Panama (PAN) and Thailand (THA) Trade | The Observatory of Economic Complexity

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Panama-Thailand Trade: In 2023, Panama exported $346M to Thailand. The main products that Panama exported to Thailand were Special Purpose Ships ($286M), Scrap Iron ($18.9M), and Passenger and Cargo Ships ($18M). Over the past 5 years the exports of Panama to Thailand have increased at an annualized rate of 66.5%, from $27.1M in 2018 to $346M in 2023.

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

Thailand-Panama Trade: In 2023, Thailand exported $142M to Panama. The main products that Thailand exported to Panama were Cars ($48.4M), Delivery Trucks ($13.8M), and Processed Fish ($12.4M). Over the past 5 years the exports of Thailand to Panama have decreased at an annualized rate of 9.25%, from $230M in 2018 to $142M in 2023.

In 2023, Thailand 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, Thailand ranked 29 in the Economic Complexity Index (ECI 0.96), and 25 in total exports ($332B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Panama exported $346M to Thailand. The main products exported from Panama to Thailand were Special Purpose Ships ($286M), Scrap Iron ($18.9M), and Passenger and Cargo Ships ($18M). During the last 5 years the exports of Panama to Thailand have increased at an annualized rate of 66.5%, from $27.1M in 2018 to $346M in 2023.

In 2018, Thailand exported $142M to Panama. The main products exported from Thailand to Panama were Cars ($48.4M), Delivery Trucks ($13.8M), and Processed Fish ($12.4M). During the last 5 years the exports of Thailand to Panama have decreased at an annualized rate of 9.25%, from $230M in 2023 to $142M in 2018.

Exports from Panama () to Thailand () (2023)

Exports from Thailand () to Panama () (2023)

Latest Data

Trade between Panama () and Thailand ()

Panama Exports

Date

Thailand Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Panama
Top DestinationChina$1.62B

Thailand
Top DestinationUnited States$58.5B

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

In 2023, countries that imported more from Panama than Thailand included Costa Rica ($307M), Gabon ($121M), and Guyana ($81.3M).

In 2023, countries that imported more from Thailand than Panama included United States ($58.5B), China ($44.1B), and Japan ($24.9B).

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

Comparative Advantage Panama - Thailand

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Panama had a large net trade with Thailand in the exports of Transportation ($312M), Metals ($26.3M), and Chemical Products ($4.54M).

During 2018, Thailand had a large net trade with Panama in the exports of Transportation ($66.4M), Machines ($37.6M), and Foodstuffs ($15.5M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Panama Thailand+$2.38MPassenger and Cargo Ships

Top Product Potential Thailand Panama+$6.87MCars

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

About

Historical Data

Bilateral Trade by Products

Exports from Panama () to Thailand () (2023)

Exports from Thailand () to Panama () (2023)

Latest Data

Trade between Panama () and Thailand ()

Panama Exports

Thailand Exports

Market Competitiveness

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

Comparative Advantage Panama - Thailand

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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