Panama's economy is based primarily in a well-developed services sector that includes activities linked to the Panama Canal, the Colón Free Trade Zone and logistics support services. The Colón Free Zone (CFZ) is a vital trading and international shipping centre. Canadian companies that depend on shipping solutions to and from Panama can take advantage of free trade opportunities. Companies rely on low cost shipping to Panama from Canada and vice versa. This guides shares the best practices to consider.
The Canada–Panama Free Trade Agreement is a key element of trade between Canada and Panama and includes the aerospace and pharmaceuticals sectors. Canadian customs allows for duty free entry using simplified origin statements for low-value Panama-origin goods imported to Canada.
Businesses and individuals are searching for a shipping option to Panama during the Canada Post strike.
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Things to Consider when shipping to Panama include:
Disclaimer: The information in Jet Worldwide online content, including this post, is for general information only.
There are a few options for shipping freight between Panama and Canada.
When choosing a shipping method, you will need to consider factors such as the size and weight of your freight, the time frame in which you need it to arrive, and your budget. It may be helpful to compare quotes from different carriers to find the best option for your needs.
Companies can choose between air cargo and sea freight. Cargo that ships via air usually deliver within around 1 week. Ocean cargo averages between 1 to 3 months door to door. Panama is global hub for ocean containers transiting through the country.
Less than container load - LCL - is a service that shares space in a container with different consignment. It requires and additional transit time to account for loading and de-consolidation.
Full container loads - FCL - can ship either via a 20 or 40 foot container.
Ocean cargo's many surcharges can add significant costs for smaller cargo shipments. Consignments up to around 100 kilograms often have a lower price via air versus ocean.
Canada Post has limited shipping option to Panama and are changing due to the airlift capacity restraints.
FedEx and UPS are the largest carriers in North America, alongside DHL, and offer dependable air express services from Toronto, Vancouver, Calgary, Montreal, Ottawa and the rest of Canada to Panama.
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FedEx and UPS shipping options from Canada to Panama include:
Purolator Courier, a subsidiary of Canada Post, offers international parcel delivery from Canada to Panama via partners, such as UPS.
Jet Worldwide is a trusted brand that has been providing international shipping solutions for over 40 years. Jet Worldwide provides options for shipping between Canada and Panama for parcels, pallets and online orders.
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The default option for shipping internationally from Canada is Ex Works (EXW). This assigns all import related costs to the receiver. Shippers from Canada can choose to pay the import fees on behalf of the consignee. Most carriers offer a Delivery Duty Paid (DDP) to Panama.
Useful information regarding shipping terms.
Import fees paid by the shipper are not recoverable. The business in Panama may otherwise be able to claim back taxes paid at import.
Goods shipped to Panama must be accompanied by an invoice for customs or other supporting documents. Goods imported to Panama are subject to duty and value added tax. Duty rates tend to be low for most products and the value add tax is 7%.
The benefit of Panama's free zones are the lowered or eliminated capital investment taxes allowing good to transit in and out tax free.
READ MORE: IMPORT DUTY CALCULATION
Many Canadian companies need low cost air shipping options for goods to Canada. The shipping options to Canada from Panama include North America's largest carriers: FedEx and UPS. Jet Worldwide assists companies with logistics solutions to Panama and all South America from Canada and the USA.
The common carrier options for shipping Canada from Panama include the Panama Post (preferred option for individuals shipping small parcels and personal items), DHL, FedEx and UPS.
Get a quote to ship from Panama and import to Canada.
FedEx and UPS Shipping Services to Canada from Panama Include:
Goods imported to Canada valued over CA$20 are subject to duty and taxes. Consignments valued under CA$3,300 can be imported via Canada's low value system (LVS). Read more: Verify Canadian Import Fees.
Jet Worldwide gives access to all companies seeking shipping quotes between Panama and Canada for parcels pallets, and online orders.