2022
Flag  
GDP
$76.5BCURRENT US$
Rnk 74 / 186
2012-2022
Flag
GDP GROWTH
89.3%CURRENT US$
Rnk 19 / 186
2022
Flag
 GDP
$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
Flag
GDP GROWTH
30.3%CURRENT US$
Rnk 100 / 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
$32,255CURRENT US$
Rnk 33 / 186
2012-2022
Flag
GDP PC GROWTH
26.7%CURRENT US$
Rnk 70 / 186

About

Panama-South Korea Trade: In 2022, Panama exported $539M to South Korea. The main products that Panama exported to South Korea were Copper Ore ($233M), Passenger and Cargo Ships ($218M), and Petroleum Gas ($58M). Over the past 5 years the exports of Panama to South Korea have increased at an annualized rate of 29.7%, from $147M in 2017 to $539M in 2022.

In 2022, Panama did not export any services to South Korea.

South Korea-Panama Trade: In 2022, South Korea exported $1.18B to Panama. The main products that South Korea exported to Panama were Passenger and Cargo Ships ($522M), Special Purpose Ships ($346M), and Cars ($63.4M). Over the past 5 years the exports of South Korea to Panama have decreased at an annualized rate of 7.25%,  from $1.72B in 2017 to $1.18B in 2022.

In 2005, South Korea exported services to Panama worth $114M, with Transportation ($92.6M), Services not allocated ($11.9M), and Other business services ($5M) being the largest in terms of value.

Comparison: In 2022,  Panama ranked 56 in the Economic Complexity Index (ECI 0.17), and 119 in total exports ($6.62B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Panama exported $539M to South Korea. The main products exported from Panama to South Korea were Copper Ore ($233M), Passenger and Cargo Ships ($218M), and Petroleum Gas ($58M). During the last 5 years the exports of Panama to South Korea have increased at an annualized rate of 29.7%, from $147M in 2017 to $539M in 2022.

In 2017, South Korea exported $1.18B to Panama. The main products exported from South Korea to Panama were Passenger and Cargo Ships ($522M), Special Purpose Ships ($346M), and Cars ($63.4M). During the last 5 years the exports of South Korea to Panama have decreased at an annualized rate of 7.25%, from $1.72B in 2022 to $1.18B in 2017.

Exports from Panama (Flag) to South Korea (Flag) (2022)

Exports from South Korea (Flag) to Panama (Flag) (2022)

Latest Data

Trade between Panama (Flag) and South Korea (Flag)

Panama Exports

South Korea Exports

Market Competitiveness

Color
Panama
Top Destination
China$1.14B
South Korea
Top Destination
China$150B

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

In 2022, countries that imported more from Panama than South Korea included Jamaica ($99.7M), Barbados ($45.1M), and Aruba ($43.4M).

In 2022, countries that imported more from South Korea than Panama included China ($150B), United States ($112B), and Vietnam ($60.7B).

Difference in imports from South Korea (Flag) and Panama (Flag) (2022)

Comparative Advantage Panama - South Korea

Flow
Scale

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

During 2022, Panama had a large net trade with South Korea in the exports of Mineral Products ($292M), Transportation ($218M), and Metals ($21.2M).

During 2017, South Korea had a large net trade with Panama in the exports of Transportation ($955M), Machines ($92.9M), and Plastics and Rubbers ($44.2M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Panama South Korea+$2.64MRefined Petroleum
Top Product Potential South Korea Panama+$22MCars

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

Product Space of Panama (Flag) and South Korea (Flag) (2022)

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