Approximately two-thirds of the Panama Canal’s annual transits are bound to or from U.S. ports. In 1985 industry accounted for nearly 18 percent of GDP. Trade Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. Panama flag (Wikimedia) A Central American country stretching from Costa Rica to the west across to its southeastern border with South America’s Colombia, the Republic of Panama shipped US$11.2 billion worth of goods around the globe in 2016. Industrial development has been uneven in Panama. Among the country's major crops are bananas, coffee, rice, and sugar cane. Here’s a breakdown of all areas and the percentage of GDP they represent: Private Education .7% In 2019, the airport terminal 2, metro line 2, the third bridge over the Panama Canal, the new cruise port and the congress centre will be completed. Some of the major timber companies in the country are Panama Teak Forestry, Panama and Latin America Natural Resources, Plywood Orozco, and Favorita Trading Company among others. Between 1965 and 1980, industry grew at an average annual rate of 5.9 percent; between 1980 and 1985, that rate was negative 2.2 percent. The Agreement will remove barriers to U.S. goods entering Panama’s market. The general composition of Panama’s GDP is 79.1% services, 16.6% industry, and 4.3% agriculture. These companies have over 41 sawmills which result in an annual output of … Panama’s economy has always benefited from major infrastructure investments. And a new giant project is just about to start construction. From the time of the spanish conquistadors to the time of todays democracy, let's dive into the world of Panama's major industries! Panama Table of Contents. Panama Major Industries Panama is a land of natural wonders, it has many great resources. Major Employers Business/Organization Industry; Tyndall Air Force Base: Military: Naval Support Activity-Panama City: Military: Bay District Schools: Government: Bay Medical Center: Medical Facility: Wal-Mart and Sam's Club: Department/Retail: Bay County Board of Commissioners: Government: Productos Lux, s.A Info Web Phone Panamá Calle 97 Parque Lefevre 0834-00894 Panama Other Canned Food Canned Fish Ketchup Food Processing Other Seasonings & Condiments Zeussoft - Adsys, S. A. Info Web Phone Panamá Tumba Muerto Panama(zip/postal:741) EL Products Electronic Components & … Economic Trivia: Panama has prosperous transportation and logistics service sectors that contribute to its economy's high growth. Transport and communications make up the biggest chunk of the service arena, followed by property and services, commerce, and financial services. Like agriculture, industry only accounts for a small percentage of the GDP when compared to the service sector. Industry provides about 25 percent of the country's GDP and 8 percent of employment. Since 1914 the 51-mile- (82-km-) long Panama Canal, which connects the Atlantic and Pacific Oceans, has afforded a long-sought shortcut for shipping and assures the country’s standing as one of the most strategic transportation hubs of the world.The canal also secures Panama’s ongoing role in international affairs and world commerce. Panama’s strategic location as a major shipping route also enhances the importance of the Agreement. Panama exports and imports many goods and has a thriving economy and trade. Top 3 Trade Partners (2016): United States, China, and Singapore Top 3 Exported Goods (2016): Organic Chemicals, Pharmaceuticals, and Electrical Machinery Trade is the lifeblood of a country so this is a very important part of culture down in Panama. That dollar amount represents a -24% decline since 2013 when Panamanian exports equal to $14.7 billion. 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