The Highest Service Export Figure Since 2023 was achieved by Panama in the First Quarter
Panama accumulated $4.979 billion in services exports in the first quarter of 2025, the highest figure for that period since 2023, leveraged by the interoceanic Canal, the logistics hub, and the Central American country’s ports, the Ministry of Commerce and Industry (MICI) reported this Sunday. Foreign sales of services between January and March registered a 10.2% growth compared to the same period in 2024, said the MICI, citing data from the National Institute of Statistics and Census (INEC). The trade ministry noted that transportation was the main driver of the indicator’s performance, with revenues of $2.551 billion, “boosted by the Panama Canal, the logistics hub, and the ports.”
It added that travel services, with $1.709 billion, showed a steady rebound driven by the recovery of international tourism. The “sustained” growth in the sale of services abroad “is attributed to an economic policy geared toward the diversification and modernization of the export offering, supported by special regimes such as Multinational Enterprise Headquarters (SEM), Manufacturing Services (EMMA), and Free Trade Zones.” These mechanisms, explained the MICI, “have facilitated the attraction of foreign investment and the development of high value-added services, such as finance, telecommunications, business consulting, and audiovisual production, sectors that today represent a key driver of job creation and sustainable growth.”
“Panama has thus consolidated its position as the largest exporter of services in Central America and the third largest in Latin America, positioning itself as a strategic player in regional and global trade, with a robust platform that continues to grow and diversify,” according to official information. Panama’s gross domestic product (GDP) grew 5.2% in the first quarter of this year compared to the same period in 2024, driven primarily by the performance of the interoceanic Canal, according to INEC data. Panama’s GDP grew 2.9% in 2024, and the International Monetary Fund (IMF) expects it to expand 4% in 2025, above the regional expectation of 2% and the global expectation of 2.8%, the Ministry of Economy and Finance (MEF) highlighted.
Chamber of Commerce: ‘Panama is Regaining the World’s Trust’
Panama’s recent removal from international lists and continued investment-grade status are clear signs that the country is regaining global confidence, said Juan Arias, president of the Chamber of Commerce, Industries, and Agriculture of Panama (CCIAP). This past week, Panama received two key pieces of news: its removal from the European Union’s list of high-risk countries for money laundering and the ratification of its investment grade rating by Moody’s. These milestones are compounded by the country’s removal from the Financial Action Task Force (FATF) list in October 2023, Juan Arias, president of the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP), highlighted in the statement released by Cámara Opina. The business association noted that international confidence in Panama opens up concrete opportunities to attract investment, create jobs, and facilitate access to credit.
Chapman Criticizes Tax Evasion: “It Offends Panamanians Who Pay What They Owe.”
The Minister of Economy and Finance, Felipe Chapman pictured above, affirmed that the cost of public debt has decreased and maintained that the country’s withdrawal from the European Union’s list generates confidence in the country and helps improve investment-grade analysis. As Panama celebrates its removal from the European Union’s list of high-risk countries for money laundering and terrorist financing, Economy and Finance Minister Felipe Chapman highlights the benefits this will bring to the country, while also discussing the fiscal challenges that remain. He emphasized that fiscal order and transparency are not just accounting tools, but key to rebuilding international trust and ensuring the well-being of Panamanians.
