Panama
Republic of Panama
Capital: Panama City
History
Explored and settled by the Spanish in the 16th century, Panama broke with Spain in 1821 and joined a union of Colombia, Ecuador, and Venezuela - named the Republic of Gran Colombia. When the latter dissolved in 1830, Panama remained part of Colombia. With US backing, Panama seceded from Colombia in 1903 and promptly signed a treaty with the US allowing for the construction of a canal and US sovereignty over a strip of land on either side of the structure (the Panama Canal Zone). The Panama Canal was built by the US Army Corps of Engineers between 1904 and 1914. In 1977, an agreement was signed for the complete transfer of the Canal from the US to Panama by the end of the century. Certain portions of the Zone and increasing responsibility over the Canal were turned over in the subsequent decades. With US help, dictator Manuel NORIEGA was deposed in 1989. The entire Panama Canal, the area supporting the Canal, and remaining US military bases were transferred to Panama by the end of 1999. In October 2006, Panamanians approved an ambitious plan (estimated to cost $5.3 billion) to expand the Canal. The project, which began in 2007 and could double the Canal's capacity, is expected to be completed in 2015.
Geography
Metric Units
|
Total Area
|
75,420
sq km
|
| Land Boundaries |
555
km
|
| Border Countries |
Colombia 225 km, Costa Rica 330 km |
| Coastline |
2,490
km
|
| Terrain |
interior mostly steep, rugged mountains and dissected, upland plains; coastal areas largely plains and rolling hills |
| Minimum Elevation |
0
m
|
| Maximum Elevation |
3,475
m
|
| Climate |
tropical maritime; hot, humid, cloudy; prolonged rainy season (May to January), short dry season (January to May) |
| Natural Resources |
copper, mahogany forests, shrimp, hydropower |
| Arable Land |
7.16% |
| Permanent Crops |
2.51% |
Economy
Budget & Debt
Trade
| Exports |
$17.97 billion |
| Export Items |
gold, bananas, shrimp, sugar, iron and steel waste, pineapples, watermelons |
| Export Partners |
US 13.1%, South Korea 12.5%, Honduras 10.2%, Japan 9.3%, India 7%, Canada 4.4%, Mexico 4.2% (2011) |
| Imports |
$24.04 billion |
| Import Items |
fuel products, medicines, vehicles, iron and steel rods, cellular phones |
| Import Partners |
Japan 23.5%, China 23%, Singapore 18.1%, US 13%, South Korea 6% (2011) |
People
Energy
