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2023
Flag → Flag
Exports $256MRnk 117 / 220
2023
Flag → Flag
Top Product $84.9MCars
2023
Flag → Flag
Exports $270MRnk 6 / 146
2023
Flag → Flag
Top Product $198MCopper Ore
2023
Flag
Economic Complexity (ECI) ECI 0.65Rnk 39 / 132
2023
Flag
Economic Complexity (ECI) ECI -0.14Rnk 69 / 132
2023
Flag  
GDP$3.57TCURRENT US$
Rnk 5 / 195
2013-2023
Flag
GDP GROWTH92.1%CURRENT US$
Rnk 19 / 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 $2,481CURRENT US$
Rnk 148 / 195
2013-2023
Flag
GDP PC GROWTH73.1%CURRENT US$
Rnk 22 / 195
2023
Flag
GDP PC$18,686CURRENT US$
Rnk 65 / 196
2013-2023
Flag
GDP PC GROWTH52.3%CURRENT US$
Rnk 43 / 195

About

India-Panama Trade: In 2023, India exported $256M to Panama. The main products that India exported to Panama were Cars ($84.9M), Packaged Medicaments ($14.5M), and Rolled Tobacco ($8.13M). Over the past 5 years the exports of India to Panama have increased at an annualized rate of 1.59%, from $237M in 2018 to $256M in 2023.

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

Panama-India Trade: In 2023, Panama exported $270M to India. The main products that Panama exported to India were Copper Ore ($198M), Rough Wood ($40.5M), and Scrap Iron ($24.3M). Over the past 5 years the exports of Panama to India have increased at an annualized rate of 41.1%,  from $48.1M in 2018 to $270M in 2023.

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

Comparison: In 2023,  India ranked 39 in the Economic Complexity Index (ECI 0.65), and 12 in total exports ($441B). 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, India exported $23M and imported $9.05M from Panama, resulting in a positive trade balance of $14M. Between November 2023 and November 2024 the exports of India have increased by $1.33M (6.11%) from $21.7M to $23M, while imports increased by $5.45M (152%) from $3.6M to $9.05M.

Trade In November 2024, the top exports of India to Panama were Motor Vehicle/Cars ($5.84M), Drug Formulations, Biologicals ($2.28M), Rmg Cotton Incl Accessories ($2.27M), Products Of Iron And Steel ($1.68M), and Rmg Manmade Fibres ($1.57M). In November 2024 the top imports of India from Panama were Bulk Minerals And Ores ($64.4M), Other Wood And Wood Products ($1.88M), Iron And Steel ($1.22M), Alcoholic Beverages ($154k), and Petroleum Products ($59.4k).

Growth In November 2024, the increase in India's year-by-year exports to Panama was explained primarily by an increase in product exports in Motor Vehicle/Cars ($1.25M or 27.2%), Products Of Iron And Steel ($1.15M or 218%), and Drug Formulations, Biologicals ($945k or 70.8%). In November 2024, the increase in India's year-by-year imports  from Panama was explained primarily by an increase in product imports  in Other Wood And Wood Products ($540k or 40.5%).

Latest Trade

Time Scale
Flow
Value
EXPORT GROWTH (November 2023 - November 2024)$1.33M(6.11%)
IMPORT GROWTH (November 2023 - November 2024)$5.45M(152%)

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

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

For full datasets download visit Bulk Download page.

Explore Panama and India Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, India exported $256M to Panama. The main products exported from India to Panama were Cars ($84.9M), Packaged Medicaments ($14.5M), and Rolled Tobacco ($8.13M). During the last 5 years the exports of India to Panama have increased at an annualized rate of 1.59%, from $237M in 2018 to $256M in 2023.

In 2018, Panama exported $270M to India. The main products exported from Panama to India were Copper Ore ($198M), Rough Wood ($40.5M), and Scrap Iron ($24.3M). During the last 5 years the exports of Panama to India have increased at an annualized rate of 41.1%, from $48.1M in 2023 to $270M in 2018.

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

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

Market Competitiveness

Color
India
Top DestinationUnited States$85.5B
Panama
Top DestinationChina$1.62B

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

In 2023, countries that imported more from India than Panama included United States ($85.5B), United Arab Emirates ($28.8B), and China ($18.1B).

In 2023, countries that imported more from Panama than India included Barbados ($48.4M), Costa Rica ($307M), and Aruba ($35M).

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

Comparative Advantage India - Panama

Flow
Scale

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

During 2023, India had a large net trade with Panama in the exports of Transportation ($91.5M), Machines ($41.9M), and Textiles ($35.3M).

During 2018, Panama had a large net trade with India in the exports of Mineral Products ($199M), Wood Products ($40.6M), and Metals ($28.5M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential India Panama+$20.2MPackaged Medicaments
Top Product Potential Panama India+$7.04MScrap Iron

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

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

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