Panama (PAN) and Spain (ESP) Trade | The Observatory of Economic Complexity

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Panama-Spain Trade: In 2022, Panama exported $306M to Spain. The main products that Panama exported to Spain were Copper Ore ($220M), Non-fillet Frozen Fish ($33M), and Additive manufacturing machines ($14.6M). Over the past 5 years the exports of Panama to Spain have increased at an annualized rate of 33.2%, from $73.1M in 2017 to $306M in 2022.

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

Spain-Panama Trade: In 2022, Spain exported $614M to Panama. The main products that Spain exported to Panama were Nitrogen Heterocyclic Compounds ($161M), Refined Petroleum ($73M), and Packaged Medicaments ($34.5M). Over the past 5 years the exports of Spain to Panama have increased at an annualized rate of 7.94%, from $419M in 2017 to $614M in 2022.

In 2022, Spain 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, Spain ranked 33 in the Economic Complexity Index (ECI 0.81), and 20 in total exports ($394B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Panama exported $306M to Spain. The main products exported from Panama to Spain were Copper Ore ($220M), Non-fillet Frozen Fish ($33M), and Additive manufacturing machines ($14.6M). During the last 5 years the exports of Panama to Spain have increased at an annualized rate of 33.2%, from $73.1M in 2017 to $306M in 2022.

In 2017, Spain exported $614M to Panama. The main products exported from Spain to Panama were Nitrogen Heterocyclic Compounds ($161M), Refined Petroleum ($73M), and Packaged Medicaments ($34.5M). During the last 5 years the exports of Spain to Panama have increased at an annualized rate of 7.94%, from $419M in 2022 to $614M in 2017.

Exports from Panama () to Spain () (2022)

Exports from Spain () to Panama () (2022)

Latest Data

Trade between Panama () and Spain ()

Panama Exports

Date

Spain Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Panama
Top DestinationChina$1.14B

Spain
Top DestinationFrance$65.2B

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

In 2022, countries that imported more from Panama than Spain included Guyana ($49.6M), Aruba ($43.4M), and Jamaica ($99.7M).

In 2022, countries that imported more from Spain than Panama included France ($65.2B), Germany ($39.2B), and Portugal ($34.9B).

Difference in imports from Spain () and Panama () (2022)

Comparative Advantage Panama - Spain

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Panama had a large net trade with Spain in the exports of Mineral Products ($220M), Animal Products ($35.5M), and Machines ($17.9M).

During 2017, Spain had a large net trade with Panama in the exports of Chemical Products ($251M), Machines ($78.9M), and Mineral Products ($74.6M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Panama Spain+$1.36MBananas

Top Product Potential Spain Panama+$42.2MRefined 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 Spain. This means that a dot/product with the flag of Panama indicates it has a comparative advantage over Spain. Similarly, a dot/product with the flag of Spain indicates it has a comparative advantage over Panama.

About

Historical Data

Bilateral Trade by Products

Exports from Panama () to Spain () (2022)

Exports from Spain () to Panama () (2022)

Latest Data

Trade between Panama () and Spain ()

Panama Exports

Spain Exports

Market Competitiveness

Difference in imports from Spain () and Panama () (2022)

Comparative Advantage Panama - Spain

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Panama () and Spain () (2022)

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