Panama, which implemented a free trade agreement with the United States on October 31st, is among the growth leaders in U.S. trade with Latin America during the first three quarters this year, according to a Latinvex analysis of data from the US Census Bureau. Meanwhile, trade with Venezuela fell despite a jump in U.S. exports to the South American country.

All in all, US trade with Latin America reached $615.3 billion in the first nine months this year, an increase of 7.1 percent from the same period last year.

U.S. trade with the 11 countries it has free trade agreements with accounts for 79 percent of the total, according to the Latinvex analysis. The 11 countries are Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama and Peru. U.S. exports to the 11 countries accounts for 78.2 percent of the total, while imports accounts for 80 percent.