Costa Rica (CRI) and Panama (PAN) Trade | The Observatory of Economic Complexity

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Costa Rica-Panama Trade: In 2022, Costa Rica exported $564M to Panama. The main products that Costa Rica exported to Panama were Other Edible Preparations ($55.7M), Plastic Lids ($30.2M), and Animal Food ($27.2M). Over the past 5 years the exports of Costa Rica to Panama have decreased at an annualized rate of 0.46%, from $577M in 2017 to $564M in 2022.

In 2022, Costa Rica did not export any services to Panama.

Panama-Costa Rica Trade: In 2022, Panama exported $242M to Costa Rica. The main products that Panama exported to Costa Rica were Packaged Medicaments ($23M), Aluminium Cans ($17.3M), and Other Oily Seeds ($16.5M). Over the past 5 years the exports of Panama to Costa Rica have decreased at an annualized rate of 5.91%, from $328M in 2017 to $242M in 2022.

In 2022, Panama did not export any services to Costa Rica.

Comparison: In 2022, Costa Rica ranked 51 in the Economic Complexity Index (ECI 0.32), and 82 in total exports ($17.2B). That same year, Panama ranked 56 in the Economic Complexity Index (ECI 0.17), and 119 in total exports ($6.62B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Costa Rica exported $564M to Panama. The main products exported from Costa Rica to Panama were Other Edible Preparations ($55.7M), Plastic Lids ($30.2M), and Animal Food ($27.2M). During the last 5 years the exports of Costa Rica to Panama have decreased at an annualized rate of 0.46%, from $577M in 2017 to $564M in 2022.

In 2017, Panama exported $242M to Costa Rica. The main products exported from Panama to Costa Rica were Packaged Medicaments ($23M), Aluminium Cans ($17.3M), and Other Oily Seeds ($16.5M). During the last 5 years the exports of Panama to Costa Rica have decreased at an annualized rate of 5.91%, from $328M in 2022 to $242M in 2017.

Exports from Costa Rica () to Panama () (2022)

Exports from Panama () to Costa Rica () (2022)

Latest Data

Trade between Costa Rica () and Panama ()

Costa Rica Exports

Date

Panama Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Costa Rica
Top DestinationUnited States$6.83B

Panama
Top DestinationChina$1.14B

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

In 2022, countries that imported more from Costa Rica than Panama included United States ($6.83B), Netherlands ($1.22B), and Belgium ($775M).

In 2022, countries that imported more from Panama than Costa Rica included China ($1.14B), Japan ($785M), and South Korea ($539M).

Difference in imports from Panama () and Costa Rica () (2022)

Comparative Advantage Costa Rica - Panama

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Costa Rica had a large net trade with Panama in the exports of Foodstuffs ($182M), Chemical Products ($136M), and Plastics and Rubbers ($67.4M).

During 2017, Panama had a large net trade with Costa Rica in the exports of Machines ($59.5M), Chemical Products ($44.4M), and Metals ($23.6M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Costa Rica Panama+$2.87MMedical Instruments

Top Product Potential Panama Costa Rica+$4.97MRefined Petroleum

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

Year

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

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Historical Data

Bilateral Trade by Products

Exports from Costa Rica () to Panama () (2022)

Exports from Panama () to Costa Rica () (2022)

Latest Data

Trade between Costa Rica () and Panama ()

Costa Rica Exports

Panama Exports

Market Competitiveness

Difference in imports from Panama () and Costa Rica () (2022)

Comparative Advantage Costa Rica - Panama

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Costa Rica () and Panama () (2022)

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