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

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Costa Rica-Panama Trade: In 2023, Costa Rica exported $585M to Panama. The main products that Costa Rica exported to Panama were Other Edible Preparations ($62M), Packaged Medicaments ($34.7M), and Plastic Lids ($32M). Over the past 5 years the exports of Costa Rica to Panama have increased at an annualized rate of 1.27%, from $549M in 2018 to $585M in 2023.

In 2023, Costa Rica did not export any services to Panama.

Panama-Costa Rica Trade: In 2023, Panama exported $307M to Costa Rica. The main products that Panama exported to Costa Rica were Refined Petroleum ($59.6M), Packaged Medicaments ($25.7M), and Non-fillet Frozen Fish ($18.7M). Over the past 5 years the exports of Panama to Costa Rica have increased at an annualized rate of 3.66%, from $256M in 2018 to $307M in 2023.

In 2023, Panama did not export any services to Costa Rica.

Comparison: In 2023, Costa Rica ranked 48 in the Economic Complexity Index (ECI 0.34), and 73 in total exports ($23.7B). That same year, Panama ranked 69 in the Economic Complexity Index (ECI -0.14), and 121 in total exports ($6.59B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Costa Rica exported $585M to Panama. The main products exported from Costa Rica to Panama were Other Edible Preparations ($62M), Packaged Medicaments ($34.7M), and Plastic Lids ($32M). During the last 5 years the exports of Costa Rica to Panama have increased at an annualized rate of 1.27%, from $549M in 2018 to $585M in 2023.

In 2018, Panama exported $307M to Costa Rica. The main products exported from Panama to Costa Rica were Refined Petroleum ($59.6M), Packaged Medicaments ($25.7M), and Non-fillet Frozen Fish ($18.7M). During the last 5 years the exports of Panama to Costa Rica have increased at an annualized rate of 3.66%, from $256M in 2023 to $307M in 2018.

Exports from Costa Rica () to Panama () (2023)

Exports from Panama () to Costa Rica () (2023)

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$9.5B

Panama
Top DestinationChina$1.62B

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 2023, countries that imported more from Costa Rica than Panama included United States ($9.5B), Netherlands ($1.52B), and Guatemala ($846M).

In 2023, countries that imported more from Panama than Costa Rica included China ($1.62B), Thailand ($346M), and Japan ($653M).

Difference in imports from Panama () and Costa Rica () (2023)

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 2023, Costa Rica had a large net trade with Panama in the exports of Foodstuffs ($206M), Chemical Products ($145M), and Plastics and Rubbers ($60.9M).

During 2018, Panama had a large net trade with Costa Rica in the exports of Mineral Products ($59.9M), Machines ($54.7M), and Chemical Products ($45.6M).

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.

About

Historical Data

Bilateral Trade by Products

Exports from Costa Rica () to Panama () (2023)

Exports from Panama () to Costa Rica () (2023)

Latest Data

Trade between Costa Rica () and Panama ()

Costa Rica Exports

Panama Exports

Market Competitiveness

Difference in imports from Panama () and Costa Rica () (2023)

Comparative Advantage Costa Rica - Panama

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Costa Rica () and Panama () (2023)

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