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Panama trade in 2024

In 2024, Panama exported $3.8 billion and imported $37.9 billion, a trade deficit of $34 billion. It was the world's 129th-largest exporter, with 0.02% of world exports. Its top export was cargo and cruise ships (10.8% of the total) and its main trading partner was China (14.3% of its trade).

Summary

Exports
$3.8billion
Imports
$37.9billion
Trade balance
-$34billion
Routes to the main partners. Width: trade value; color: estimated transport mode.SeaAirLand
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Products

What it exports

Cargo and cruise ships (10.8%) and bananas (7.7%) together make up 18.5% of its exports.

  1. Cargo and cruise ships$414 million · 10.8%
    Main partner: Denmark
  2. Bananas$293 million · 7.7%
    Main partner: Netherlands
  3. Refined petroleum$222 million · 5.8%
    Main partner: Costa Rica
  4. Medicines in measured doses or retail packs$169 million · 4.4%
    Main partner: Costa Rica
  5. Warships and other vessels$149 million · 3.9%
    Main partner: Turkey
  6. Gold$122 million · 3.2%
    Main partner: United States
  7. Frozen fish$109 million · 2.9%
    Main partner: Guatemala
  8. Dredgers and floating cranes$101 million · 2.6%
    Main partner: Thailand
  9. Fish oil and marine fats$87 million · 2.3%
    Main partner: Norway
  10. Ferrous scrap$82 million · 2.1%
    Main partner: Thailand

What it imports

Crude petroleum (34.7%) and cargo and cruise ships (19.1%) together make up 53.9% of its imports.

