2022
Flag  
GDP
$76.5BCURRENT US$
Rnk 74 / 186
2012-2022
Flag
GDP GROWTH
89.3%CURRENT US$
Rnk 19 / 186
2022
Flag
 GDP
$115BCURRENT US$
Rnk 62 / 186
2012-2022
Flag
GDP GROWTH
30.9%CURRENT US$
Rnk 98 / 186
2022
Flag
GDP PC 
$17,358CURRENT US$
Rnk 59 / 186
2012-2022
Flag
GDP PC GROWTH
61.2%CURRENT US$
Rnk 26 / 186
2022
Flag
GDP PC
$6,391CURRENT US$
Rnk 101 / 186
2012-2022
Flag
GDP PC GROWTH
12.6%CURRENT US$
Rnk 106 / 186

About

Panama-Ecuador Trade: In 2022, Panama exported $84.9M to Ecuador. The main products that Panama exported to Ecuador were Refined Petroleum ($15.3M), Non-fillet Frozen Fish ($13.7M), and Electrical Transformers ($5.75M). Over the past 5 years the exports of Panama to Ecuador have decreased at an annualized rate of 37.8%, from $915M in 2017 to $84.9M in 2022.

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

Ecuador-Panama Trade: In 2022, Ecuador exported $4.97B to Panama. The main products that Ecuador exported to Panama were Crude Petroleum ($4.02B), Refined Petroleum ($877M), and Animal Food ($8.09M). Over the past 5 years the exports of Ecuador to Panama have increased at an annualized rate of 7.18%,  from $941M in 2017 to $4.97B in 2022.

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

Comparison: In 2022,  Panama ranked 56 in the Economic Complexity Index (ECI 0.17), and 119 in total exports ($6.62B). That same year, Ecuador ranked 109 in the Economic Complexity Index (ECI -0.96), and 68 in total exports ($36B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Panama exported $84.9M to Ecuador. The main products exported from Panama to Ecuador were Refined Petroleum ($15.3M), Non-fillet Frozen Fish ($13.7M), and Electrical Transformers ($5.75M). During the last 5 years the exports of Panama to Ecuador have decreased at an annualized rate of 37.8%, from $915M in 2017 to $84.9M in 2022.

In 2017, Ecuador exported $4.97B to Panama. The main products exported from Ecuador to Panama were Crude Petroleum ($4.02B), Refined Petroleum ($877M), and Animal Food ($8.09M). During the last 5 years the exports of Ecuador to Panama have increased at an annualized rate of 7.18%, from $941M in 2022 to $4.97B in 2017.

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

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

Latest Data

Trade between Panama (Flag) and Ecuador (Flag)

Panama Exports

Ecuador Exports

Market Competitiveness

Color
Panama
Top Destination
China$1.14B
Ecuador
Top Destination
United States$9.86B

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 2022, countries that imported more from Panama than Ecuador included South Korea ($539M), Thailand ($295M), and Japan ($785M).

In 2022, countries that imported more from Ecuador than Panama included United States ($9.86B), China ($6.17B), and Chile ($1.34B).

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

Comparative Advantage Panama - Ecuador

Flow
Scale

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

During 2022, Panama had a large net trade with Ecuador in the exports of Machines ($20.1M), Animal Products ($16.1M), and Mineral Products ($15.4M).

During 2017, Ecuador had a large net trade with Panama in the exports of Mineral Products ($4.9B), Foodstuffs ($17M), and Chemical Products ($9.39M).

Potential Exports

Potential Exports

Depth
View
Sort By
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

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.

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

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