The City of Knowledge is an international complex for education, R & D, organized to promote and facilitate the synergy between universities, scientific research centers, and international Organizations
In Panama, they were installed five submarine fiber optic cables communicating North America and South America and the Caribbean with the world, making it the ideal location for telecommunications companies and data centers. Leading companies (MCI, Cable & Wireless and Movistar) have been implemented in Panama
Panama has been selected by largest multinational companies such as Samsung Electronics, Inc., DHL, DELL (Call centre), Hutchinson Port Holding Group, HSBC, BICSA, Scotiabank, Assicurazioni
Generali, or American Life Insurance Company as headquarters for their regional operations
The main international Organizations such as UNICEF, United Nations Development Programme,
Organization of American States, Spanish International Cooperation Agency (AECI) and Bladex, among others, have chosen Panama to establish their regional headquarters
International Trade of Panama.
The Colon Free Zone is the second largest duty-free Trade Zone in the World (2,500 enterprises, 27,347 employments, 16,160 million dollars in imports and re-exports (international trade)
Panamanian exports: 821 million dollars
The main Panamanian export products are salmon, tuna, beef, watermelon, shrimp, and pineapples
Top export partners of Panama (as% of total export value) are the United States 42% and Taiwan 5.3%, Costa Rica 7.3%, Sweden 5.4%, the Netherlands 6.5%, and Spain 6.2%
Top import partners of Panama: the United States 29%, Costa Rica 5.2%, Mexico 4.5%, China 4.2%, and Japan 3.6%
The Republic of Panama has a privileged geostrategic position that makes it one of the largest
logistics
centers
in the World; with the Panama Canal as a major axis, the Panama Canal over 190 million metric tones of cargo (container, Bulk) are transported, serving more than 120
Maritime routes to eighty countries
80 kilometers between the Pacific and Atlantic Oceans, 8 to 10
hours to transit
14,000 ships pass through the Panama Canal every year