Trade Trend

In 2023, Panama's total export value is 3.37Billion USD, total import value is 14.53Billion USD, Deficit is -11.16Billion USD, and foreign trade dependency is 0.215. In 2023，Panama's top export products are Copper ores and concentrates(2.47Billion USD), Bananas, including plantains; fresh or dried(148.85Million USD), Crustaceans; in shell or not, live, fresh, chilled, frozen, dried, salted or in brine; smoked, cooked or not before or during smoking; in shell, steamed or boiled, whether or not chilled, frozen, dried, salted or in brine(62.00Million USD), top export destinations are China(1.32Billion USD), Japan(442.34Million USD), South Korea(233.06Million USD). In 2023, Panama's top import products are Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(2.69Billion USD), Motor cars and other motor vehicles; principally designed for the transport of persons (other than those of heading no. 8702), including station wagons and racing cars(892.98Million USD), Medicaments; (not goods of heading no. 3002, 3005 or 3006) consisting of mixed or unmixed products for therapeutic or prophylactic use, put up in measured doses (incl. those in the form of transdermal admin. systems) or packed for retail sale(640.91Million USD), top import origins are United States(2.74Billion USD), None(2.50Billion USD), China(1.76Billion USD).

Comparing to 2022, Panama's total export value decreased -237.50Million USD(-6.59%) in 2023, this could result from its export decreases of products such as Copper ores and concentrates(-328.11Million USD or -11.73%), Portland cement, aluminous cement (ciment fondu), slag cement, supersulphate cement and similar hydraulic cements, whether or not coloured or in the form of clinkers(-9.45Million USD or -42.92%), Wood in the rough, whether or not stripped of bark or sapwood, or roughly squared(-5.43Million USD or -14.92%) and export decreases to countries/economics such as Japan(-105.28Million USD or -19.23%), Germany(-91.32Million USD or -39.17%), Canada(-75.13Million USD or -96.54%). Comparing to 2022, Panama's total import value decreased -662.72Million USD(-4.36%) in 2023, this could result from its import decreases of products such as Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(-474.14Million USD or -14.96%), Petroleum gases and other gaseous hydrocarbons(-175.67Million USD or -62.91%), Human blood; animal blood for therapeutic, prophylactic or diagnostic uses; antisera, other blood fractions, immunological products, modified or obtained by biotechnological processes; vaccines, toxins, cultures of microorganisms (excluding yeasts) etc(-73.58Million USD or -53.54%), and its import decreases from countries/economies such as United States(-930.94Million USD or -25.37%), Australia(-49.78Million USD or -70.21%), Russia(-42.42Million USD or -62.83%).

Cumulated to first 7 months of 2024, Panama's total export value is 373.76Million USD, total import value is 7.34Billion USD, and tradedeficit is -6.97Billion USD. Cumulated to first 7 months of 2024, Panama's top export products are Bananas, including plantains; fresh or dried(45.08Million USD), Crustaceans; in shell or not, live, fresh, chilled, frozen, dried, salted or in brine; smoked, cooked or not before or during smoking; in shell, steamed or boiled, whether or not chilled, frozen, dried, salted or in brine(37.22Million USD), Cane or beet sugar and chemically pure sucrose, in solid form(27.65Million USD), and top export destinations are United States(100.90Million USD), Taiwan CN(45.04Million USD), Netherlands(42.47Million USD). Cumulated to first 7 months of 2024, Panama's top import products are Bananas, including plantains; fresh or dried(45.08Million USD), Crustaceans; in shell or not, live, fresh, chilled, frozen, dried, salted or in brine; smoked, cooked or not before or during smoking; in shell, steamed or boiled, whether or not chilled, frozen, dried, salted or in brine(37.22Million USD), Cane or beet sugar and chemically pure sucrose, in solid form(27.65Million USD), and top import origins areUnited States(1.74Billion USD), China(1.71Billion USD), None(859.51Million USD).