Guatemala (GTM) and Panama (PAN) Trade | The Observatory of Economic Complexity

About

Guatemala-Panama Trade: In 2023, Guatemala exported $324M to Panama. The main products that Guatemala exported to Panama were Packaged Medicaments ($47.1M), Baked Goods ($21M), and Flavored Water ($16.7M). Over the past 5 years the exports of Guatemala to Panama have increased at an annualized rate of 5.24%, from $251M in 2018 to $324M in 2023.

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

Panama-Guatemala Trade: In 2023, Panama exported $82.7M to Guatemala. The main products that Panama exported to Guatemala were Non-fillet Frozen Fish ($9.11M), Packaged Medicaments ($6.08M), and Video Displays ($6.02M). Over the past 5 years the exports of Panama to Guatemala have decreased at an annualized rate of 32.5%, from $590M in 2018 to $82.7M in 2023.

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

Comparison: In 2023, Guatemala ranked 73 in the Economic Complexity Index (ECI -0.21), and 86 in total exports ($15.4B). 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, Guatemala exported $324M to Panama. The main products exported from Guatemala to Panama were Packaged Medicaments ($47.1M), Baked Goods ($21M), and Flavored Water ($16.7M). During the last 5 years the exports of Guatemala to Panama have increased at an annualized rate of 5.24%, from $251M in 2018 to $324M in 2023.

In 2018, Panama exported $82.7M to Guatemala. The main products exported from Panama to Guatemala were Non-fillet Frozen Fish ($9.11M), Packaged Medicaments ($6.08M), and Video Displays ($6.02M). During the last 5 years the exports of Panama to Guatemala have decreased at an annualized rate of 32.5%, from $590M in 2023 to $82.7M in 2018.

Exports from Guatemala () to Panama () (2023)

Exports from Panama () to Guatemala () (2023)

Latest Data

Trade between Guatemala () and Panama ()

Guatemala Exports

Date

Panama Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Guatemala
Top DestinationUnited States$5.16B

Panama
Top DestinationChina$1.62B

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

In 2023, countries that imported more from Guatemala than Panama included United States ($5.16B), El Salvador ($1.73B), and Honduras ($1.42B).

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

Difference in imports from Panama () and Guatemala () (2023)

Comparative Advantage Guatemala - Panama

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Guatemala had a large net trade with Panama in the exports of Chemical Products ($116M), Foodstuffs ($89.9M), and Paper Goods ($27.8M).

During 2018, Panama had a large net trade with Guatemala in the exports of Machines ($20.6M), Chemical Products ($12.8M), and Animal Products ($11.7M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Guatemala Panama+$1.34MHard Liquor

Top Product Potential Panama Guatemala+$584kTelephones

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

Year

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

About

Historical Data

Bilateral Trade by Products

Exports from Guatemala () to Panama () (2023)

Exports from Panama () to Guatemala () (2023)

Latest Data

Trade between Guatemala () and Panama ()

Guatemala Exports

Panama Exports

Market Competitiveness

Difference in imports from Panama () and Guatemala () (2023)

Comparative Advantage Guatemala - Panama

Potential Exports

Potential Exports

Subscribe today to OEC pro and access the latest data

Subscribe today to OEC pro and access the latest data

Economic Complexity

Competitive Landscape

Product Space of Guatemala () and Panama () (2023)

Keep Exploring