NEW: World Trade TARIFFS Simulator!
NEW: 2023 Data and Complexity Rankings
Sign In
Pricing

2023
Flag → Flag
Exports $2.36BRnk 25 / 220
2023
Flag → Flag
Top Product $1.99BNitrogen Heterocyclic Compounds
2023
Flag → Flag
Exports $261MRnk 7 / 146
2023
Flag → Flag
Top Product $201MCopper Ore
2023
Flag
Economic Complexity (ECI) ECI 0.86Rnk 31 / 132
2023
Flag
Economic Complexity (ECI) ECI -0.14Rnk 69 / 132
2023
Flag  
GDP$1.62TCURRENT US$
Rnk 15 / 195
2013-2023
Flag
GDP GROWTH18.9%CURRENT US$
Rnk 143 / 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 $33,509CURRENT US$
Rnk 40 / 195
2013-2023
Flag
GDP PC GROWTH14.7%CURRENT US$
Rnk 119 / 195
2023
Flag
GDP PC$18,686CURRENT US$
Rnk 65 / 196
2013-2023
Flag
GDP PC GROWTH52.3%CURRENT US$
Rnk 43 / 195

About

Spain-Panama Trade: In 2023, Spain exported $2.36B to Panama. The main products that Spain exported to Panama were Nitrogen Heterocyclic Compounds ($1.99B), Packaged Medicaments ($37.2M), and Refined Petroleum ($32.6M). Over the past 5 years the exports of Spain to Panama have increased at an annualized rate of 34.5%, from $536M in 2018 to $2.36B in 2023.

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

Panama-Spain Trade: In 2023, Panama exported $261M to Spain. The main products that Panama exported to Spain were Copper Ore ($201M), Non-fillet Frozen Fish ($31.9M), and Tropical Fruits ($6.96M). Over the past 5 years the exports of Panama to Spain have increased at an annualized rate of 32.7%,  from $63.4M in 2018 to $261M in 2023.

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

Comparison: In 2023,  Spain ranked 31 in the Economic Complexity Index (ECI 0.86), and 16 in total exports ($402B). 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, Spain exported €258M and imported €3.27M from Panama, resulting in a positive trade balance of €255M. Between November 2023 and November 2024 the exports of Spain have increased by €121M (87.7%) from €138M to €258M, while imports decreased by €-21.6M (-86.9%) from €24.9M to €3.27M.

Trade In November 2024, the top exports of Spain to Panama were Nitrogen Heterocyclic Compounds (€134M), Perfumes (€3.14M), Packaged Medicaments (€1.92M), Prefabricated Buildings (€947k), and Electric Generating Sets (€807k). In November 2024 the top imports of Spain from Panama were Non-fillet Frozen Fish (€2.66M), Tropical Fruits (€469k), Scrap Copper (€261k), Scrap Iron (€62.1k), and Melons (€43.3k).

Origins In November 2024 the exports of Spain were mainly from Barcelona (€235M), Madrid (€6.71M), Valencia (€2.2M), Castellón (€1.61M), and A Coruña (€907k), while imports destinations were mainly Barcelona (€1.24M), Vizcaya (€797k), Málaga (€542k), Asturias (€204k), and Madrid (€195k).

Growth In November 2024, the increase in Spain's year-by-year exports to Panama was explained primarily by an increase in product exports in Prefabricated Buildings (€871k or 1.15k%), Perfumes (€691k or 28.3%), and Air Pumps (€591k or 22.4k%). In November 2024, the decrease in Spain's year-by-year imports  from Panama was explained primarily by an decrease in product imports  in Scrap Copper (€-78.5k or -23.1%), Sculptures (€-38.1k or -93.1%), and Wallpaper (€-6.32k or -49.1%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (November 2023 - November 2024)€121M(87.7%)
IMPORT GROWTH (November 2023 - November 2024)€-21.6M(-86.9%)
MAIN EXPORTER (November 2024)Barcelona€235M

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

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

For full datasets download visit Bulk Download page.

Explore Panama and Spain Data

Go to Bulk Download

Subscribe today to OEC pro and access the latest data

Sign Up

Subscribe today to OEC pro and access the latest data

Sign Up

Subscribe today to OEC pro and access the latest data

Sign Up

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Spain exported $2.36B to Panama. The main products exported from Spain to Panama were Nitrogen Heterocyclic Compounds ($1.99B), Packaged Medicaments ($37.2M), and Refined Petroleum ($32.6M). During the last 5 years the exports of Spain to Panama have increased at an annualized rate of 34.5%, from $536M in 2018 to $2.36B in 2023.

In 2018, Panama exported $261M to Spain. The main products exported from Panama to Spain were Copper Ore ($201M), Non-fillet Frozen Fish ($31.9M), and Tropical Fruits ($6.96M). During the last 5 years the exports of Panama to Spain have increased at an annualized rate of 32.7%, from $63.4M in 2023 to $261M in 2018.

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

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

Market Competitiveness

Color
Spain
Top DestinationFrance$61.9B
Panama
Top DestinationChina$1.62B

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

In 2023, countries that imported more from Spain than Panama included France ($61.9B), Germany ($40.2B), and Portugal ($38.1B).

In 2023, countries that imported more from Panama than Spain included Guyana ($81.3M), Barbados ($48.4M), and Bahamas ($33.2M).

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

Comparative Advantage Spain - Panama

Flow
Scale

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

During 2023, Spain had a large net trade with Panama in the exports of Chemical Products ($2.07B), Machines ($62.7M), and Foodstuffs ($45M).

During 2018, Panama had a large net trade with Spain in the exports of Mineral Products ($201M), Animal Products ($34M), and Vegetable Products ($9.45M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Spain Panama+$42.2MRefined Petroleum
Top Product Potential Panama Spain+$1.36MBananas

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.

Subscribe today to OEC pro and access the latest data

Sign Up

Subscribe today to OEC pro and access the latest data

Sign Up

Economic Complexity

Competitive Landscape

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

Product Space of Spain (Flag) and Panama (Flag) (2023)

Keep Exploring

Have questions, comments, or concerns?
Send us an e-mail: support@oec.world
Follow @OECtoday on
Created, Designed, and Developed by:
In collaboration with
About the OECPrivacy PolicyTerms