  1. Crude petroleum$13.2 billion · 34.7%
    Main partner: Ecuador
  2. Cargo and cruise ships$7.2 billion · 19.1%
    Main partner: Japan
  3. Refined petroleum$2.2 billion · 5.8%
    Main partner: Brazil
  4. Nitrogen heterocyclic compounds$2 billion · 5.2%
    Main partner: Spain
  5. Cars$943 million · 2.5%
    Main partner: China
  6. Medicines in measured doses or retail packs$636 million · 1.7%
    Main partner: Mexico
  7. Dredgers and floating cranes$316 million · 0.83%
    Main partner: South Korea
  8. Cameras and broadcast equipment$306 million · 0.81%
    Main partner: China
  9. Computers$238 million · 0.63%
    Main partner: China
  10. Computer and office machine parts$209 million · 0.55%
    Main partner: China
By Harmonized System chapter (96)
ChapterExportsImports
89 · Ships and boats$697 million$7.6 billion
08 · Fruit and nuts$333 million$90 million
03 · Fish and seafood$280 million$39 million
27 · Oil, gas and coal$278 million$15.6 billion
71 · Gems and precious metals$204 million$132 million
30 · Pharmaceuticals$198 million$839 million
85 · Electrical and electronic equipment$180 million$1.3 billion
15 · Fats and oils$143 million$128 million
84 · Mechanical machinery$142 million$1.6 billion
76 · Aluminum$106 million$114 million
72 · Iron and steel$91 million$249 million
22 · Beverages and spirits$77 million$332 million
39 · Plastics$60 million$520 million
44 · Wood$50 million$69 million
17 · Sugar and sweets$49 million$35 million
74 · Copper$49 million$37 million
09 · Coffee, tea and spices$48 million$35 million
38 · Miscellaneous chemicals$46 million$226 million
33 · Perfumes and cosmetics$46 million$287 million
40 · Rubber$44 million$148 million
88 · Aircraft and spacecraft$43 million$32 million
90 · Precision and medical instruments$40 million$343 million
64 · Footwear$38 million$118 million
23 · Animal feed and food waste$35 million$284 million
48 · Paper and paperboard$32 million$297 million
61 · Knitted clothing$31 million$224 million
87 · Vehicles$30 million$1.3 billion
73 · Iron and steel products$29 million$308 million
26 · Ores and slag$25 million$3 million
20 · Preserved fruit and vegetables$25 million$164 million
62 · Woven clothing$22 million$228 million
02 · Meat and offal$20 million$125 million
93 · Weapons and ammunition$19 million$9 million
21 · Food preparations$18 million$276 million
04 · Dairy, eggs and honey$17 million$164 million
94 · Furniture and lighting$14 million$271 million
91 · Watches and clocks$13 million$25 million
36 · Explosives and matches$13 million$5 million
95 · Toys and sports gear$12 million$101 million
32 · Dyes, paints and tanning agents$12 million$126 million
25 · Salt, stone and cement$12 million$23 million
78 · Lead$12 million$991 thousand
31 · Fertilizers$12 million$95 million
29 · Organic chemicals$11 million$2.1 billion
42 · Leather goods and bags$11 million$102 million
59 · Coated and technical textiles$11 million$13 million
05 · Other animal products$10 million$4 million
18 · Cocoa and chocolate$10 million$50 million
16 · Prepared meat and fish$8 million$129 million
97 · Art and antiques$8 million$3 million
24 · Tobacco$8 million$56 million
49 · Books and printed matter$7 million$43 million
63 · Home textiles and used clothing$7 million$66 million
19 · Baked goods and cereal products$7 million$235 million
28 · Inorganic chemicals$6 million$40 million
82 · Tools and cutlery$6 million$56 million
34 · Soap and cleaning products$6 million$146 million
12 · Oilseeds and grains$6 million$35 million
47 · Wood pulp$6 million$3 million
07 · Vegetables$5 million$59 million
41 · Hides and leather$4 million$1 million
70 · Glass$4 million$46 million
83 · Miscellaneous metal goods$4 million$63 million
96 · Other manufactured goods$4 million$43 million
54 · Synthetic filaments$4 million$13 million
69 · Ceramics$3 million$65 million
86 · Railway equipment$2 million$93 million
57 · Carpets and rugs$2 million$11 million
92 · Musical instruments$2 million$8 million
65 · Hats$2 million$14 million
68 · Stone, plaster and cement articles$2 million$61 million
80 · Tin$1 million$454 thousand
11 · Milling products and malt$1 million$51 million
52 · Cotton$1 million$7 million
60 · Knitted fabric$1 million$5 million
56 · Felt, nonwovens and rope$943 thousand$17 million
01 · Live animals$913 thousand$13 million
35 · Glues, starches and enzymes$864 thousand$24 million
55 · Synthetic staple fibers$846 thousand$9 million
10 · Cereals$831 thousand$266 million
58 · Special fabrics and lace$740 thousand$4 million
67 · Feathers and artificial flowers$477 thousand$4 million
06 · Live plants and flowers$324 thousand$13 million
66 · Umbrellas and canes$277 thousand$6 million
79 · Zinc$207 thousand$3 million
13 · Gums and plant extracts$202 thousand$4 million
37 · Photographic goods$196 thousand$2 million
81 · Other base metals$127 thousand$670 thousand
75 · Nickel$115 thousand$843 thousand
53 · Other plant fibers$105 thousand$1 million
45 · Cork$81 thousand$573 thousand
51 · Wool$48 thousand$783 thousand
46 · Wicker and basketware$42 thousand$1 million
14 · Other plant products$18 thousand$379 thousand
43 · Fur and fur goods$16 thousand$238 thousand
50 · Silk$3 thousand$31 thousand

Trading partners

Its main destination is the United States (11.6% of exports) and its main source is China (15.6% of imports).

Who it sells to

PartnerValue (USD millions)ShareMode
United States44411.6%Sea
Costa Rica38210%Land
Netherlands2245.9%Sea
Denmark2235.8%Sea
Thailand1624.2%Sea
Turkey1554.1%Sea
South Korea1493.9%Sea
Guatemala1303.4%Sea
Ecuador1223.2%Sea
Dominican Republic1133%Sea

Who it buys from

PartnerValue (USD billions)ShareMode
China5.915.6%Sea
Ecuador5.715%Sea
United States4.612.2%Sea
Japan4.311.5%Air
Colombia4.311.4%Land
Guyana2.56.7%Sea
Spain2.25.7%Air
South Korea1.33.5%Sea
Brazil0.92.4%Sea
Mexico0.681.8%Sea

Overview 1995–2024

In 2024, Panama accounted for 0.02% of world exports, compared with 0.06% in 1995.

Exports and imports

Exports grew 23% since 1995

USD billions (current). Bars: trade balance (green surplus, red deficit).

