Panamà: Visió econòmica i política
Panama is mainly export-oriented and highly dependent on trade, which represents 90% of GDP (World Bank, latest data available). The country also has one of the largest trading fleets in the world. In 2023, copper was the primary export, comprising 73.3% of the total, ahead of bananas (4.4%), crustaceans (1.8%), ferrous waste (1.6%), and medicaments (1.6%). The top imports included petroleum oils (18.6%), motor vehicles (6.1%), medicaments (4.4%), telephone sets (1.7%), and food preparations (1.3% - data Comtrade).
In 2023, the country’s main export partners were China (39.1%), Japan (13.1%), South Korea (6.9%), Spain (6.1%), and India (5.2%), whereas imports came chiefly from the United States (18.9%), China (12.1%), Mexico (4.3%), Costa Rica (3.4%), and Colombia (2.9%). 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.
In recent years, Panama’s trade balance has been positive: in 2023, the country recorded a surplus equivalent to 3.4% of its GDP (from 2.5% one year earlier – data World Bank). According to the last available data from WTO, Panama imported USD 35.1 billion worth of goods and USD 5.7 billion in services in 2023. Over the same period, the country exported USD 15.7 billion in goods and USD 18 million in services. When excluding re-exports, the figures are sensibly lower: according to the Ministry of Commerce, Panama closed 2024 with total exports reaching USD 964.3 million, an increase of USD 66.4 million (7.4%) compared to 2023, when exports totalled USD 897.9 million. Bananas were the country’s top export, accounting for 16.3% of total exports in 2024. Frozen shrimp was also a key export, representing 10.4%, driven by the sector’s strong quality and competitiveness. Other notable contributors to export growth included raw cane sugar (4.9%), crude palm oil (4.8%), and fish oils and fats (4.5%).
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 | 2019 | 2020 | 2021 | 2022 | 2023 |
Foreign Trade (in % of GDP) | 80.4 | 68.7 | 80.1 | 93.7 | 89.5 |
Trade Balance (million USD) | -7,607 | -2,804 | -3,479 | -6,709 | -11,085 |
Trade Balance (Including Service) (million USD) | 1,003 | 2,171 | 3,030 | 3,038 | 433 |
Imports of Goods and Services (Annual % Change) | -1.8 | -26.5 | 31.5 | 24.0 | 7.1 |
Exports of Goods and Services (Annual % Change) | 1.1 | -18.0 | 28.0 | 22.3 | 5.1 |
Imports of Goods and Services (in % of GDP) | 40.2 | 32.4 | 38.5 | 45.6 | 43.1 |
Exports of Goods and Services (in % of GDP) | 40.2 | 36.3 | 41.6 | 48.1 | 46.5 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2024 | 2025 (e) | 2026 (e) | 2027 (e) | 2028 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 6.4 | 2.3 | 0.5 | 0.3 | 2.7 |
Volume of imports of goods and services (Annual % change) | -12.5 | 4.2 | 2.6 | 3.8 | 3.8 |
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 2025