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2022
Flag → Flag
Exports $310MRnk 54 / 215
2022
Flag → Flag
Top Product $191MRefined Petroleum
2022
Flag → Flag
Exports $150MRnk 11 / 153
2022
Flag → Flag
Top Product $136MCopper Ore
2022
Flag
Economic Complexity (ECI) ECI 0.92Rnk 31 / 133
2022
Flag
Economic Complexity (ECI) ECI 0.17Rnk 56 / 133
2022
Flag  
GDP$2.14TCURRENT US$
Rnk 9 / 186
2012-2022
Flag
GDP GROWTH17%CURRENT US$
Rnk 129 / 186
2022
Flag
 GDP$76.5BCURRENT US$
Rnk 74 / 186
2012-2022
Flag
GDP GROWTH89.3%CURRENT US$
Rnk 19 / 186
2022
Flag
GDP PC $54,966CURRENT US$
Rnk 14 / 186
2012-2022
Flag
GDP PC GROWTH4.36%CURRENT US$
Rnk 130 / 186
2022
Flag
GDP PC$17,358CURRENT US$
Rnk 59 / 186
2012-2022
Flag
GDP PC GROWTH61.2%CURRENT US$
Rnk 26 / 186

About

Canada-Panama Trade: In 2022, Canada exported $310M to Panama. The main products that Canada exported to Panama were Refined Petroleum ($191M), Liquid Pumps ($13.6M), and Dried Legumes ($12.4M). Over the past 5 years the exports of Canada to Panama have increased at an annualized rate of 18.8%, from $131M in 2017 to $310M in 2022.

In 2020, Canada exported services to Panama worth $14.9M, with Communications services ($4.47M), Financial services ($4.47M), and Computer and information services ($4.47M) being the largest in terms of value.

Panama-Canada Trade: In 2022, Panama exported $150M to Canada. The main products that Panama exported to Canada were Copper Ore ($136M), Bananas ($4.7M), and Hard Liquor ($2.69M). Over the past 5 years the exports of Panama to Canada have increased at an annualized rate of 52.8%,  from $18M in 2017 to $150M in 2022.

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

Comparison: In 2022,  Canada ranked 31 in the Economic Complexity Index (ECI 0.92), and 9 in total exports ($587B). That same year, Panama ranked 56 in the Economic Complexity Index (ECI 0.17), and 119 in total exports ($6.62B).

Latest Trends

September, 2024

About

Overview In September 2024, Canada exported C$72.4M and imported C$1.08M from Panama, resulting in a positive trade balance of C$71.4M. Between September 2023 and September 2024 the exports of Canada have increased by C$61.6M (570%) from C$10.8M to C$72.4M, while imports decreased by C$-1.59M (-59.6%) from C$2.66M to C$1.08M.

Trade In September 2024, the top exports of Canada to Panama were Valves (C$1.43M), Other Frozen Vegetables (C$1.27M), Abrasive Powder (C$958k), Dried Legumes (C$747k), and Edible Offal (C$564k). In September 2024 the top imports of Canada from Panama were Bananas (C$531k), Hard Liquor (C$182k), Plastic Lids (C$128k), Animal Meal and Pellets (C$116k), and Molluscs (C$96.3k).

Origins In September 2024 the exports of Canada were mainly from Alberta (C$64.5M), Ontario (C$3.91M), Quebec (C$1.92M), Saskatchewan (C$929k), and New Brunswick (C$580k), while imports destinations were mainly Ontario (C$369k), British Columbia (C$247k), Quebec (C$232k), Alberta (C$211k), and Manitoba (C$16.8k).

Growth In September 2024, the increase in Canada's year-by-year exports to Panama was explained primarily by an increase in product exports in Valves (C$1.13M or 377%), Abrasive Powder (C$629k or 191%), and Edible Offal (C$396k or 235%). In September 2024, the decrease in Canada's year-by-year imports  from Panama was explained primarily by an decrease in product imports  in Hard Liquor (C$-203k or -52.7%), Centrifuges (C$-97.2k or -97.2%), and Animal Meal and Pellets (C$-81k or -41%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (September 2023 - September 2024)C$61.6M(570%)
IMPORT GROWTH (September 2023 - September 2024)C$-1.59M(-59.6%)
MAIN EXPORTER (September 2024)AlbertaC$64.5M

This section shows exports and imports data at subnational level for Canada. Click any date in the line plot, any subnational region in the geomap or any product to explore the exports or imports behavior of Canada over time.

To check Panama and Canada trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Panama and Canada Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Canada exported $310M to Panama. The main products exported from Canada to Panama were Refined Petroleum ($191M), Liquid Pumps ($13.6M), and Dried Legumes ($12.4M). During the last 5 years the exports of Canada to Panama have increased at an annualized rate of 18.8%, from $131M in 2017 to $310M in 2022.

In 2017, Panama exported $150M to Canada. The main products exported from Panama to Canada were Copper Ore ($136M), Bananas ($4.7M), and Hard Liquor ($2.69M). During the last 5 years the exports of Panama to Canada have increased at an annualized rate of 52.8%, from $18M in 2022 to $150M in 2017.

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

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

Market Competitiveness

Color
Canada
Top DestinationUnited States$438B
Panama
Top DestinationChina$1.14B

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

In 2022, countries that imported more from Canada than Panama included United States ($438B), China ($25.4B), and Japan ($14.3B).

In 2022, countries that imported more from Panama than Canada included Bulgaria ($176M), Aruba ($43.4M), and Costa Rica ($242M).

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

Comparative Advantage Canada - Panama

Flow
Scale

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

During 2022, Canada had a large net trade with Panama in the exports of Mineral Products ($191M), Machines ($33.4M), and Foodstuffs ($16.5M).

During 2017, Panama had a large net trade with Canada in the exports of Mineral Products ($136M), Vegetable Products ($5.46M), and Foodstuffs ($3.92M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Canada Panama+$48.2MRefined Petroleum
Top Product Potential Panama Canada+$2.7MBananas

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

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

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

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