Panamà: Visió econòmica i política
Panama is mainly export-oriented and highly dependent on trade, which represents 87% of GDP (World Bank, latest data available). The country also has one of the largest trading fleets in the world. In 2022, copper and banana exports emerged as the primary export leaders, comprising 76.6% and 3.5% of the total, respectively. Following closely were frozen shrimp exports at 1.6%, crude palm oil at 1.4%, and medicines at 1.3%. The top imports included petroleum oils (20.8%), motor vehicles (4.9%), medicaments (4.2%), petroleum gas (1.8%), telephone sets (1.4%), and maize (1.3% - data Comtrade).
In 2022, the country’s main export partners were China (32.7%), Japan (15.0%), South Korea (7.4%), India (6.5%), Germany (6.4%), and Spain (4.3%), whereas imports came chiefly from the United States (24.2%), China (10.8%), Mexico (4.3%), Costa Rica (3.3%), and Colombia (3% - data Comtrade). The expansion of the canal has more than doubled its capacity, allowing it to accommodate vessels that were originally too wide with the United States and China being the first users of this vessel type. The country has trade agreements with the United States, Mexico, Peru, Canada, Chile, Singapore, Taiwan, and Israel. Panama is also a member of the "Central American Integration System" (or SICA), a regional institution whose main purpose is to promote integration between Central American countries, fostering security, freedom, democracy, and social development within the region. Additionally, Panama is also one of the countries in the Central America-EFTA agreement, as well as the Central America-EU agreement.
According to the last available data from WTO, Panama imported USD 29.2 million worth of goods and USD 5.9 million in services in 2021. Over the same period, the country exported USD 15.2 billion in goods and USD 15.9 million in services. Between January and July 2023, Panama reached its highest export earnings in a seven-month period, totaling USD 2.36 billion. A substantial amount, USD 1.65 billion, stemmed from copper exports. In contrast to the corresponding period in 2022, total exports have increased by 10.7%, reflecting robust economic expansion across diverse sectors (data Ministry of Commerce and Industries).
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 21,492 | 14,740 | 20,596 | 29,249 | 35,095 |
Exports of Goods (million USD) | 11,318 | 9,483 | 13,161 | 15,278 | 15,713 |
Imports of Services (million USD) | 5,113 | 3,213 | 4,144 | 5,551 | 5,727 |
Exports of Services (million USD) | 13,734 | 8,192 | 10,648 | 15,297 | 18,032 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Trade Balance (million USD) | -9,207 | -7,532 | -2,802 | -3,591 | -9,299 |
Trade Balance (Including Service) (million USD) | -869 | 1,089 | 2,178 | 2,914 | 453 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 12.1 | -4.3 | 4.4 | 4.5 | 1.7 |
Volume of imports of goods and services (Annual % change) | -7.7 | 8.6 | 8.2 | 4.4 | 1.6 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
China | 39.1% |
Japan | 13.1% |
South Korea | 6.9% |
Spain | 6.1% |
India | 5.2% |
See More Countries | 29.6% |
Main Suppliers (% of Imports) |
2023 |
United States | 18.9% |
China | 12.1% |
Mexico | 4.3% |
Costa Rica | 3.4% |
Colombia | 2.9% |
See More Countries | 58.3% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import-Export Flows.
15.3 bn USD of services exported in 2022 | |
54.43% | |
30.92% | |
Personal travelPersonal travel | 30.32% |
OtherOther | 14.66% |
Business travelBusiness travel | 0.59% |
5.94% | |
3.30% | |
2.68% | |
2.04% | |
0.67% | |
0.03% | |
n/a% |
5.5 bn USD of services imported in 2022 | |
54.90% | |
17.99% | |
Personal travelPersonal travel | 13.97% |
OtherOther | 27.11% |
Business travelBusiness travel | 4.02% |
8.38% | |
6.93% | |
6.83% | |
2.77% | |
1.55% | |
0.43% | |
0.22% |
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: May 2024