Flag Panama / Colombia Flag

Exports Flag β†’ Flag  (2018): $48.7M, Rnk 18 / 115

Top Product Flag β†’ Flag (2018): $25.7M, Refined Petroleum

Exports Flag β†’ Flag (2018): $3.07B, Rnk 3 / 184

Top Product Flag β†’ Flag (2018): $2.68B, Crude Petroleum

Economic Complexity of Flag (2018): ECI 0.1, Rnk 61 / 137

Economic Complexity of Flag (2018): ECI 0.23, Rnk 56 / 137

GDP Flag (2018): $65.1B, CURRENT US$
Rnk 75 / 196

GDP GROWTH Flag (2008-2018): 159%, CURRENT US$
Rnk 9 / 196

GDP Flag (2018): $331B, CURRENT US$
Rnk 37 / 196

GDP GROWTH Flag (2008-2018): 37%, CURRENT US$
Rnk 103 / 196

GDP PC Flag (2018): $15,575, CURRENT US$
Rnk 61 / 196

GDP PC GROWTH Flag (2008-2018): 118%, CURRENT US$
Rnk 10 / 196

GDP PC Flag (2018): $6,668, CURRENT US$
Rnk 96 / 196

GDP PC GROWTH Flag (2008-2018): 22.1%, CURRENT US$
Rnk 101 / 196

Panama-Colombia: In 2018, Panama exported $48.7M to Colombia. The main products exported from Panama to Colombia were Refined Petroleum ($25.7M), Hard Liquor ($4.8M), and Packaged Medicaments ($1.73M). During the last 23 years the exports of Panama to Colombia have increased at an annualized rate of 2.64%, from $26.7M in 1995 to $48.7M in 2018.

Colombia-Panama: In 2018, Colombia exported $3.07B to Panama. The main products exported from Colombia to Panama were Crude Petroleum ($2.68B), Refined Petroleum ($46.5M), and Packaged Medicaments ($39.7M). During the last 23 years the exports of Colombia to Panama have increased at an annualized rate of 14.7%, from $131M in 1995 to $3.07B in 2018.

Comparison: In 2018, Panama ranked 61 in the Economic Complexity Index (ECI 0.1), and 119 in total exports ($3.97B). That same year, Colombia ranked 56 in the Economic Complexity Index (ECI 0.23), and 55 in total exports ($43.2B). In terms of GDP Per Capita, Panama was ranked 61 with a GDP Per Capita of $15,575, and Colombia was ranked 96 with a GDP Per Capita of $6,668.

Bilateral Trade by Products

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Depth
Value

In 2018, Panama exported $48.7M to Colombia. The main products exported from Panama to Colombia were Refined Petroleum ($25.7M), Hard Liquor ($4.8M), and Packaged Medicaments ($1.73M). During the last 23 years the exports of Panama to Colombia have increased at an annualized rate of 2.64%, from $26.7M in 1995 to $48.7M in 2018.

In 2018, Colombia exported $3.07B to Panama. The main products exported from Colombia to Panama were Crude Petroleum ($2.68B), Refined Petroleum ($46.5M), and Packaged Medicaments ($39.7M). During the last 23 years the exports of Colombia to Panama have increased at an annualized rate of 14.7%, from $131M in 1995 to $3.07B in 2018.

Market Competitiveness

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Measure

Panama
Top Destination
: Ecuador, $1.06B

Colombia
Top Destination
: United States, $11.5B

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

In 2018, countries that imported more from Panama than Colombia were Cyprus ($177M), Paraguay ($124M), and Saudi Arabia ($98M).

In 2018, countries that imported more from Colombia than Panama were United States ($11.5B), China ($4.07B), and Turkey ($1.7B).

Comparative Advantage Panama - Colombia

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Depth

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

During 2018, Panama had a large net trade with Colombia in the exports of Mineral Products ($25.8M), Foodstuffs ($5.2M), and Chemical Products ($3.37M).

During 2018, Colombia had a large net trade with Panama in the exports of Mineral Products ($2.76B), Chemical Products ($89.4M), and Machines ($31.6M).

Tariff Section

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This sections shows import tariffs for products traded between Panama and Colombia (using the HS6 product classification and the last year reported).

In 2015, the products from Panama that paid the highest import tariffs to enter Colombia were Sugars: cane sugar, raw, in solid form, as specified in Subheading Note 2 to this chapter, not containing added flavouring or colouring matter (144%) and Sugars: cane sugar, raw, in solid form, other than as specified in Subheading Note 2 to this chapter, not containing added flavouring or colouring matter (144%).

In 2018, the products from Colombia that paid the highest import tariffs to enter Panama were Bovine carcasses and half carcasses, fresh or chilled (64%) and Bovine cuts bone in, fresh or chilled (64%).

Explore Tariff Data

*The tariffs present between Panama and Colombia are:
136: Most Favoured Nation duty rate treatement

Trade Forecasts

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This section shows a forecast for total trade between Panama and Colombia. The forecast is based on a long short-term memory model or LSTM constructed using yearly trade data.

To create custom forecast, or modify the parameters of the forecasting model, visit our Forecast Section.

Explore Forecasts

Economic Complexity

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Competitive Landscape

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This visualization show the product space at the HS4 level colored from blue to red.  This mean that the more blue a dot/product is, the more Panama has comparative advantage over Colombia. Similarly, the more red a dot/product is, the more Colombia has comparative advantage over Panama.