Panama City — The Panama Canal delivered to the National Treasury a contribution of US$2,494.4 million for surpluses, rights per ton of transit and payment for services provided by the State during fiscal year 2022.
Inaugurated on August 15, 1914, the interoceanic highway, that through its 82 kilometers of length connects the Atlantic and Pacific oceans, has made contributions to the Panamanian economy for US$20,722.5 during the last 21 years of being in Panamanian hands.
The waterway, through which it passes andl 2.4% of world maritime trade, projects a contribution to the treasury of US$2,544.6 million for fiscal year 2023, thanks to an estimated budget of US$4,652.0 million, an increase of 10.3% from the current one.
Ricaurte Vásquez, administrator of the Panama Canal, recently reported that for the next fiscal year it is projected that the route will handle 510.3 million tons CP/UMS 97 (Universal System of Tonnage of Ships of the Panama Canal), a decrease of 2.8% compared to the end of the current fiscal year.
Based on this tonnage, Vásquez said that It is estimated that between October 1, 2022 and September 30, 2023, revenue from tolls will total US$3,384.1 million in addition to other income from maritime services for US$1,175.1 million.
By tonnage, the east coast of the United States-Asia, followed by the east coast of the United States-the west coast of South America, the west coast of South America-Europe are the current main routes of canal trade.
The contribution of US$2,494.4 million to the Panamanian economy is a reflection that the Panama Canal continues to be a public company that produces benefits for the State, said the Minister for Canal Affairs, Aristides Royo.
The Canal, by mandate of the Political Constitution of Panama, must transfer to the National Treasury its economic surpluses after covering the costs of operation, investment, operation, maintenance, modernization, expansion and the necessary reserves for contingencies.
Despite the fact that the country has these revenues, Panama is the third Latin American country with the highest inequalities territories in their gross domestic product (GDP) per capita, and barely invests 3% of their GDP in education, a much lower amount than the United Nations recommendation, which suggests 6%.
Education is precisely one of the country’s weaknesses that threatens competitiveness.