Under the U.S.-Panama Trade Promotion Agreement, exports of petroleum products, including those classified under HS codes related to Testing 25 degrees A.P.I. or more, have seen a significant increase due to reduced tariffs and improved market access.
2023-10-15
Impact: This has led to a 12% rise in U.S. exports of such products to Panama in the last quarter, strengthening bilateral trade ties.
Panama Increases Import Demand for U.S. Refined Petroleum
Panama's growing industrial sector has driven higher demand for U.S. refined petroleum products, including those testing 25 degrees A.P.I. or more, as reported by the U.S. Department of Commerce.
2023-09-20
Impact: U.S. exporters are expected to benefit from a steady increase in orders, with trade volumes projected to grow by 8% annually.
Recent disruptions at the Panama Canal have temporarily delayed shipments of petroleum products, including those under relevant HS codes, from the U.S. to Panama, causing minor supply chain bottlenecks.
2023-08-05
Impact: Trade flows have been affected, with a reported 5% decrease in delivery timelines, though recovery is expected within the next quarter.
Policy Updates
U.S.-Panama Trade Promotion Agreement Review
The U.S. and Panama have agreed to review specific provisions of the Trade Promotion Agreement to further reduce barriers on petroleum product trade, potentially affecting tariffs on goods testing 25 degrees A.P.I. or more.
