Panama (PAN) and Uruguay (URY) Trade | The Observatory of Economic Complexity

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Panama-Uruguay Trade: In 2023, Panama exported $7.99M to Uruguay. The main products that Panama exported to Uruguay were Tanned Equine and Bovine Hides ($4.86M), Packaged Medicaments ($425k), and Air Conditioners ($379k). Over the past 5 years the exports of Panama to Uruguay have decreased at an annualized rate of 33.4%, from $60.9M in 2018 to $7.99M in 2023.

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

Uruguay-Panama Trade: In 2023, Uruguay exported $56.2M to Panama. The main products that Uruguay exported to Panama were Rice ($38.1M), Concentrated Milk ($3.76M), and Frozen Bovine Meat ($2.07M). Over the past 5 years the exports of Uruguay to Panama have increased at an annualized rate of 11.1%, from $33.2M in 2018 to $56.2M in 2023.

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

Comparison: In 2023, Panama ranked 69 in the Economic Complexity Index (ECI -0.14), and 121 in total exports ($6.59B). That same year, Uruguay ranked 52 in the Economic Complexity Index (ECI 0.22), and 100 in total exports ($11B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Panama exported $7.99M to Uruguay. The main products exported from Panama to Uruguay were Tanned Equine and Bovine Hides ($4.86M), Packaged Medicaments ($425k), and Air Conditioners ($379k). During the last 5 years the exports of Panama to Uruguay have decreased at an annualized rate of 33.4%, from $60.9M in 2018 to $7.99M in 2023.

In 2018, Uruguay exported $56.2M to Panama. The main products exported from Uruguay to Panama were Rice ($38.1M), Concentrated Milk ($3.76M), and Frozen Bovine Meat ($2.07M). During the last 5 years the exports of Uruguay to Panama have increased at an annualized rate of 11.1%, from $33.2M in 2023 to $56.2M in 2018.

Exports from Panama () to Uruguay () (2023)

Exports from Uruguay () to Panama () (2023)

Latest Data

Trade between Panama () and Uruguay ()

Panama Exports

Date

Uruguay Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Panama
Top DestinationChina$1.62B

Uruguay
Top DestinationChina$2.34B

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

In 2023, countries that imported more from Panama than Uruguay included Japan ($653M), Costa Rica ($307M), and Thailand ($346M).

In 2023, countries that imported more from Uruguay than Panama included Brazil ($1.92B), China ($2.34B), and Argentina ($569M).

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

Comparative Advantage Panama - Uruguay

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Panama had a large net trade with Uruguay in the exports of Animal Hides ($4.89M), Machines ($1.23M), and Chemical Products ($690k).

During 2018, Uruguay had a large net trade with Panama in the exports of Vegetable Products ($38.1M), Animal Products ($5.83M), and Foodstuffs ($3.94M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Panama Uruguay+$80.1kTelephones

Top Product Potential Uruguay Panama+$783kFrozen Bovine Meat

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

About

Historical Data

Bilateral Trade by Products

Exports from Panama () to Uruguay () (2023)

Exports from Uruguay () to Panama () (2023)

Latest Data

Trade between Panama () and Uruguay ()

Panama Exports

Uruguay Exports

Market Competitiveness

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

Comparative Advantage Panama - Uruguay

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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