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Xifres de comerç exterior de Panamà

Foreign Trade in Figures

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 20192020202120222023
Imports of Goods (million USD) 21,49214,74020,59629,24935,095
Exports of Goods (million USD) 11,3189,48313,16115,27815,713
Imports of Services (million USD) 5,1133,2134,1445,5515,727
Exports of Services (million USD) 13,7348,19210,64815,29718,032

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 80.468.780.193.789.5
Trade Balance (million USD) -7,607-2,804-3,479-6,709-11,085
Trade Balance (Including Service) (million USD) 1,0032,1713,0303,038433
Imports of Goods and Services (Annual % Change) -1.8-26.531.524.07.1
Exports of Goods and Services (Annual % Change) 1.1-18.028.022.35.1
Imports of Goods and Services (in % of GDP) 40.232.438.545.643.1
Exports of Goods and Services (in % of GDP) 40.236.341.648.146.5

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 6.42.30.50.32.7
Volume of imports of goods and services (Annual % change) -12.54.22.63.83.8

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Panama joined the WTO in 1997. It made a free-exchange agreement with Taiwan (2004), Salvador (2003) and Canada (2009) on the elimination of tariffs in sectors of industry, agriculture, forestry and fishing. The country is currently negotiating with the United States. Panama has also shown interest in negotiating with MERCOSUR and has been invited to join the G3 (which unites Venezuela, Colombia and Mexico). Finally, Panama signed a Free Trade Agreement with Canada.
 

Main Partner Countries

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%.

 
 

Main Products

3.4 bn USD of products exported in 2023
Copper ores and concentratesCopper ores and concentrates 73.3%
Bananas, incl. plantains, fresh or driedBananas, incl. plantains, fresh or dried 4.4%
Crustaceans, whether in shell or not, live, fresh,...Crustaceans, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine, even smoked, incl. crustaceans in shell cooked by steaming or by boiling in water; flours, meals and pellets of crustaceans, fit for human consumption 1.8%
Ferrous waste and scrap; remelting scrap ingots of...Ferrous waste and scrap; remelting scrap ingots of iron or steel (excl. slag, scale and other waste from the production of iron or steel; radioactive waste and scrap; fragments of pigs, blocks or other primary forms of pig iron or spiegeleisen) 1.6%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 1.6%
See More Products 17.2%
14.5 bn USD of products imported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 18.6%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 6.1%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 4.4%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 1.7%
Food preparations, n.e.s.Food preparations, n.e.s. 1.3%
See More Products 67.9%

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.

 

Main Services

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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