Colombia (COL) and Panama (PAN) Trade | The Observatory of Economic Complexity

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Colombia-Panama Trade: In 2023, Colombia exported $4.66B to Panama. The main products that Colombia exported to Panama were Crude Petroleum ($4.19B), Coal Briquettes ($63.4M), and Refined Petroleum ($49.8M). Over the past 5 years the exports of Colombia to Panama have increased at an annualized rate of 8.5%, from $3.1B in 2018 to $4.66B in 2023.

In 2023, Colombia did not export any services to Panama.

Panama-Colombia Trade: In 2023, Panama exported $28.3M to Colombia. The main products that Panama exported to Colombia were Hot-Rolled Iron ($4.16M), Packaged Medicaments ($4.02M), and Scrap Aluminium ($2.16M). Over the past 5 years the exports of Panama to Colombia have decreased at an annualized rate of 16.4%, from $416M in 2018 to $28.3M in 2023.

In 2023, Panama did not export any services to Colombia.

Comparison: In 2023, Colombia ranked 51 in the Economic Complexity Index (ECI 0.23), and 54 in total exports ($54.8B). That same year, Panama ranked 69 in the Economic Complexity Index (ECI -0.14), and 121 in total exports ($6.59B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Colombia exported $4.66B to Panama. The main products exported from Colombia to Panama were Crude Petroleum ($4.19B), Coal Briquettes ($63.4M), and Refined Petroleum ($49.8M). During the last 5 years the exports of Colombia to Panama have increased at an annualized rate of 8.5%, from $3.1B in 2018 to $4.66B in 2023.

In 2018, Panama exported $28.3M to Colombia. The main products exported from Panama to Colombia were Hot-Rolled Iron ($4.16M), Packaged Medicaments ($4.02M), and Scrap Aluminium ($2.16M). During the last 5 years the exports of Panama to Colombia have decreased at an annualized rate of 16.4%, from $416M in 2023 to $28.3M in 2018.

Exports from Colombia () to Panama () (2023)

Exports from Panama () to Colombia () (2023)

Latest Data

Trade between Colombia () and Panama ()

Colombia Exports

Date

Panama Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Colombia
Top DestinationUnited States$14.8B

Panama
Top DestinationChina$1.62B

This map shows whether countries import more from Colombia or Panama. Each country is colored based on the difference in imports they receive from Colombia and Panama or the difference in the growth in imports.

In 2023, countries that imported more from Colombia than Panama included United States ($14.8B), Netherlands ($2.38B), and India ($2.51B).

In 2023, countries that imported more from Panama than Colombia included Thailand ($346M), Denmark ($239M), and Gabon ($121M).

Difference in imports from Panama () and Colombia () (2023)

Comparative Advantage Colombia - Panama

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between Colombia and Panama by product, considering products traded by both, Colombia and Panama.

During 2023, Colombia had a large net trade with Panama in the exports of Mineral Products ($4.31B), Chemical Products ($88.5M), and Foodstuffs ($40.9M).

During 2018, Panama had a large net trade with Colombia in the exports of Metals ($7.6M), Chemical Products ($6.48M), and Machines ($3.04M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Colombia Panama+$183MRefined Petroleum

Top Product Potential Panama Colombia+$17.3MRefined Petroleum

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of Colombia and Panama. This means that a dot/product with the flag of Colombia indicates it has a comparative advantage over Panama. Similarly, a dot/product with the flag of Panama indicates it has a comparative advantage over Colombia.

About

Historical Data

Bilateral Trade by Products

Exports from Colombia () to Panama () (2023)

Exports from Panama () to Colombia () (2023)

Latest Data

Trade between Colombia () and Panama ()

Colombia Exports

Panama Exports

Market Competitiveness

Difference in imports from Panama () and Colombia () (2023)

Comparative Advantage Colombia - Panama

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Colombia () and Panama () (2023)

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