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2023
Flag → Flag
Exports $503MRnk 39 / 215
2023
Flag → Flag
Top Product $370MRefined Petroleum
2023
Flag → Flag
Exports $20.3MRnk 37 / 146
2023
Flag → Flag
Top Product $10.3MBananas
2023
Flag
Economic Complexity (ECI) ECI 0.9Rnk 30 / 132
2023
Flag
Economic Complexity (ECI) ECI -0.14Rnk 69 / 132
2023
Flag  
GDP$2.14TCURRENT US$
Rnk 10 / 195
2013-2023
Flag
GDP GROWTH16%CURRENT US$
Rnk 150 / 195
2023
Flag
 GDP$83.3BCURRENT US$
Rnk 76 / 195
2013-2023
Flag
GDP GROWTH77.5%CURRENT US$
Rnk 32 / 195
2023
Flag
GDP PC $53,431CURRENT US$
Rnk 22 / 195
2013-2023
Flag
GDP PC GROWTH1.51%CURRENT US$
Rnk 152 / 195
2023
Flag
GDP PC$18,686CURRENT US$
Rnk 65 / 196
2013-2023
Flag
GDP PC GROWTH52.3%CURRENT US$
Rnk 43 / 195

About

Canada-Panama Trade: In 2023, Canada exported $503M to Panama. The main products that Canada exported to Panama were Refined Petroleum ($370M), Wheat ($14.7M), and Other Frozen Vegetables ($12.5M). Over the past 5 years the exports of Canada to Panama have increased at an annualized rate of 31.3%, from $129M in 2018 to $503M in 2023.

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 2023, Panama exported $20.3M to Canada. The main products that Panama exported to Canada were Bananas ($10.3M), Hard Liquor ($1.43M), and Aircraft parts (gliders, balloons, and powered aircraft) ($1.07M). Over the past 5 years the exports of Panama to Canada have increased at an annualized rate of 19.6%,  from $8.29M in 2018 to $20.3M in 2023.

In 2023, Panama did not export any services to Canada.

Comparison: In 2023,  Canada ranked 30 in the Economic Complexity Index (ECI 0.9), and 10 in total exports ($574B). That same year, Panama ranked 69 in the Economic Complexity Index (ECI -0.14), and 121 in total exports ($6.59B).

Latest Trends

November, 2024

About

Overview In November 2024, Canada exported C$14.5M and imported C$1.86M from Panama, resulting in a positive trade balance of C$12.7M. Between November 2023 and November 2024 the exports of Canada have decreased by C$-54.2M (-78.8%) from C$68.8M to C$14.5M, while imports increased by C$497k (36.6%) from C$1.36M to C$1.86M.

Trade In November 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 November 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 November 2024 the exports of Canada were mainly from Alberta (C$4.92M), Quebec (C$3.02M), Ontario (C$2.44M), Saskatchewan (C$1.13M), and New Brunswick (C$1.12M), while imports destinations were mainly Alberta (C$1M), Ontario (C$637k), British Columbia (C$113k), Quebec (C$63.3k), and Manitoba (C$17.6k).

Growth In November 2024, the decrease in Canada's year-by-year exports to Panama was explained primarily by an decrease in product exports in Packaged Medicaments (C$-529k or -62%), Electrical Transformers (C$-321k or -98.5%), and Pig Meat (C$-224k or -34.7%). In November 2024, the increase in Canada's year-by-year imports  from Panama was explained primarily by an increase in product imports  in Bananas (C$58.3k or 12.3%), Non-fillet Fresh Fish (C$25.7k or 58.7%), and Woven Fabrics (C$5.56k or 305%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (November 2023 - November 2024)C$-54.2M(-78.8%)
IMPORT GROWTH (November 2023 - November 2024)C$497k(36.6%)
MAIN EXPORTER (November 2024)AlbertaC$4.92M

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 2023, Canada exported $503M to Panama. The main products exported from Canada to Panama were Refined Petroleum ($370M), Wheat ($14.7M), and Other Frozen Vegetables ($12.5M). During the last 5 years the exports of Canada to Panama have increased at an annualized rate of 31.3%, from $129M in 2018 to $503M in 2023.

In 2018, Panama exported $20.3M to Canada. The main products exported from Panama to Canada were Bananas ($10.3M), Hard Liquor ($1.43M), and Aircraft parts (gliders, balloons, and powered aircraft) ($1.07M). During the last 5 years the exports of Panama to Canada have increased at an annualized rate of 19.6%, from $8.29M in 2023 to $20.3M in 2018.

Exports from Canada (Flag) to Panama (Flag) (2023)

Exports from Panama (Flag) to Canada (Flag) (2023)

Market Competitiveness

Color
Canada
Top DestinationUnited States$410B
Panama
Top DestinationChina$1.62B

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 2023, countries that imported more from Canada than Panama included United States ($410B), China ($31.1B), and United Kingdom ($18B).

In 2023, countries that imported more from Panama than Canada included Gabon ($121M), Aruba ($35M), and Costa Rica ($307M).

Difference in imports from Panama (Flag) and Canada (Flag) (2023)

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 2023, Canada had a large net trade with Panama in the exports of Mineral Products ($370M), Vegetable Products ($29.7M), and Chemical Products ($27.2M).

During 2018, Panama had a large net trade with Canada in the exports of Vegetable Products ($11.3M), Transportation ($1.78M), and Machines ($1.65M).

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) (2023)

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