Mexico (MEX) and Panama (PAN) Trade | The Observatory of Economic Complexity

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Mexico-Panama Trade: In 2023, Mexico exported $688M to Panama. The main products that Mexico exported to Panama were Packaged Medicaments ($59.7M), Cars ($53.8M), and Refrigerators ($32.2M). Over the past 5 years the exports of Mexico to Panama have decreased at an annualized rate of 6.72%, from $974M in 2018 to $688M in 2023.

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

Panama-Mexico Trade: In 2023, Panama exported $12M to Mexico. The main products that Panama exported to Mexico were Palm Oil ($4.18M), Aqueous Paints ($1.94M), and Edible Offal ($1.7M). Over the past 5 years the exports of Panama to Mexico have decreased at an annualized rate of 36.7%, from $118M in 2018 to $12M in 2023.

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

Comparison: In 2023, Mexico ranked 25 in the Economic Complexity Index (ECI 1.09), and 8 in total exports ($603B). 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, Mexico exported $688M to Panama. The main products exported from Mexico to Panama were Packaged Medicaments ($59.7M), Cars ($53.8M), and Refrigerators ($32.2M). During the last 5 years the exports of Mexico to Panama have decreased at an annualized rate of 6.72%, from $974M in 2018 to $688M in 2023.

In 2018, Panama exported $12M to Mexico. The main products exported from Panama to Mexico were Palm Oil ($4.18M), Aqueous Paints ($1.94M), and Edible Offal ($1.7M). During the last 5 years the exports of Panama to Mexico have decreased at an annualized rate of 36.7%, from $118M in 2023 to $12M in 2018.

Exports from Mexico () to Panama () (2023)

Exports from Panama () to Mexico () (2023)

Latest Data

Trade between Mexico () and Panama ()

Mexico Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Mexico
Top DestinationUnited States$456B

Panama
Top DestinationChina$1.62B

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

In 2023, countries that imported more from Mexico than Panama included United States ($456B), Canada ($33B), and China ($15B).

In 2023, countries that imported more from Panama than Mexico included Gabon ($121M), Denmark ($239M), and Aruba ($35M).

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

Comparative Advantage Mexico - Panama

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Mexico had a large net trade with Panama in the exports of Chemical Products ($154M), Machines ($154M), and Foodstuffs ($95.4M).

During 2018, Panama had a large net trade with Mexico in the exports of Animal and Vegetable Bi-Products ($5.11M), Chemical Products ($3.26M), and Animal Products ($1.9M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Mexico Panama+$46.7MCars

Top Product Potential Panama Mexico+$821kFish Fillets

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

Year

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

About

Historical Data

Bilateral Trade by Products

Exports from Mexico () to Panama () (2023)

Exports from Panama () to Mexico () (2023)

Latest Data

Trade between Mexico () and Panama ()

Mexico Exports

Market Competitiveness

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

Comparative Advantage Mexico - Panama

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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