Flag Panama

Econ Complexity (2018): 0.1, Rank 61 of 137

Product Exports (2018): $3.97B, Rank 119 of 222

Exports Per Capita (2018): $950, Rank 192 of 219

Product Imports (2018): $29.5B, Rank 67 of 221

Imports Per Capita (2018): $7.07k, Rank 167 of 219

Service Exports (2018): $13.8B, Rank 28 of 88

Service Imports (2018): $4.93B, Rank 41 of 88

GDP (2018): $65.1B, CURRENT US$
Rank 75 of 196

GDP growth (2008 - 2018): 159%, CURRENT US$
Rank 9 of 196

GDP PC (2018): $15,575, CURRENT US$
Rank 61 of 196

GDP PC GROWTH (2008 - 2018): 118%, CURRENT US$
Rank 10 of 196

Overview: In 2018 Panama was the number 75 economy in the world in terms of GDP (current US$), the number 119 in total exports, the number 67 in total imports, and the number 61 most complex economy according to the Economic Complexity Index (ECI). In 2018, Panama exported $3.97B and imported $29.5B, resulting in a negative trade balance of -$25.5B. In 2018, Panama's exports per capita were $950 and its imports per capita were $7.07k.

Trade: The top exports of Panama are Refined Petroleum ($769M), Coal Tar Oil ($497M), Passenger and Cargo Ships ($424M), Bananas ($304M), and Gold ($248M). The top imports of Panama are Refined Petroleum ($5.62B), Crude Petroleum ($3.59B), Passenger and Cargo Ships ($1.9B), Special Purpose Ships ($1.3B), and Oxygen Amino Compounds ($941M).

Destinations: Panama exports mostly to Ecuador ($1.06B), Netherlands ($290M), United States ($256M), Costa Rica ($219M), and Cyprus ($177M), and imports mostly from China ($6.42B), United States ($5.08B), Colombia ($3.07B), South Korea ($2.01B), and Brazil ($1.91B).

Location: Panama borders Colombia and Costa Rica by land and Colombia and Ecuador by sea.

Product Exports

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Value
Depth

Top Export (2018): Refined Petroleum, $769M

Top Destination (2018): Ecuador, $1.06B

In 2018 Panama exported a total of $3.97B, making it the number 119 exporter in the world. During the last five reported years the exports of Panama have changed by -$3.58B from $7.55B in 2013 to $3.97B in 2018.

The most recent exports are led by Refined Petroleum ($769M), Coal Tar Oil ($497M), Passenger and Cargo Ships ($424M), Bananas ($304M), and Gold ($248M). The most common destination for the exports of Panama are Ecuador ($1.06B), Netherlands ($290M), United States ($256M), Costa Rica ($219M), and Cyprus ($177M).

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Product Imports

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Value
Depth

Top Import (2018): Refined Petroleum, $5.62B

Top Origin (2018): China, $6.42B

In 2018 Panama imported $29.5B, making it the number 67 trade destination in the world. During the last five reported years the imports of Panama changed by -$15.2B from $44.7B in 2013 to $29.5B in 2018.

The most recent imports of Panama are led by Refined Petroleum ($5.62B), Crude Petroleum ($3.59B), Passenger and Cargo Ships ($1.9B), Special Purpose Ships ($1.3B), and Oxygen Amino Compounds ($941M). The most common import partners for Panama are China ($6.42B), United States ($5.08B), Colombia ($3.07B), South Korea ($2.01B), and Brazil ($1.91B).

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Panama Exports Services (2018): $13.8B

Panama Imports Services (2018): $4.93B

In 2018, Panama exported $13.8B worth of services. The top services exported by Panama in 2018 were Transportation ($6.81B), Personal travel ($4.45B), Financial services ($1.13B), Other business services ($531M), and Computer and information services ($299M).

The top services imported by Panama in 2018 were Transportation ($2.04B), Personal travel ($911M), Other business services ($728M), Financial services ($484M), and Business travel ($271M).

Trade Forecasts

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This section shows forecasts for total product exports and imports for Panama. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Panama are Sugars: cane sugar, raw, in solid form, as specified in Subheading Note 2 to this chapter, not containing added flavouring or colouring matter (144%) and Sugars: cane sugar, raw, in solid form, other than as specified in Subheading Note 2 to this chapter, not containing added flavouring or colouring matter (144%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Panama are:
136: Most Favoured Nation duty rate treatement

Economic Complexity

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Economic Complexity Ranking

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Scale

During the last 20 years Panama's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨61st to the 61st⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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Most Specialized Products by RCA Index

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Panama has a high level of specialization in Bananas (101), Coal Tar Oil (78.6), Recreational Boats (51.2), Prepared Explosives (48.9), and Fish Oil (45.6). Specialization is measured using RCA, an index that takes the ratio between Panama observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Panama according to the product complexity index (PCI) are Prepared culture media for developing micro-organisms (1.22), Abrasive cloths, papers etc (including sandpaper) (1.2), Equipment for soldering, brazing or welding (1.2), Machinery parts, without electric features, nes (1.18), and Special textile products for technical purposes (1.15). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Panama according to the relatedness index, are Crude Petroleum (0.13), Cassava (0.13), Other Oily Seeds (0.13), Coconuts, Brazil Nuts, and Cashews (0.13), and Scrap Lead (0.13). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Panama is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Diversification Frontier

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Depth

The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.