Hotel and Restaurant Equipment
A Top U.S. Export Prospect for Panama
May 2013
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Market Estimates
(in US$ billions) |
2011 |
2012 |
2013est |
2014est |
Total Banking Assets |
87.0 |
97.0 |
105.0 |
115.0 |
Local Banking Assets |
0.0 |
0.0 |
0.0 |
0.0 |
Foreign Banking Assets |
0.0 |
0.0 |
0.0 |
0.0 |
U.S. Banking Assets |
87.0 |
97.0 |
105.0 |
115.0 |
Imports from the U.S. |
52.0 |
55.0 |
63.0 |
69.0 |
The above statistics are unofficial estimates.
Overview
The market for hotel and restaurant equipment in Panama continues to be strong. A number of new hotels and restaurants are opening throughout the country, not only in Panama City but also in the beaches and the mountains in the interior close to the Costa Rican border. The most important U.S. hotel brands are all now present in Panama and a variety of restaurants, including well known U.S. franchises of fast food and other restaurants can be found in Panama City and other important cities of the country.
Part of the hotel boom is due to government laws providing fiscal and other benefits for new hotel construction. The restaurant boom has resulted from a large influx of tourists and new residents coming from Venezuela, Colombia and other countries. The large infrastructure projects such as the metro construction and the expansion of the Panama Canal have also attracted a large number of new residents and temporary workers and executives.
The hotel and restaurant market is very competitive. The U.S. keeps a strong leadership position in this market. Main competitors are from France, Italy, Spain and Brazil.
Sub- Sector Best Prospects
Best products are kitchen equipment, chafing dishes, industrial stoves, laundry equipment, and furniture in general.
Opportunities
The growth of the economy and the increasing flow of tourists as well as the Trade Promotion Agreement between the U.S. and Panama that has reduced import duties to zero for hotel and restaurant equipment are indicators of excellent market opportunities for U.S. exporters of hotel and restaurant equipment.
Web Resources
- Camara de Turismo de Panama: http://www.camtur.com
- Autoridad de Turismo de Panama: http://www.atp.gob.pa
- Asociacion Panamena de Hoteles: http://apatelpanama.com
- Government of Panama’s Telecom Regulatory Agency: http://www.asep.gob.pa/ .
- American Chamber of Commerce in Panama: http://www.panamcham.com.
- Panama Chamber of Commerce: http://www.panacamara.com.
- Expocomer (Commercial Trade Show): http://www.expocomer.com.
For More Information
The U.S. Commercial Service in Panama can be contacted via e-mail at: jeane.zuniga@trade.gov
Phone: 011-507-317-5392; or visit our website: http://www.export.gov/panama.
