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2023
Flag → Flag
Exports $20.3MRnk 37 / 146
2023
Flag → Flag
Top Product $10.3MBananas
2023
Flag → Flag
Exports $503MRnk 39 / 215
2023
Flag → Flag
Top Product $370MRefined Petroleum
2023
Flag
Economic Complexity (ECI) ECI -0.14Rnk 69 / 132
2023
Flag
Economic Complexity (ECI) ECI 0.9Rnk 30 / 132
2023
Flag  
GDP$83.3BCURRENT US$
Rnk 76 / 195
2013-2023
Flag
GDP GROWTH77.5%CURRENT US$
Rnk 32 / 195
2023
Flag
 GDP$2.14TCURRENT US$
Rnk 10 / 195
2013-2023
Flag
GDP GROWTH16%CURRENT US$
Rnk 150 / 195
2023
Flag
GDP PC $18,686CURRENT US$
Rnk 65 / 195
2013-2023
Flag
GDP PC GROWTH52.3%CURRENT US$
Rnk 43 / 195
2023
Flag
GDP PC$53,431CURRENT US$
Rnk 22 / 196
2013-2023
Flag
GDP PC GROWTH1.51%CURRENT US$
Rnk 152 / 195

About

Panama-Canada Trade: In 2023, Panama exported $20.3M to Canada. The main products that Panama exported to Canada were Bananas ($10.3M), Hard Liquor ($1.43M), and Aircraft parts (gliders, balloons, and powered aircraft) ($1.07M). Over the past 5 years the exports of Panama to Canada have increased at an annualized rate of 19.6%, from $8.29M in 2018 to $20.3M in 2023.

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

Canada-Panama Trade: In 2023, Canada exported $503M to Panama. The main products that Canada exported to Panama were Refined Petroleum ($370M), Wheat ($14.7M), and Other Frozen Vegetables ($12.5M). Over the past 5 years the exports of Canada to Panama have increased at an annualized rate of 31.3%,  from $129M in 2018 to $503M in 2023.

In 2020, Canada exported services to Panama worth $14.9M, with Communications services ($4.47M), Financial services ($4.47M), and Computer and information services ($4.47M) being the largest in terms of value.

Comparison: In 2023,  Panama ranked 69 in the Economic Complexity Index (ECI -0.14), and 121 in total exports ($6.59B). That same year, Canada ranked 30 in the Economic Complexity Index (ECI 0.9), and 10 in total exports ($574B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Panama exported $20.3M to Canada. The main products exported from Panama to Canada were Bananas ($10.3M), Hard Liquor ($1.43M), and Aircraft parts (gliders, balloons, and powered aircraft) ($1.07M). During the last 5 years the exports of Panama to Canada have increased at an annualized rate of 19.6%, from $8.29M in 2018 to $20.3M in 2023.

In 2018, Canada exported $503M to Panama. The main products exported from Canada to Panama were Refined Petroleum ($370M), Wheat ($14.7M), and Other Frozen Vegetables ($12.5M). During the last 5 years the exports of Canada to Panama have increased at an annualized rate of 31.3%, from $129M in 2023 to $503M in 2018.

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

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

Latest Data

Trade between Panama (Flag) and Canada (Flag)

Panama Exports

Canada Exports

Market Competitiveness

Color
Panama
Top DestinationChina$1.62B
Canada
Top DestinationUnited States$410B

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

In 2023, countries that imported more from Panama than Canada included Gabon ($121M), Aruba ($35M), and Costa Rica ($307M).

In 2023, countries that imported more from Canada than Panama included United States ($410B), China ($31.1B), and United Kingdom ($18B).

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

Comparative Advantage Panama - Canada

Flow
Scale

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

During 2023, Panama had a large net trade with Canada in the exports of Vegetable Products ($11.3M), Transportation ($1.78M), and Machines ($1.65M).

During 2018, Canada had a large net trade with Panama in the exports of Mineral Products ($370M), Vegetable Products ($29.7M), and Chemical Products ($27.2M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Panama Canada+$2.7MBananas
Top Product Potential Canada Panama+$48.2MRefined 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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Bilateral Service Trade

In 2020, Canada exported services to Panama worth $14.9M, with Communications services ($4.47M), Financial services ($4.47M), and Computer and information services ($4.47M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Canada (Flag) to Panama (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

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

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

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