Flag Panama / Costa Rica Flag

Exports Flag β†’ Flag  (2018): $219M, Rnk 4 / 115

Top Product Flag β†’ Flag (2018): $56.1M, Packaged Medicaments

Exports Flag β†’ Flag (2018): $581M, Rnk 4 / 161

Top Product Flag β†’ Flag (2018): $49.7M, Other Edible Preparations

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

Economic Complexity of Flag (2018): ECI 0.27, Rnk 53 / 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): $60.1B, CURRENT US$
Rnk 77 / 196

GDP GROWTH Flag (2008-2018): 96.4%, CURRENT US$
Rnk 32 / 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): $12,027, CURRENT US$
Rnk 65 / 196

GDP PC GROWTH Flag (2008-2018): 75.3%, CURRENT US$
Rnk 28 / 196

Panama-Costa Rica: In 2018, Panama exported $219M to Costa Rica. The main products exported from Panama to Costa Rica were Packaged Medicaments ($56.1M), Computers ($11.7M), and Broadcasting Equipment ($4.81M). During the last 23 years the exports of Panama to Costa Rica have increased at an annualized rate of 3.32%, from $103M in 1995 to $219M in 2018.

Costa Rica-Panama: In 2018, Costa Rica exported $581M to Panama. The main products exported from Costa Rica to Panama were Other Edible Preparations ($49.7M), Packaged Medicaments ($44.4M), and Blood, antisera, vaccines, toxins and cultures ($33.2M). During the last 23 years the exports of Costa Rica to Panama have increased at an annualized rate of 8.19%, from $95M in 1995 to $581M 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, Costa Rica ranked 53 in the Economic Complexity Index (ECI 0.27), and 80 in total exports ($12.9B). In terms of GDP Per Capita, Panama was ranked 61 with a GDP Per Capita of $15,575, and Costa Rica was ranked 65 with a GDP Per Capita of $12,027.

Bilateral Trade by Products

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Depth
Value

In 2018, Panama exported $219M to Costa Rica. The main products exported from Panama to Costa Rica were Packaged Medicaments ($56.1M), Computers ($11.7M), and Broadcasting Equipment ($4.81M). During the last 23 years the exports of Panama to Costa Rica have increased at an annualized rate of 3.32%, from $103M in 1995 to $219M in 2018.

In 2018, Costa Rica exported $581M to Panama. The main products exported from Costa Rica to Panama were Other Edible Preparations ($49.7M), Packaged Medicaments ($44.4M), and Blood, antisera, vaccines, toxins and cultures ($33.2M). During the last 23 years the exports of Costa Rica to Panama have increased at an annualized rate of 8.19%, from $95M in 1995 to $581M in 2018.

Market Competitiveness

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Measure

Panama
Top Destination
: Ecuador, $1.06B

Costa Rica
Top Destination
: United States, $4.7B

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

In 2018, countries that imported more from Panama than Costa Rica were Ecuador ($1.06B), Cyprus ($177M), and Paraguay ($124M).

In 2018, countries that imported more from Costa Rica than Panama were United States ($4.7B), Belgium-Luxembourg ($698M), and Guatemala ($571M).

Comparative Advantage Panama - Costa Rica

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Depth

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

During 2018, Panama had a large net trade with Costa Rica in the exports of Chemical Products ($76.9M), Machines ($47.5M), and Animal Products ($16.3M).

During 2018, Costa Rica had a large net trade with Panama in the exports of Chemical Products ($187M), Foodstuffs ($164M), and Plastics and Rubbers ($64M).

Tariff Section

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

In 2015, the products from Panama that paid the highest import tariffs to enter Costa Rica 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 Costa Rica that paid the highest import tariffs to enter Panama were Meat and edible offal: of fowls of the species Gallus domesticus, cuts and offal, fresh or chilled (70.1%) and Meat and edible offal: of fowls of the species Gallus domesticus, cuts and offal, frozen (70.1%).

Explore Tariff Data

*The tariffs present between Panama and Costa Rica 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 Costa Rica. 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 Costa Rica. Similarly, the more red a dot/product is, the more Costa Rica has comparative advantage over Panama.