2023
Exports
$306MWorld Rnk 82 / 214
Flag Rnk 4 / 1046
2023
PRODUCT COMPLEXITY IN Refined Petroleum
-0.94Rnk 813 / 1025
2023
Imports
$3.37BWorld Rnk 64 / 226
Flag Rnk 3 / 1151
2023
ECONOMIC COMPLEXITY of Panama
-0.14Rnk 69 / 132

About

Exports In 2023, Panama exported $306M in Refined Petroleum, making it the 82nd largest exporter of Refined Petroleum in the world. At the same year, Refined Petroleum was the 4th most exported product in Panama. The main destination of Refined Petroleum exports from Panama are: Costa Rica ($59.6M), Dominican Republic ($53M), South Africa ($40.9M), Ecuador ($33.3M), and Bolivia ($30M).

The fastest growing export markets for Refined Petroleum of Panama between 2022 and 2023 were Dominican Republic ($53M), Costa Rica ($51.9M), and South Africa ($37.7M).

Imports In 2023, Panama imported $3.37B in Refined Petroleum, becoming the 64th largest importer of Refined Petroleum in the world. At the same year, Refined Petroleum was the 3rd most imported product in Panama. Panama imports Refined Petroleum primarily from: United States ($1.27B), Peru ($393M), Canada ($370M), Brazil ($369M), and Ecuador ($335M).

The fastest growing import markets in Refined Petroleum for Panama between 2022 and 2023 were Canada ($271M), Jamaica ($6.16M), and Costa Rica ($5.5M).

COMPANIES In 2024, leading companies such as Dole Fresh Fruit (3), Del Monte Foods (1), and Chevron (1) were at the forefront of shipping Refined Petroleum from Panama to the United States.

Latest Trends

Dec 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 Refined Petroleum. 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 (2023)$306M
IMPORTS (2023)$3.37B
NET TRADE (2023)-$3.07B

In 2023, Panama exported $306M in Refined Petroleum. The main destinations of Panama exports on Refined Petroleum were Costa Rica ($59.6M), Dominican Republic ($53M), South Africa ($40.9M), Ecuador ($33.3M), and Bolivia ($30M).

In 2023, Panama imported $3.37B in Refined Petroleum, mainly from United States ($1.27B), Peru ($393M), Canada ($370M), Brazil ($369M), and Ecuador ($335M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Refined Petroleum EXPORT MARKETS FOR Panama WERE (2022 - 2023):
Dominican Republic$53M (368k%)
Costa Rica$51.9M (675%)
South Africa$37.7M (1.17k%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Refined Petroleum BY Panama WERE (2022 - 2023):
Ghana-$264M (-100%)
Guatemala-$52.8M (-99.7%)
Colombia-$27.7M (-96%)

Change in Exports by Market (2022 - 2023)

Market Concentration

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Flow
Type
In 2023, Panama's main exporting competitors in Refined Petroleum were:
In 2023, Panama's main importing competitors in Refined Petroleum were:

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Trade Value of Refined Petroleum by Exporters

Potential Exports

Potential Exports

Flow
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TOP EXPORT POTENTIALColombia+ $17.3M
TOP IMPORT POTENTIALColombia+ $183M

Refined Petroleum’s highest export potential is Colombia. With an export gap of $17.3M.   Refined Petroleum’s highest import potential is Colombia with an import gap of $183M.

See methodology.

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