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2022
Flag → Flag
Exports $6.83MRnk 57 / 153
2022
Flag → Flag
Top Product $4.55MRefined Petroleum
2022
Flag → Flag
Exports $2.57MRnk 47 / 126
2022
Flag → Flag
Top Product $803kTissue
2022
Flag
Economic Complexity (ECI) ECI 0.17Rnk 56 / 133
2022
Flag
Economic Complexity (ECI) ECI -0.87Rnk 107 / 133
2022
Flag  
GDP$76.5BCURRENT US$
Rnk 74 / 186
2012-2022
Flag
GDP GROWTH89.3%CURRENT US$
Rnk 19 / 186
2022
Flag
GDP PC $17,358CURRENT US$
Rnk 59 / 186
2012-2022
Flag
GDP PC GROWTH61.2%CURRENT US$
Rnk 26 / 186

About

Panama-Venezuela Trade: In 2022, Panama exported $6.83M to Venezuela. The main products that Panama exported to Venezuela were Refined Petroleum ($4.55M), Paper Containers ($636k), and Cellulose Fibers Paper ($405k). Over the past 5 years the exports of Panama to Venezuela have decreased at an annualized rate of 57.2%, from $474M in 2017 to $6.83M in 2022.

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

Venezuela-Panama Trade: In 2022, Venezuela exported $2.57M to Panama. The main products that Venezuela exported to Panama were Tissue ($803k), Vaccines, blood, antisera, toxins and cultures ($200k), and Shaped Paper ($198k). Over the past 5 years the exports of Venezuela to Panama have decreased at an annualized rate of 41.3%,  from $36.9M in 2017 to $2.57M in 2022.

In 2022, Venezuela 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, Venezuela ranked 107 in the Economic Complexity Index (ECI -0.87), and 132 in total exports ($4.3B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Panama exported $6.83M to Venezuela. The main products exported from Panama to Venezuela were Refined Petroleum ($4.55M), Paper Containers ($636k), and Cellulose Fibers Paper ($405k). During the last 5 years the exports of Panama to Venezuela have decreased at an annualized rate of 57.2%, from $474M in 2017 to $6.83M in 2022.

In 2017, Venezuela exported $2.57M to Panama. The main products exported from Venezuela to Panama were Tissue ($803k), Vaccines, blood, antisera, toxins and cultures ($200k), and Shaped Paper ($198k). During the last 5 years the exports of Venezuela to Panama have decreased at an annualized rate of 41.3%, from $36.9M in 2022 to $2.57M in 2017.

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

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

Latest Data

Trade between Panama (Flag) and Venezuela (Flag)

Panama Exports

Market Competitiveness

Color
Panama
Top DestinationChina$1.14B
Venezuela
Top DestinationChina$703M

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

In 2022, countries that imported more from Panama than Venezuela included Japan ($785M), South Korea ($539M), and China ($1.14B).

In 2022, countries that imported more from Venezuela than Panama included Turkey ($597M), Brazil ($361M), and Spain ($518M).

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

Comparative Advantage Panama - Venezuela

Flow
Scale

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

During 2022, Panama had a large net trade with Venezuela in the exports of Mineral Products ($4.55M), Paper Goods ($1.21M), and Plastics and Rubbers ($549k).

During 2017, Venezuela had a large net trade with Panama in the exports of Paper Goods ($1.02M), Machines ($316k), and Foodstuffs ($294k).

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Panama and Venezuela. This means that a dot/product with the flag of Panama indicates it has a comparative advantage over Venezuela. Similarly, a dot/product with the flag of Venezuela indicates it has a comparative advantage over Panama.

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

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