Panama: Tariff rate, applied, simple mean, primary products (%)

Key figures

Since 1997 it is down 6.72 percentage points from 17.78% in 1997. The World Bank has no value for 5 of the years in between; the chart leaves those gaps open rather than joining across them.

What the numbers say

In 2022, Panama's tariff rate, applied, simple mean, primary products (%) fell 0.33 percentage points on 2021 (from 11.39% to 11.06%).

Across the 17 yearly changes before that (1998 to 2021), the average change was −0.43 percentage points and a typical year strayed about 1.96 percentage points from that (the standard deviation). This year's change was 0.1 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 2.11 percentage points in 2002 and the biggest yearly fall was 7.3 percentage points in 1998. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2022, Panama had the 51st highest value of the 139 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Panama in the 2022 ranking

• Thailand — 48th of 139: 12.64%
• Cuba — 49th of 139: 11.87%
• Burkina Faso — 50th of 139: 11.58%
• Venezuela, RB — 52nd of 139: 11.05%
• Azerbaijan — 53rd of 139: 9.65%
• Bhutan — 54th of 139: 9.35%

What this measures

Simple mean applied tariff is the unweighted average of effectively applied rates for all products subject to tariffs calculated for all traded goods. Data are classified using the Harmonized System of trade at the six- or eight-digit level. Tariff line data were matched to Standard International Trade Classification (SITC) revision 3 codes to define commodity groups. Effectively applied tariff rates at the six- and eight-digit product level are averaged for products in each commodity group. When the effectively applied rate is unavailable, the most favored nation rate is used instead. To the extent possible, specific rates have been converted to their ad valorem equivalent rates and have been included in the calculation of simple mean tariffs. Primary products are commodities classified in SITC revision 3 sections 0-4 plus division 68 (nonferrous metals).

All 21 values

Tariff rate, applied, simple mean, primary products (%) in nearby economies

• Antigua and Barbuda — 16.12% (2021)
• Argentina — 7.64% (2022)
• Bahamas, The — 15.15% (2022)
• Barbados — 20.19% (2022)
• Belize — 27.55% (2022)
• Bolivia — 7.75% (2022)
• Brazil — 8.3% (2022)
• Chile — 1.17% (2022)
• Colombia — 3.52% (2022)
• Costa Rica

More trade data for Panama

• Binding coverage, manufactured products (%) — 0% (2022)
• Tariff rate, applied, simple mean, manufactured products (%) — 5.32% (2022)
• Tariff rate, most favored nation, simple mean, manufactured products (%) — 3.8% (2022)
• Tariff rate, applied, weighted mean, manufactured products (%) — 4.12% (2022)
• Tariff rate, most favored nation, weighted mean, manufactured products (%) — 4.12% (2022)
• Binding coverage, all products (%) — 0% (2022)
• Tariff rate, applied, simple mean, all products (%) — 5.93% (2022)
• Tariff rate, most favored nation, simple mean, all products (%) — 5.11% (2022)
• Tariff rate, applied, weighted mean, all products (%)

Reading data like this

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Questions people ask

What is Panama's tariff rate, applied, simple mean, primary products (%)?

11.06% in 2022, according to the World Bank (World Development Indicators).

How has it changed since 1997?

It is down 6.72 percentage points from 17.78% in 1997. The highest value was 17.78% in 1997 and the lowest 10.48% in 1998.

How does Panama rank?

51st highest of 139 economies with data for 2022.

Is the latest change in tariff rate, applied, simple mean, primary products (%) unusual for Panama?

In 2022, Panama's tariff rate, applied, simple mean, primary products (%) fell 0.33 percentage points on 2021 (from 11.39% to 11.06%). Across the 17 yearly changes before that (1998 to 2021), the average change was −0.43 percentage points and a typical year strayed about 1.96 percentage points from that (the standard deviation). This year's change was 0.1 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator TM.TAX.TCOM.SM.AR.ZS, licensed CC BY 4.0. Original source: Staff estimates; World Integrated Trade Solution system (WITS), World Bank (WB); Trade Analysis and Information System (TRAINS), UN Conference on Trade and Development (UNCTAD); Integrated Data Base (IDB), World Trade Organization (WTO); Consolidated Tariff Schedules (CTS), World Trade Organization… Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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