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Pricing

2022
Flag → Flag
Exports $1.18BRnk 51 / 220
2022
Flag → Flag
Top Product $522MPassenger and Cargo Ships
2022
Flag → Flag
Exports $539MRnk 3 / 153
2022
Flag → Flag
Top Product $233MCopper Ore
2022
Flag
Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
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Economic Complexity (ECI) ECI 0.17Rnk 56 / 133
2022
Flag  
GDP$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
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GDP GROWTH30.3%CURRENT US$
Rnk 100 / 186
2022
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 GDP$76.5BCURRENT US$
Rnk 74 / 186
2012-2022
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GDP GROWTH89.3%CURRENT US$
Rnk 19 / 186
2022
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GDP PC $32,255CURRENT US$
Rnk 33 / 186
2012-2022
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GDP PC GROWTH26.7%CURRENT US$
Rnk 70 / 186
2022
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GDP PC$17,358CURRENT US$
Rnk 59 / 186
2012-2022
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GDP PC GROWTH61.2%CURRENT US$
Rnk 26 / 186

About

South Korea-Panama Trade: In 2022, South Korea exported $1.18B to Panama. The main products that South Korea exported to Panama were Passenger and Cargo Ships ($522M), Special Purpose Ships ($346M), and Cars ($63.4M). Over the past 5 years the exports of South Korea to Panama have decreased at an annualized rate of 7.25%, from $1.72B in 2017 to $1.18B in 2022.

In 2005, South Korea exported services to Panama worth $114M, with Transportation ($92.6M), Services not allocated ($11.9M), and Other business services ($5M) being the largest in terms of value.

Panama-South Korea Trade: In 2022, Panama exported $539M to South Korea. The main products that Panama exported to South Korea were Copper Ore ($233M), Passenger and Cargo Ships ($218M), and Petroleum Gas ($58M). Over the past 5 years the exports of Panama to South Korea have increased at an annualized rate of 29.7%,  from $147M in 2017 to $539M in 2022.

In 2022, Panama did not export any services to South Korea.

Comparison: In 2022,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B). That same year, Panama ranked 56 in the Economic Complexity Index (ECI 0.17), and 119 in total exports ($6.62B).

Latest Trends

September, 2024

About

Overview In September 2024, South Korea exported $20.8M and imported $51M from Panama, resulting in a negative trade balance of $30.1M. Between September 2023 and September 2024 the exports of South Korea have decreased by $-40.4M (-66%) from $61.2M to $20.8M, while imports increased by $26.4M (108%) from $24.5M to $51M.

Trade In September 2024, the top exports of South Korea to Panama were Machinery, mechanical appliances, & parts ($8.88M), Cars, tractors, trucks & parts thereof. ($5.81M), Electrical machinery and electronics ($2.19M), Rubber & articles thereof ($1M), and Iron or steel articles ($906k). In September 2024 the top imports of South Korea from Panama were Ores, slag and ash ($44.6M), Mineral fuels, mineral oils and products... ($2.28M), Copper articles ($1.1M), Iron & steel ($204k), and Electrical machinery and electronics ($129k).

Growth In September 2024, the decrease in South Korea's year-by-year exports to Panama was explained primarily by an decrease in product exports in Chemical products n.e.s. ($-895k or -95.7%), Aluminum articles ($-308k or -49.6%), and Plastics & articles thereof ($-261k or -38.4%). In September 2024, the increase in South Korea's year-by-year imports  from Panama was explained primarily by an increase in product imports  in Ores, slag and ash ($18.2M or 68.8%), Iron & steel ($182k or 827%), and Fish, crustaceans, & molluscs ($24k or 80%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (September 2023 - September 2024)$-40.4M(-66%)
IMPORT GROWTH (September 2023 - September 2024)$26.4M(108%)

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

To check Panama and South Korea trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Panama and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $1.18B to Panama. The main products exported from South Korea to Panama were Passenger and Cargo Ships ($522M), Special Purpose Ships ($346M), and Cars ($63.4M). During the last 5 years the exports of South Korea to Panama have decreased at an annualized rate of 7.25%, from $1.72B in 2017 to $1.18B in 2022.

In 2017, Panama exported $539M to South Korea. The main products exported from Panama to South Korea were Copper Ore ($233M), Passenger and Cargo Ships ($218M), and Petroleum Gas ($58M). During the last 5 years the exports of Panama to South Korea have increased at an annualized rate of 29.7%, from $147M in 2022 to $539M in 2017.

Exports from South Korea (Flag) to Panama (Flag) (2022)

Exports from Panama (Flag) to South Korea (Flag) (2022)

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Panama
Top DestinationChina$1.14B

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

In 2022, countries that imported more from South Korea than Panama included China ($150B), United States ($112B), and Vietnam ($60.7B).

In 2022, countries that imported more from Panama than South Korea included Jamaica ($99.7M), Barbados ($45.1M), and Aruba ($43.4M).

Difference in imports from Panama (Flag) and South Korea (Flag) (2022)

Comparative Advantage South Korea - Panama

Flow
Scale

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

During 2022, South Korea had a large net trade with Panama in the exports of Transportation ($955M), Machines ($92.9M), and Plastics and Rubbers ($44.2M).

During 2017, Panama had a large net trade with South Korea in the exports of Mineral Products ($292M), Transportation ($218M), and Metals ($21.2M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Panama+$22MCars
Top Product Potential Panama South Korea+$2.64MRefined 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

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

Product Space of South Korea (Flag) and Panama (Flag) (2022)

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