2022
Flag  
GDP
$76.5BCURRENT US$
Rnk 74 / 186
2012-2022
Flag
GDP GROWTH
89.3%CURRENT US$
Rnk 19 / 186
2022
Flag
 GDP
$71.2BCURRENT US$
Rnk 79 / 186
2012-2022
Flag
GDP GROWTH
31.2%CURRENT US$
Rnk 96 / 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
$20,795CURRENT US$
Rnk 49 / 186
2012-2022
Flag
GDP PC GROWTH
29.3%CURRENT US$
Rnk 65 / 186

About

Panama-Uruguay Trade: In 2022, Panama exported $12.5M to Uruguay. The main products that Panama exported to Uruguay were Tanned Equine and Bovine Hides ($10.2M), Air Conditioners ($274k), and Video Recording Equipment ($241k). Over the past 5 years the exports of Panama to Uruguay have decreased at an annualized rate of 29.1%, from $69.9M in 2017 to $12.5M in 2022.

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

Uruguay-Panama Trade: In 2022, Uruguay exported $35.6M to Panama. The main products that Uruguay exported to Panama were Concentrated Milk ($19.8M), Rolled Tobacco ($3.4M), and Tanned Equine and Bovine Hides ($2.44M). Over the past 5 years the exports of Uruguay to Panama have increased at an annualized rate of 2.23%,  from $29.8M in 2017 to $35.6M in 2022.

In 2022, Uruguay 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, Uruguay ranked 57 in the Economic Complexity Index (ECI 0.15), and 98 in total exports ($12B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Panama exported $12.5M to Uruguay. The main products exported from Panama to Uruguay were Tanned Equine and Bovine Hides ($10.2M), Air Conditioners ($274k), and Video Recording Equipment ($241k). During the last 5 years the exports of Panama to Uruguay have decreased at an annualized rate of 29.1%, from $69.9M in 2017 to $12.5M in 2022.

In 2017, Uruguay exported $35.6M to Panama. The main products exported from Uruguay to Panama were Concentrated Milk ($19.8M), Rolled Tobacco ($3.4M), and Tanned Equine and Bovine Hides ($2.44M). During the last 5 years the exports of Uruguay to Panama have increased at an annualized rate of 2.23%, from $29.8M in 2022 to $35.6M in 2017.

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

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

Latest Data

Trade between Panama (Flag) and Uruguay (Flag)

Panama Exports

Uruguay Exports

Market Competitiveness

Color
Panama
Top Destination
China$1.14B
Uruguay
Top Destination
China$2.89B

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

In 2022, countries that imported more from Panama than Uruguay included Japan ($785M), South Korea ($539M), and Costa Rica ($242M).

In 2022, countries that imported more from Uruguay than Panama included China ($2.89B), Brazil ($1.69B), and Argentina ($999M).

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

Comparative Advantage Panama - Uruguay

Flow
Scale

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

During 2022, Panama had a large net trade with Uruguay in the exports of Animal Hides ($10.2M), Machines ($1.07M), and Chemical Products ($395k).

During 2017, Uruguay had a large net trade with Panama in the exports of Animal Products ($21.8M), Foodstuffs ($5.97M), and Animal Hides ($3.17M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Panama Uruguay+$80.1kTelephones
Top Product Potential Uruguay Panama+$783kFrozen Bovine Meat

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

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

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