  • Exports 3.8
  • Imports 37.9
  • Balance -34

Source: CEPII BACI

Show the numbers
YearExportsImportsTrade balance
1995$3.1 billion$14.1 billion-$11 billion
1996$3.2 billion$14.6 billion-$11.4 billion
1997$2.8 billion$14.7 billion-$11.8 billion
1998$2.4 billion$14.3 billion-$11.9 billion
1999$2.5 billion$15 billion-$12.6 billion
2000$2.6 billion$13.9 billion-$11.3 billion
2001$3.2 billion$12.1 billion-$8.9 billion
2002$3.2 billion$11.5 billion-$8.4 billion
2003$3.2 billion$12.9 billion-$9.7 billion
2004$3.5 billion$15.4 billion-$11.9 billion
2005$4.8 billion$17.4 billion-$12.6 billion
2006$7.2 billion$25 billion-$17.8 billion
2007$8.3 billion$29.8 billion-$21.4 billion
2008$9.6 billion$38.9 billion-$29.3 billion
2009$10.7 billion$39.9 billion-$29.2 billion
2010$10.6 billion$47.9 billion-$37.3 billion
2011$13.7 billion$50.4 billion-$36.7 billion
2012$14.3 billion$52.6 billion-$38.4 billion
2013$14.5 billion$44.4 billion-$29.9 billion
2014$12.1 billion$39.5 billion-$27.4 billion
2015$10 billion$32.5 billion-$22.6 billion
2016$9.5 billion$28.9 billion-$19.4 billion
2017$8.7 billion$32 billion-$23.3 billion
2018$9.2 billion$33.4 billion-$24.2 billion
2019$9.1 billion$33.7 billion-$24.6 billion
2020$6.8 billion$24.9 billion-$18.2 billion
2021$6.9 billion$28.4 billion-$21.4 billion
2022$7.1 billion$40.3 billion-$33.2 billion
2023$6.8 billion$33 billion-$26.3 billion
2024$3.8 billion$37.9 billion-$34 billion

World rank

Panama fell from 75th to 129th among the world's exporters

Rank among 222 countries by export value (1st at the top).

  • 75th in 1995
  • 129th in 2024

Source: CEPII BACI

Show the numbers
YearRank
199575th
199677th
199785th
199887th
199986th
200094th
200186th
200290th
200393rd
200499th
200596th
200689th
200787th
200889th
200978th
201082nd
201181st
201281st
201382nd
201491st
201592nd
201690th
201797th
201898th
201999th
2020108th
2021115th
2022119th
2023120th
2024129th

What it sells

Its top export group is still ships and boats: 18% in 2024

% of exports by Harmonized System chapter.

  • Other 40%
  • Fats and oils 4%
  • Electrical and electronic equipment 5%
  • Pharmaceuticals 5%
  • Gems and precious metals 5%
  • Oil, gas and coal 7%
  • Fish and seafood 7%
  • Fruit and nuts 9%
  • Ships and boats 18%

Source: CEPII BACI

Show the numbers
Chapter19952024
Ships and boats27.4%18.2%
Fruit and nuts18.4%8.7%
Fish and seafood8.9%7.3%
Oil, gas and coal2.2%7.3%
Gems and precious metals1.3%5.3%
Pharmaceuticals2.5%5.2%
Electrical and electronic equipment6.6%4.7%
Fats and oils0.1%3.8%
Other32.6%39.5%

Who it trades with

Japan went from 41% to 11% of Panama's trade

% of total trade (exports + imports) with each partner.

  • China 14%
  • Ecuador 14%
  • United States 12%
  • Japan 11%
  • Colombia 10%

Source: CEPII BACI

Show the numbers
Partner19952024
China2.9%14.3%
Ecuador1.3%13.9%
United States8.5%12.1%
Japan40.5%10.6%
Colombia0.89%10.4%

Production hubs

Largest industrial emission sources (Climate TRACE, 2025)

No hubs above the globe threshold.

View on the globe

Largest economic production hubs (gridded GDP, 2024)

  • Panama City$125.7 billion (PPP, 2021 dollars)
View on the globe

Sources and methodology

Sources and licenses

Methodology

Goods trade from CEPII BACI (BACI_HS92_V202601), in current US dollars, with exports and imports reconciled between countries. The transport mode is our own estimate based on value per kilo and geography. Ranks are computed among the countries with data each year. Services are not included. Data up to 2024.

Neighboring countries

Main partners

See all countries