Overview In 2020, Panama was the number 83 economy in the world in terms of GDP (current US$), the number 122 in total exports, the number 63 in total imports, the number 64 economy in terms of GDP per capita (current US$) and the number 58 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Panama are Copper Ore ($1.05B), Bananas ($370M), Packaged Medicaments ($333M), Passenger and Cargo Ships ($223M), and Refined Petroleum ($187M), exporting mostly to Guatemala ($613M), China ($405M), Netherlands ($299M), South Korea ($249M), and United States ($239M).

Imports The top imports of Panama are Passenger and Cargo Ships ($7.46B), Refined Petroleum ($4.78B), Crude Petroleum ($3.45B), Packaged Medicaments ($911M), and Boat Propellers ($534M), importing mostly from China ($8.8B), United States ($5.43B), Japan ($4.6B), Ecuador ($2.43B), and Colombia ($1.43B).

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

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The following section uses the most recent trade data from partners of Panama.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

Historical Data

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Top Export (2020): Copper Ore, $1.05B

Top Destination (2020): Guatemala, $8.8B

In 2020, Panama exported a total of $4.04B, making it the number 122 exporter in the world. During the last five reported years the exports of Panama have changed by -$5.83B from $9.87B in 2015 to $4.04B in 2020.

The most recent exports are led by Copper Ore ($1.05B), Bananas ($370M), Packaged Medicaments ($333M), Passenger and Cargo Ships ($223M), and Refined Petroleum ($187M). The most common destination for the exports of Panama are Guatemala ($613M), China ($405M), Netherlands ($299M), South Korea ($249M), and United States ($239M).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

Panama Exports Services (2019): $13.9B

Panama Imports Services (2019): $5.12B

In 2019, Panama exported $13.9B worth of services. The top services exported by Panama in 2019 were Transportation ($7.06B), Personal travel ($4.34B), Financial services ($1.08B), Other business services ($552M), and Computer and information services ($303M).

The top services imported by Panama in 2019 were Transportation ($1.94B), Personal travel ($1.1B), Other business services ($852M), Financial services ($370M), and Business travel ($314M).

Economic Complexity

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Most Specialized Products by RCA Index

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Panama has a high level of specialization in Bananas (111), Copper Ore (70.8), Fish oil (51.8), Molasses (36.4), and Prepared Explosives (31.6). Specialization is measured using RCA, an index that takes the ratio between Panama observed and expected exports in each product.

Export Opportunities by Relatedness

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The top export opportunities for Panama according to the relatedness index, are Cocoa Beans (0.16), Gold (0.15), Processed Fish (0.14), Soap (0.14), and Collector's Items (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 a country currently specializes in.

Relatedness Space

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This network shows the products most related to the production structure of Panama. These are products that tend to be co-exported with the products that Panama exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.

Economic Complexity Ranking

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During the last 20 years Panama's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨61st 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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