OVERVIEW

Panama is a country located in Central America, globally known for the Panama Canal, a waterway that links the Atlantic and Pacific Oceans and plays a key role in international trade. The country is also known for its rainforests, vibrant culture and a Mix of Caribbean and Latin American influences.

Its capital, Panama City, is a vibrant metropolis with a striking skyline, colonial heritage and it’s the financial and logistical hub of the country.

In 2023, Panama ranked

  • 76th in terms of GDP, currently valued as $83.3B, out of 195 economies in the world;
  • 122nd in terms of total exports out of 226 countries;
  • 65th in terms of GDP per capita, valued with current US$, out of 196 economies in the world.

ECONOMIC COMPLEXITY RANKING

EXPORT

In 2023 it was estimated that the principal products that were exported from Panama were

  • Copper Ore - $2.94B;
  • Special Purpose Ships - $441M;
  • Passenger and Cargo Ships - $342M;
  • Refined Petroleum - $306M;
  • Bananas - $273M.

On the other hand, the commonest destinations for Panama exports were

  • China - $1.62B;
  • Japan - $653M;
  • United States - $385M;
  • Thailand - $346M;
  • Costa Rica - $307M.

IMPORT

In 2023 the most imported products from other countries to Panama were

  • Crude Petroleum - $9.81B;
  • Passenger and Cargo Ships - $3.8B;
  • Refined Petroleum - $3.37B;
  • Nitrogen Heterocyclic Compounds - $2.45B;
  • Cars - $910M.

These goods were mainly produced by

  • United States - $5.29B;
  • Colombia - $4.66B;
  • China - $4.43B;
  • Ecuador - $4.38B;
  • Japan - $3.74B.

YEARLY TRADE

During the last five reported years, the exports of Panama have increased by an amount of -$2.89B from $9.44B in 2018 to $6.55B in 2023.

The most recent exports are led by

  • Copper Ore - $2.93B;
  • Special Purpose Ships - $441M;
  • Passenger and Cargo Ships - $342M;
  • Refined Petroleum - $304M;
  • Bananas - $273M.

They were exported primarily to

  • China - $1.61B;
  • Japan - $652M;
  • United States - $408M;
  • Thailand - $346M;
  • Costa Rica - $306M.

CONCLUSIONS

In 2023, Panama confirmed its position as a strategic and resilient market in America, showing signs of growth, driven by logistics, finance and tourism. Thanks to its economy and a fertile environment, the country continued to attract global interest.

Source: https://oec.world/en

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