The United States and Panama have reported a significant increase in fastener exports under the U.S.-Panama Trade Promotion Agreement (TPA), with a focus on mechanical attaching devices (HS Code: 7318). U.S. exports to Panama rose by 12% in the last quarter due to reduced tariffs.
2023-10-15
Impact: Positive impact on U.S. fastener manufacturers, as lower tariffs under the TPA enhance competitiveness in the Panamanian market, potentially increasing export volumes.
Panama Increases Demand for U.S.-Made Fasteners
Panama's construction and manufacturing sectors are driving demand for high-quality fasteners from the U.S., particularly screws, bolts, and nuts used in mechanical applications (HS Code: 7318). Trade data shows a 15% year-on-year increase in imports from the U.S.
2023-09-22
Impact: Growing demand in Panama offers new market opportunities for U.S. fastener exporters, potentially leading to sustained trade growth in this sector.
Recent disruptions at the Panama Canal have caused delays in the shipment of fasteners (HS Code: 7318) from the U.S. to Panama. Industry reports indicate a backlog of cargo, affecting delivery timelines for mechanical attaching devices.
2023-08-30
Impact: Negative short-term impact on trade due to delayed shipments, which may increase costs and affect supply chains for U.S. exporters and Panamanian importers.
Policy Updates
Extension of U.S.-Panama TPA Tariff Benefits for Fasteners
The U.S. and Panama have agreed to extend specific tariff reductions under the U.S.-Panama Trade Promotion Agreement for mechanical fasteners (HS Code: 7318). This policy ensures duty-free access for certain fastener categories, supporting bilateral trade.
