2022
Exports
$324kWorld Rnk 117 / 196
Flag Rnk 388 / 1051
2022
PRODUCT COMPLEXITY IN Essential Oils
-1.09Rnk 855 / 1025
2022
Imports
$1.8MWorld Rnk 85 / 214
Flag Rnk 568 / 1153
2022
ECONOMIC COMPLEXITY of Panama
0.17Rnk 56 / 133

About

Exports In 2022, Panama exported $324k in Essential Oils, making it the 117th largest exporter of Essential Oils in the world. At the same year, Essential Oils was the 388th most exported product in Panama. The main destination of Essential Oils exports from Panama are: Costa Rica ($126k), Netherlands ($105k), Brazil ($27k), Aruba ($18.8k), and Guatemala ($18.7k).

The fastest growing export markets for Essential Oils of Panama between 2021 and 2022 were Netherlands ($105k), Aruba ($17.8k), and Guatemala ($9.11k).

Imports In 2022, Panama imported $1.8M in Essential Oils, becoming the 85th largest importer of Essential Oils in the world. At the same year, Essential Oils was the 568th most imported product in Panama. Panama imports Essential Oils primarily from: United States ($1.2M), Spain ($267k), India ($110k), Guatemala ($46.2k), and China ($44.8k).

The fastest growing import markets in Essential Oils for Panama between 2021 and 2022 were United States ($660k), India ($61.8k), and Spain ($56.2k).

COMPANIES In 2023, leading companies such as Goya Foods (1) were at the forefront of shipping Essential Oils from Panama to the United States.

Latest Trends

Oct 2024

Subnational Monthly Trade

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Flow
Y-AXIS SCALE

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

The following visualization shows the latest trends on Essential Oils. Countries are shown based on data availability.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$324k
IMPORTS (2022)$1.8M
NET TRADE (2022)-$1.48M

In 2022, Panama exported $324k in Essential Oils. The main destinations of Panama exports on Essential Oils were Costa Rica ($126k), Netherlands ($105k), Brazil ($27k), Aruba ($18.8k), and Guatemala ($18.7k).

In 2022, Panama imported $1.8M in Essential Oils, mainly from United States ($1.2M), Spain ($267k), India ($110k), Guatemala ($46.2k), and China ($44.8k).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Essential Oils EXPORT MARKETS FOR Panama WERE (2021 - 2022):
Netherlands$105k (30.4k%)
Aruba$17.8k (1.69k%)
Guatemala$9.11k (94.9%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Essential Oils BY Panama WERE (2021 - 2022):
United States-$285k (-100%)
Costa Rica-$203k (-61.6%)
United Kingdom-$161k (-100%)

Change in Exports by Market (2021 - 2022)

Market Concentration

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Flow
Type
In 2022, Panama's main exporting competitors in Essential Oils were:
In 2022, Panama's main importing competitors in Essential Oils were:

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Trade Value of Essential Oils by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALNetherlands+ $37k
TOP IMPORT POTENTIALIndia+ $154k

Essential Oils’s highest export potential is Netherlands. With an export gap of $37k.   Essential Oils’s highest import potential is India with an import gap of $154k.

See methodology.

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