2023
Exports
$2.43kWorld Rnk 126 / 150
Flag Rnk 868 / 1046
2023
PRODUCT COMPLEXITY IN Crude Petroleum
-2.37Rnk 1015 / 1025
2023
Imports
$9.81BWorld Rnk 22 / 159
Flag Rnk 1 / 1151
2023
ECONOMIC COMPLEXITY of Panama
-0.14Rnk 69 / 132

About

Exports In 2023, Panama exported $2.43k in Crude Petroleum, making it the 126th largest exporter of Crude Petroleum in the world. At the same year, Crude Petroleum was the 868th most exported product in Panama. The main destination of Crude Petroleum exports from Panama are: Costa Rica ($2.42k), Netherlands ($8), and Canada ($1).

The fastest growing export markets for Crude Petroleum of Panama between 2022 and 2023 were Costa Rica ($2.42k) and Canada ($1).

Imports In 2023, Panama imported $9.81B in Crude Petroleum, becoming the 22nd largest importer of Crude Petroleum in the world. At the same year, Crude Petroleum was the 1st most imported product in Panama. Panama imports Crude Petroleum primarily from: Colombia ($4.19B), Ecuador ($3.95B), United States ($861M), Guyana ($519M), and Brazil ($180M).

The fastest growing import markets in Crude Petroleum for Panama between 2022 and 2023 were Brazil ($180M), United States ($178M), and Belgium ($7.74k).

Latest Trends

Dec 2024

Subnational Monthly Trade

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Flow
Y-AXIS SCALE

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

The following visualization shows the latest trends on Crude Petroleum. Countries are shown based on data availability.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$2.43k
IMPORTS (2023)$9.81B
NET TRADE (2023)-$9.81B

In 2023, Panama exported $2.43k in Crude Petroleum. The main destinations of Panama exports on Crude Petroleum were Costa Rica ($2.42k), Netherlands ($8), and Canada ($1).

In 2023, Panama imported $9.81B in Crude Petroleum, mainly from Colombia ($4.19B), Ecuador ($3.95B), United States ($861M), Guyana ($519M), and Brazil ($180M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Crude Petroleum EXPORT MARKETS FOR Panama WERE (2022 - 2023):
Costa Rica$2.42k (1%)
Canada$1 (1%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Crude Petroleum BY Panama WERE (2022 - 2023):
Colombia-$1.29M (-100%)
Spain-$264 (-100%)
Netherlands-$209 (-96.3%)

Change in Exports by Market (2022 - 2023)

Market Concentration

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Flow
Type
In 2023, Panama's main exporting competitors in Crude Petroleum were:
In 2023, Panama's main importing competitors in Crude Petroleum were:

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Trade Value of Crude Petroleum by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALColombia+ $277k
TOP IMPORT POTENTIALUnited States+ $172M

Crude Petroleum’s highest export potential is Colombia. With an export gap of $277k.   Crude Petroleum’s highest import potential is United States with an import gap of $172M.

See methodology.

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