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2023
Flag → Flag
Exports $258MRnk 72 / 142
2023
Flag → Flag
Top Product $53.1MCars
2023
Flag → Flag
Exports $233MRnk 10 / 146
2023
Flag → Flag
Top Product $226MCopper Ore
2023
Flag
Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
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Economic Complexity (ECI) ECI -0.14Rnk 69 / 132
2023
Flag  
GDP$1.71TCURRENT US$
Rnk 14 / 195
2013-2023
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GDP GROWTH25%CURRENT US$
Rnk 127 / 195
2023
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 GDP$83.3BCURRENT US$
Rnk 76 / 195
2013-2023
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GDP GROWTH77.5%CURRENT US$
Rnk 32 / 195
2023
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GDP PC $33,121CURRENT US$
Rnk 41 / 195
2013-2023
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GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 195
2023
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GDP PC$18,686CURRENT US$
Rnk 65 / 196
2013-2023
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GDP PC GROWTH52.3%CURRENT US$
Rnk 43 / 195

About

South Korea-Panama Trade: In 2023, South Korea exported $258M to Panama. The main products that South Korea exported to Panama were Cars ($53.1M), Iron Structures ($18.1M), and Large Construction Vehicles ($13.3M). Over the past 5 years the exports of South Korea to Panama have decreased at an annualized rate of 34.1%, from $2.08B in 2018 to $258M in 2023.

In 2005, South Korea exported services to Panama worth $114M, with Transportation ($92.6M), Services not allocated ($11.9M), and Other business services ($5M) being the largest in terms of value.

Panama-South Korea Trade: In 2023, Panama exported $233M to South Korea. The main products that Panama exported to South Korea were Copper Ore ($226M), Coffee ($2.26M), and Scrap Copper ($2.12M). Over the past 5 years the exports of Panama to South Korea have increased at an annualized rate of 8.17%,  from $157M in 2018 to $233M in 2023.

In 2023, Panama did not export any services to South Korea.

Comparison: In 2023,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B). That same year, Panama ranked 69 in the Economic Complexity Index (ECI -0.14), and 121 in total exports ($6.59B).

Latest Trends

December, 2024

About

Overview In December 2024, South Korea exported $28.6M and imported $30M from Panama, resulting in a negative trade balance of $1.32M. Between December 2023 and December 2024 the exports of South Korea have decreased by $-3.02M (-9.53%) from $31.7M to $28.6M, while imports increased by $949k (3.27%) from $29M to $30M.

Trade In December 2024, the top exports of South Korea to Panama were Machinery, mechanical appliances, & parts ($3.31M), Rubber & articles thereof ($1.93M), Cars, tractors, trucks & parts thereof. ($1.92M), Electrical machinery and electronics ($1.79M), and Plastics & articles thereof ($912k). In December 2024 the top imports of South Korea from Panama were Mineral fuels, mineral oils and products... ($11M), Copper articles ($797k), Aluminum articles ($461k), Electrical machinery and electronics ($218k), and Coffee, tea, mate & spices ($52k).

Growth In December 2024, the decrease in South Korea's year-by-year exports to Panama was explained primarily by an decrease in product exports in Machinery, mechanical appliances, & parts ($-5.57M or -62.8%), Cars, tractors, trucks & parts thereof. ($-3.89M or -67%), and Iron/Steel Articles ($-826k or -91.2%). In December 2024, the increase in South Korea's year-by-year imports  from Panama was explained primarily by an increase in product imports  in Mineral fuels, mineral oils and products... ($8.75M or 385%), Aluminum articles ($364k or 375%), and Electrical machinery and electronics ($89k or 69%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (December 2023 - December 2024)$-3.02M(-9.53%)
IMPORT GROWTH (December 2023 - December 2024)$949k(3.27%)

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

To check Panama and South Korea trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Panama and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, South Korea exported $258M to Panama. The main products exported from South Korea to Panama were Cars ($53.1M), Iron Structures ($18.1M), and Large Construction Vehicles ($13.3M). During the last 5 years the exports of South Korea to Panama have decreased at an annualized rate of 34.1%, from $2.08B in 2018 to $258M in 2023.

In 2018, Panama exported $233M to South Korea. The main products exported from Panama to South Korea were Copper Ore ($226M), Coffee ($2.26M), and Scrap Copper ($2.12M). During the last 5 years the exports of Panama to South Korea have increased at an annualized rate of 8.17%, from $157M in 2023 to $233M in 2018.

Exports from South Korea (Flag) to Panama (Flag) (2023)

Exports from Panama (Flag) to South Korea (Flag) (2023)

Market Competitiveness

Color
South Korea
Top DestinationChina$162B
Panama
Top DestinationChina$1.62B

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

In 2023, countries that imported more from South Korea than Panama included China ($162B), United States ($118B), and Hong Kong ($28.8B).

In 2023, countries that imported more from Panama than South Korea included Barbados ($48.4M), Jamaica ($87.1M), and Guyana ($81.3M).

Difference in imports from Panama (Flag) and South Korea (Flag) (2023)

Comparative Advantage South Korea - Panama

Flow
Scale

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

During 2023, South Korea had a large net trade with Panama in the exports of Machines ($101M), Transportation ($71M), and Metals ($52.6M).

During 2018, Panama had a large net trade with South Korea in the exports of Mineral Products ($226M), Metals ($4.26M), and Vegetable Products ($2.26M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Panama+$22MCars
Top Product Potential Panama South Korea+$2.64MRefined 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

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

Product Space of South Korea (Flag) and Panama (Flag) (2023)

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