Panama (PAN) and India (IND) Trade | The Observatory of Economic Complexity

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Panama-India Trade: In 2023, Panama exported $270M to India. The main products that Panama exported to India were Copper Ore ($198M), Rough Wood ($40.5M), and Scrap Iron ($24.3M). Over the past 5 years the exports of Panama to India have increased at an annualized rate of 41.1%, from $48.1M in 2018 to $270M in 2023.

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

India-Panama Trade: In 2023, India exported $256M to Panama. The main products that India exported to Panama were Cars ($84.9M), Packaged Medicaments ($14.5M), and Rolled Tobacco ($8.13M). Over the past 5 years the exports of India to Panama have increased at an annualized rate of 1.59%, from $237M in 2018 to $256M in 2023.

In 2023, India 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, India ranked 39 in the Economic Complexity Index (ECI 0.65), and 12 in total exports ($441B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Panama exported $270M to India. The main products exported from Panama to India were Copper Ore ($198M), Rough Wood ($40.5M), and Scrap Iron ($24.3M). During the last 5 years the exports of Panama to India have increased at an annualized rate of 41.1%, from $48.1M in 2018 to $270M in 2023.

In 2018, India exported $256M to Panama. The main products exported from India to Panama were Cars ($84.9M), Packaged Medicaments ($14.5M), and Rolled Tobacco ($8.13M). During the last 5 years the exports of India to Panama have increased at an annualized rate of 1.59%, from $237M in 2023 to $256M in 2018.

Exports from Panama () to India () (2023)

Exports from India () to Panama () (2023)

Latest Data

Trade between Panama () and India ()

Panama Exports

Date

India Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Panama
Top DestinationChina$1.62B

India
Top DestinationUnited States$85.5B

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

In 2023, countries that imported more from Panama than India included Barbados ($48.4M), Costa Rica ($307M), and Aruba ($35M).

In 2023, countries that imported more from India than Panama included United States ($85.5B), United Arab Emirates ($28.8B), and China ($18.1B).

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

Comparative Advantage Panama - India

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Panama had a large net trade with India in the exports of Mineral Products ($199M), Wood Products ($40.6M), and Metals ($28.5M).

During 2018, India had a large net trade with Panama in the exports of Transportation ($91.5M), Machines ($41.9M), and Textiles ($35.3M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Panama India+$7.04MScrap Iron

Top Product Potential India Panama+$20.2MPackaged Medicaments

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 India. This means that a dot/product with the flag of Panama indicates it has a comparative advantage over India. Similarly, a dot/product with the flag of India indicates it has a comparative advantage over Panama.

About

Historical Data

Bilateral Trade by Products

Exports from Panama () to India () (2023)

Exports from India () to Panama () (2023)

Latest Data

Trade between Panama () and India ()

Panama Exports

India Exports

Market Competitiveness

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

Comparative Advantage Panama - India

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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