2022
Flag  
GDP
$115BCURRENT US$
Rnk 62 / 186
2012-2022
Flag
GDP GROWTH
30.9%CURRENT US$
Rnk 98 / 186
2022
Flag
 GDP
$76.5BCURRENT US$
Rnk 74 / 186
2012-2022
Flag
GDP GROWTH
89.3%CURRENT US$
Rnk 19 / 186
2022
Flag
GDP PC 
$6,391CURRENT US$
Rnk 101 / 186
2012-2022
Flag
GDP PC GROWTH
12.6%CURRENT US$
Rnk 106 / 186
2022
Flag
GDP PC
$17,358CURRENT US$
Rnk 59 / 186
2012-2022
Flag
GDP PC GROWTH
61.2%CURRENT US$
Rnk 26 / 186

About

Ecuador-Panama Trade: In 2022, Ecuador exported $4.97B to Panama. The main products that Ecuador exported to Panama were Crude Petroleum ($4.02B), Refined Petroleum ($877M), and Animal Food ($8.09M). Over the past 5 years the exports of Ecuador to Panama have increased at an annualized rate of 39.5%, from $941M in 2017 to $4.97B in 2022.

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

Panama-Ecuador Trade: In 2022, Panama exported $84.9M to Ecuador. The main products that Panama exported to Ecuador were Refined Petroleum ($15.3M), Non-fillet Frozen Fish ($13.7M), and Electrical Transformers ($5.75M). Over the past 5 years the exports of Panama to Ecuador have decreased at an annualized rate of 19.4%,  from $915M in 2017 to $84.9M in 2022.

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

Comparison: In 2022,  Ecuador ranked 109 in the Economic Complexity Index (ECI -0.96), and 68 in total exports ($36B). 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
Value

In 2022, Ecuador exported $4.97B to Panama. The main products exported from Ecuador to Panama were Crude Petroleum ($4.02B), Refined Petroleum ($877M), and Animal Food ($8.09M). During the last 5 years the exports of Ecuador to Panama have increased at an annualized rate of 39.5%, from $941M in 2017 to $4.97B in 2022.

In 2017, Panama exported $84.9M to Ecuador. The main products exported from Panama to Ecuador were Refined Petroleum ($15.3M), Non-fillet Frozen Fish ($13.7M), and Electrical Transformers ($5.75M). During the last 5 years the exports of Panama to Ecuador have decreased at an annualized rate of 19.4%, from $915M in 2022 to $84.9M in 2017.

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

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

Market Competitiveness

Color
Ecuador
Top Destination
United States$9.86B
Panama
Top Destination
China$1.14B

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

In 2022, countries that imported more from Ecuador than Panama included United States ($9.86B), China ($6.17B), and Chile ($1.34B).

In 2022, countries that imported more from Panama than Ecuador included South Korea ($539M), Thailand ($295M), and Japan ($785M).

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

Comparative Advantage Ecuador - Panama

Flow
Scale

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

During 2022, Ecuador had a large net trade with Panama in the exports of Mineral Products ($4.9B), Foodstuffs ($17M), and Chemical Products ($9.39M).

During 2017, Panama had a large net trade with Ecuador in the exports of Machines ($20.1M), Animal Products ($16.1M), and Mineral Products ($15.4M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Ecuador Panama+$25.8MRefined Petroleum
Top Product Potential Panama Ecuador+$293kHard Liquor

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 Ecuador and Panama. This means that a dot/product with the flag of Ecuador indicates it has a comparative advantage over Panama. Similarly, a dot/product with the flag of Panama indicates it has a comparative advantage over Ecuador.

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

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