Canada-Panama fact sheet

General Information

Capital: Panama City

Population (million): 4

Total Area: 93,739 km²

Currency: 1 CAN$ = 0.80 Balboa (PAB) (2021 - Annual average)

National Holiday(s): Independence Day (November 3)

Language(s): Spanish

Representation

Foreign Representation in Canada: Ambassador Romy Vasquez MORALES

Canadian Representation Abroad: Ambassador Lilly NICHOLLS

Political Information

Type of State: Republic

Type of Government: Constitutional democracy. Panama is a centralized republic with a 71-seat unicameral Legislative Assembly. Presidential and legislative elections are held every 5 years.

Head of State: President Laurentino Cortizo COHEN

Head of Government: President Laurentino Cortizo COHEN

Ministers: Vice President: Jose Gabriel Carrizo JAEN; Foreign Affairs: Erika MOUYNES; Trade and Industry: Ramón Eduardo Martínez de la GUARDIA

Main Political Parties: Revolutionary Democratic Party (PRD): 35; Molirena Party: 5; Democratic Change Party (CD): 18; Panameñista Party: 8; Independent: 5

Elections: Next: 2024 (Legislative and Presidential)

Economic Information: (2022)

	Panama	Canada
GDP: (Billions)	$56.69	$1,754.82
GDP per capita	$12,897.97	$45,294.35
GDP Growth rate: (%)	7.523	3.295
Inflation: (%)	3.941	6.897
Unemployment: (%)	9.508	5.291

Product Trade and Investment

	Total	Year
Canadian Exports:	$396,434,969	2022
Canadian Imports:	$198,479,299	2022
Foreign Direct Investment In Canada	$1,521,000,000	2022
Canadian Direct Investment in Country	$409,000,000	2022

Bilateral Product trade: Canada - Panama

	2018	2019	2020	2021	2022
Trade Balance	150,139,986	223,989,682	114,163,463	186,720,030	197,955,670
Trade Exports	157,548,024	233,573,272	129,515,168	206,012,370	396,434,969
Trade Imports	7,408,038	9,583,590	15,351,705	19,292,340	198,479,299

21 HS Sections (2022): Canada - Panama

	Canadian Exports to Panama
1 - Mineral products	248,443,483
2 - Machinery; mechanical, electrical and electronic appliances or equipment	42,636,562
3 - Food products, beverages, spirits, vinegar and tobacco products	19,815,516
4 - Vegetable products	19,160,554
5 - Live animals and animal products	14,760,463

21 HS Sections (2022): Canada - Panama

	Canadian Imports from Panama
1 - Mineral products	179,496,677
2 - Vegetable products	7,645,239
3 - Food products, beverages, spirits, vinegar and tobacco products	5,387,974
4 - Machinery; mechanical, electrical and electronic appliances or equipment	1,261,426
5 - Live animals and animal products	1,163,786