Trade
The Georgia Tech Panama Logistics Innovation and Research Center has developed a public access tool that allows users to obtain and analyze statistics related to Panama’s trade. This platform provides information on both goods and services.
National Assets
At the end of 2023 (preliminary data), national goods exports reached a total of $3,367 million in FOB terms, marking a 7% decrease compared to 2022. During 2023, exports from Chapter 26 «Metalliferous Ores, Slag and Ash» and Chapter 8 «Edible Fruits and Nuts; Citrus or Melon Peels» stood out as the main market drivers, representing 73% and 5% of total exports in monetary terms, respectively.
Regarding the main destinations for our national goods exports in 2023, China, Japan, and South Korea stood out. On the other hand, imports in CIF terms were $14,527 million.
Concerning imports, their value was 14,526 million dollars, with the United States being our primary trading partner.
These data exclude information on the Colón Free Zone, the Panama Pacifico Special Economic Area, Free Trade Zones, Warehouses and Deposits, and the Oil Free Zones.
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Special Economic Zones
In 2023, the Colón Free Zone experienced a notable growth in its operations, moving a total of $33,128 million, reflecting a significant increase of 29% compared to 2022.
Regarding the Panama Pacific Special Economic Area, in 2023, goods were exported for a value of $142 million, while imports reached $6,477 million. Additionally, this zone managed to mobilize re-exports totaling $1,675 million.
On the other hand, the Free Zones also experienced solid performance in 2023, with re-exports amounting to $108 million and exports valued at $148 million. As for imports, these reached $262 million.
For more information, you can access the INEC Foreign Trade Statistics Consultation System: http://www.inec.gob.pa (available only in Spanish).
Source: National Institute of Statistics and Census of Panama (INEC, for its acronym in Spanish). Data updated until December 2023. The data for 2023 are preliminary figures.
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Services
The service statistics follow the guidelines of the Balance of Payments Manual, version 6 (BPM6). For more details, one can directly consult the National Institute of Statistics and Census (INEC). The presented data are aggregated and classified into the 12 components of BPM6.
According to 2023 figures, service exports in our country with the highest monetary value correspond to the Transport component, totaling $9,121.8 million, followed by the Travel component, which reached a value of $5,456.3 million. Compared to 2022, transport registered a percentage increase of 9.69%, while travel grew by 15.52%.
According to BPM6, the transport category encompasses the movement of people or objects from one place to another, along with auxiliary and support services. It also includes postal and courier services. Transport can be classified according to two criteria:
a) Transport mode (maritime, air, land, or other)
b) What is being transported (passengers or cargo).
Therefore, the Transport component is classified taking into account both dimensions.
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For further information, you can access the Foreign Trade Statistics Consultation System of INEC: http://www.inec.gob.pa (available only in Spanish).
Source: National Institute of Statistics and Census of Panama (INEC). Data updated through December 2023. Data for the year 2023 are preliminary figures.