Customs and other import duties (% of tax revenue) in Panama
Panama: Customs and other import duties (% of tax revenue) was 5.0% in 2024. ▼ Falling
Customs and other import duties in Panama, 2014–2024
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of tax revenue.
Analysis
The most recent figure for customs and other import duties in Panama is 5.0%, measured in 2024.
The figure is up 18.2% on the previous year and down 33.4% over ten years.
Over the whole period, customs and other import duties in Panama peaked at 7.4% in 2014 and was at its lowest, 4.2%, in 2023.
That places Panama 82nd out of 151 countries with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently falling across the 11 years of available data.
Customs and other import duties (% of tax revenue) in Panama, year by year
| Year | % of tax revenue | Change |
|---|---|---|
| 2014 | 7.4% | — |
| 2015 | 7.1% | -4.0% |
| 2016 | 5.9% | -17.4% |
| 2017 | 5.8% | -2.5% |
| 2018 | 5.2% | -9.2% |
| 2019 | 5.2% | -1.0% |
| 2020 | 4.6% | -11.3% |
| 2021 | 5.4% | +17.6% |
| 2022 | 4.9% | -9.3% |
| 2023 | 4.2% | -14.4% |
| 2024 | 5.0% | +18.2% |
Panama compared with similar countries
- Panama's 5.0% is above the median for high income countries, which is 0.7%, 7.1× the median. (54 countries reporting)
- Panama's 5.0% is below the median for Latin America & Caribbean, which is 5.5%, 90% of the median. (25 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 6.1% | 5.2% | 7.4% | 6 |
| 2020s | 4.8% | 4.2% | 5.4% | 5 |
Countries ranked near Panama
More public sector data for Panama
- Democracy, annual growth rate 0 % change on previous year (2025)
- Chief executive of the government is elected, annual growth rate 0 % change on previous year (2025)
- Elected parliament, annual growth rate 0 % change on previous year (2025)
- Men's universal right to vote, annual growth rate 0 % change on previous year (2025)
- Universal right to vote, annual growth rate 0 % change on previous year (2025)
- Universal right to vote in practice, annual growth rate 0 % change on previous year (2025)
- Arms imports 2.00 million SIPRI trend indicator values (1989)
- Arms imports (SIPRI trend indicator values), per capita 0.832 SIPRI trend indicator values per person (1989)
- Arms imports (SIPRI trend indicator values), per unit of GDP 0.0003 SIPRI trend indicator values per US$ of GDP (1989)
- Arms imports (SIPRI trend indicator values), annual growth rate -91.3 % change on previous year (1989)
Frequently asked questions
- What is customs and other import duties in Panama?
- Customs and other import duties in Panama was 5.0% in 2024, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest customs and other import duties recorded in Panama?
- The highest recorded value was 7.4% in 2014.
- What is the lowest customs and other import duties recorded in Panama?
- The lowest recorded value was 4.2% in 2023.
- How does Panama rank for customs and other import duties?
- Panama ranks 82nd out of 151 countries with data for 2024.
- Is customs and other import duties rising or falling in Panama?
- Over the last ten years it is down 33.4%. The long-run trend across the full record is falling.
- Where does this Panama data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Customs and other import duties (% of tax revenue). Statizoid updates them automatically from the source API.
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About this data
Taxes and duties on imports are taxes on goods and services that become payable at the moment when goods enter the economic territory or when services are delivered by non-resident producers to residents. This indicator is expressed as a percentage of tax revenue which includes compulsory, unrequited payments, in cash or in kind, made by institutional units to government units.