Panama (PAN) and Ecuador (ECU) Trade | The Observatory of Economic Complexity

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Panama-Ecuador Trade: In 2023, Panama exported $88.8M to Ecuador. The main products that Panama exported to Ecuador were Refined Petroleum ($33.3M), Non-fillet Frozen Fish ($11.4M), and Packaged Medicaments ($6.7M). Over the past 5 years the exports of Panama to Ecuador have decreased at an annualized rate of 40.7%, from $1.21B in 2018 to $88.8M in 2023.

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

Ecuador-Panama Trade: In 2023, Ecuador exported $4.38B to Panama. The main products that Ecuador exported to Panama were Crude Petroleum ($3.95B), Refined Petroleum ($335M), and Animal Food ($17.1M). Over the past 5 years the exports of Ecuador to Panama have increased at an annualized rate of 26.4%, from $1.07B in 2018 to $4.38B in 2023.

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

Comparison: In 2023, Panama ranked 69 in the Economic Complexity Index (ECI -0.14), and 121 in total exports ($6.59B). That same year, Ecuador ranked 104 in the Economic Complexity Index (ECI -0.85), and 65 in total exports ($37.3B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Panama exported $88.8M to Ecuador. The main products exported from Panama to Ecuador were Refined Petroleum ($33.3M), Non-fillet Frozen Fish ($11.4M), and Packaged Medicaments ($6.7M). During the last 5 years the exports of Panama to Ecuador have decreased at an annualized rate of 40.7%, from $1.21B in 2018 to $88.8M in 2023.

In 2018, Ecuador exported $4.38B to Panama. The main products exported from Ecuador to Panama were Crude Petroleum ($3.95B), Refined Petroleum ($335M), and Animal Food ($17.1M). During the last 5 years the exports of Ecuador to Panama have increased at an annualized rate of 26.4%, from $1.07B in 2023 to $4.38B in 2018.

Exports from Panama () to Ecuador () (2023)

Exports from Ecuador () to Panama () (2023)

Latest Data

Trade between Panama () and Ecuador ()

Panama Exports

Date

Ecuador Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Panama
Top DestinationChina$1.62B

Ecuador
Top DestinationUnited States$8.34B

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

In 2023, countries that imported more from Panama than Ecuador included Thailand ($346M), Costa Rica ($307M), and Denmark ($239M).

In 2023, countries that imported more from Ecuador than Panama included United States ($8.34B), China ($7.96B), and Peru ($1.15B).

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

Comparative Advantage Panama - Ecuador

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Panama had a large net trade with Ecuador in the exports of Mineral Products ($33.3M), Animal Products ($14.4M), and Machines ($12.1M).

During 2018, Ecuador had a large net trade with Panama in the exports of Mineral Products ($4.29B), Foodstuffs ($25.8M), and Machines ($16M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Panama Ecuador+$293kHard Liquor

Top Product Potential Ecuador Panama+$25.8MRefined 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 Panama and Ecuador. This means that a dot/product with the flag of Panama indicates it has a comparative advantage over Ecuador. Similarly, a dot/product with the flag of Ecuador indicates it has a comparative advantage over Panama.

About

Historical Data

Bilateral Trade by Products

Exports from Panama () to Ecuador () (2023)

Exports from Ecuador () to Panama () (2023)

Latest Data

Trade between Panama () and Ecuador ()

Panama Exports

Ecuador Exports

Market Competitiveness

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

Comparative Advantage Panama - Ecuador

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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