Flag Panama

2019
Economic
Complexity
: 0.19, Rank 58 of 146

2019
Product
Exports | Imports
: $4.95B | $38.2B, 115 of 225 |  60 of 225

2019
Per Capita Product
Exports | Imports
: $1.16k | $9k, 113 of 219 |  60 of 219

2018
Service
Exports | Imports
: $13.8B | $4.93B, 28 of 88 | 41 of 88

Overview: In 2019 Panama was the number 74 economy in the world in terms of GDP (current US$), the number 115 in total exports, the number 60 in total imports, the number 56 economy in terms of GDP per capita (current US$) and the number 58 most complex economy according to the Economic Complexity Index (ECI)

Exports: The top exports of Panama are Refined Petroleum ($800M), Copper Ore ($538M), Bananas ($350M), Passenger and Cargo Ships ($302M), and Coal Tar Oil ($288M), exporting mostly to Ecuador ($975M), Guatemala ($667M), China ($410M), United States ($308M), and Netherlands ($280M).

Imports: The top imports of Panama are Passenger and Cargo Ships ($7.94B), Refined Petroleum ($6.13B), Crude Petroleum ($4.24B), Special Purpose Ships ($1.47B), and Packaged Medicaments ($934M), importing mostly from China ($7.95B), United States ($7.2B), Japan ($6.09B), Colombia ($2.35B), and Ecuador ($1.92B).

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

Yearly Exports

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Value
Depth

Top Export (2019): Refined Petroleum, $800M

Top Destination (2019): Ecuador, $975M

In 2019, Panama exported a total of $4.95B, making it the number 115 exporter in the world. During the last five reported years the exports of Panama have changed by -$6.55B from $11.5B in 2014 to $4.95B in 2019.

The most recent exports are led by Refined Petroleum ($800M), Copper Ore ($538M), Bananas ($350M), Passenger and Cargo Ships ($302M), and Coal Tar Oil ($288M). The most common destination for the exports of Panama are Ecuador ($975M), Guatemala ($667M), China ($410M), United States ($308M), and Netherlands ($280M).

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Yearly Imports

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Value
Depth

Top Import (2019): Passenger and Cargo Ships, $7.94B

Top Origin (2019): China, $7.95B

In 2019 Panama imported $38.2B, making it the number 60 trade destination in the world. During the last five reported years the imports of Panama changed by -$7.64B from $45.9B in 2014 to $38.2B in 2019.

The most recent imports of Panama are led by Passenger and Cargo Ships ($7.94B), Refined Petroleum ($6.13B), Crude Petroleum ($4.24B), Special Purpose Ships ($1.47B), and Packaged Medicaments ($934M). The most common import partners for Panama are China ($7.95B), United States ($7.2B), Japan ($6.09B), Colombia ($2.35B), and Ecuador ($1.92B).

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Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

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).

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 mÑs complex, moving from the ⁩⁨63rd to the 58th⁩ 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 (90.1), Fish Oil (55.4), Metal Signs (49.8), Tug Boats (43.8), and Prepared Explosives (41.5). 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 unrecorded sound recording media (non-photo) (1.74), Special textile products for technical purposes (1.21), Abrasive cloths, papers etc (including sandpaper) (1.18), Compounds with other nitrogen function (1.17), and Knives and blades for hand use (1.11). 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 Coconuts, Brazil Nuts, and Cashews (0.15), Cocoa Beans (0.15), Crude Petroleum (0.15), Cassava (0.15), and Perfume Plants (0.14). 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.