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2022
Flag → Flag
Exports $614MRnk 61 / 218
2022
Flag → Flag
Top Product $161MNitrogen Heterocyclic Compounds
2022
Flag → Flag
Exports $306MRnk 5 / 153
2022
Flag → Flag
Top Product $220MCopper Ore
2022
Flag
Economic Complexity (ECI) ECI 0.81Rnk 33 / 133
2022
Flag
Economic Complexity (ECI) ECI 0.17Rnk 56 / 133
2022
Flag  
GDP$1.4TCURRENT US$
Rnk 15 / 186
2012-2022
Flag
GDP GROWTH5.49%CURRENT US$
Rnk 154 / 186
2022
Flag
 GDP$76.5BCURRENT US$
Rnk 74 / 186
2012-2022
Flag
GDP GROWTH89.3%CURRENT US$
Rnk 19 / 186
2022
Flag
GDP PC $29,350CURRENT US$
Rnk 40 / 186
2012-2022
Flag
GDP PC GROWTH3.63%CURRENT US$
Rnk 132 / 186
2022
Flag
GDP PC$17,358CURRENT US$
Rnk 59 / 186
2012-2022
Flag
GDP PC GROWTH61.2%CURRENT US$
Rnk 26 / 186

About

Spain-Panama Trade: In 2022, Spain exported $614M to Panama. The main products that Spain exported to Panama were Nitrogen Heterocyclic Compounds ($161M), Refined Petroleum ($73M), and Packaged Medicaments ($34.5M). Over the past 5 years the exports of Spain to Panama have increased at an annualized rate of 7.94%, from $419M in 2017 to $614M in 2022.

In 2022, Spain did not export any services to Panama.

Panama-Spain Trade: In 2022, Panama exported $306M to Spain. The main products that Panama exported to Spain were Copper Ore ($220M), Non-fillet Frozen Fish ($33M), and Additive manufacturing machines ($14.6M). Over the past 5 years the exports of Panama to Spain have increased at an annualized rate of 33.2%,  from $73.1M in 2017 to $306M in 2022.

In 2022, Panama did not export any services to Spain.

Comparison: In 2022,  Spain ranked 33 in the Economic Complexity Index (ECI 0.81), and 20 in total exports ($394B). That same year, Panama ranked 56 in the Economic Complexity Index (ECI 0.17), and 119 in total exports ($6.62B).

Latest Trends

August, 2024

About

Overview In August 2024, Spain exported €38.7M and imported €2.16M from Panama, resulting in a positive trade balance of €36.5M. Between August 2023 and August 2024 the exports of Spain have increased by €2.61M (7.23%) from €36.1M to €38.7M, while imports decreased by €-32.1M (-93.7%) from €34.2M to €2.16M.

Trade In August 2024, the top exports of Spain to Panama were Nitrogen Heterocyclic Compounds (€134M), Perfumes (€3.14M), Packaged Medicaments (€1.92M), Prefabricated Buildings (€947k), and Electric Generating Sets (€807k). In August 2024 the top imports of Spain from Panama were Non-fillet Frozen Fish (€2.66M), Tropical Fruits (€469k), Scrap Copper (€261k), Scrap Iron (€62.1k), and Melons (€43.3k).

Origins In August 2024 the exports of Spain were mainly from Barcelona (€11.2M), Madrid (€8.06M), Valencia (€2.46M), Asturias (€1.98M), and Burgos (€1.18M), while imports destinations were mainly Barcelona (€798k), Madrid (€512k), Vizcaya (€422k), Cádiz (€136k), and Almería (€103k).

Growth In August 2024, the increase in Spain's year-by-year exports to Panama was explained primarily by an increase in product exports in Prefabricated Buildings (€871k or 1.15k%), Perfumes (€691k or 28.3%), and Air Pumps (€591k or 22.4k%). In August 2024, the decrease in Spain's year-by-year imports  from Panama was explained primarily by an decrease in product imports  in Scrap Copper (€-78.5k or -23.1%), Sculptures (€-38.1k or -93.1%), and Wallpaper (€-6.32k or -49.1%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (August 2023 - August 2024)€2.61M(7.23%)
IMPORT GROWTH (August 2023 - August 2024)€-32.1M(-93.7%)
MAIN EXPORTER (August 2024)Barcelona€11.2M

This section shows exports and imports data at subnational level for Spain. Click any date in the line plot, any subnational region in the geomap or any product to explore the exports or imports behavior of Spain over time.

To check Panama and Spain trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Panama and Spain Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Spain exported $614M to Panama. The main products exported from Spain to Panama were Nitrogen Heterocyclic Compounds ($161M), Refined Petroleum ($73M), and Packaged Medicaments ($34.5M). During the last 5 years the exports of Spain to Panama have increased at an annualized rate of 7.94%, from $419M in 2017 to $614M in 2022.

In 2017, Panama exported $306M to Spain. The main products exported from Panama to Spain were Copper Ore ($220M), Non-fillet Frozen Fish ($33M), and Additive manufacturing machines ($14.6M). During the last 5 years the exports of Panama to Spain have increased at an annualized rate of 33.2%, from $73.1M in 2022 to $306M in 2017.

Exports from Spain (Flag) to Panama (Flag) (2022)

Exports from Panama (Flag) to Spain (Flag) (2022)

Market Competitiveness

Color
Spain
Top DestinationFrance$65.2B
Panama
Top DestinationChina$1.14B

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

In 2022, countries that imported more from Spain than Panama included France ($65.2B), Germany ($39.2B), and Portugal ($34.9B).

In 2022, countries that imported more from Panama than Spain included Guyana ($49.6M), Aruba ($43.4M), and Jamaica ($99.7M).

Difference in imports from Panama (Flag) and Spain (Flag) (2022)

Comparative Advantage Spain - Panama

Flow
Scale

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

During 2022, Spain had a large net trade with Panama in the exports of Chemical Products ($251M), Machines ($78.9M), and Mineral Products ($74.6M).

During 2017, Panama had a large net trade with Spain in the exports of Mineral Products ($220M), Animal Products ($35.5M), and Machines ($17.9M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Spain Panama+$42.2MRefined Petroleum
Top Product Potential Panama Spain+$1.36MBananas

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

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

Product Space of Spain (Flag) and Panama (Flag) (2022)

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