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05-12-2023
Panama's exports to the rest of the world in 2022 are valued at $15.5 billion. This projected dollar amount represents a 15.7% increase over the same period in 2021, when it amounted to $13.4 billion.
Panama's Largest Trading Partners
The latest country-specific data show that 65.4% of Panama's exports were purchased by importers from the United States (8.4% of Panama's total), mainland China (7.9%), Venezuela (7.8%), Panama (6.8%), Costa Rica (6.2%), Colombia (5.2%), Dominican Republic (4.4%), Guatemala ( 4.3%), Honduras (4%), Japan (3.6%), Spain (3.4%) and El Salvador (3.38%).
Panama's Top 10 Exports
1. Ores, slag and ash: $2.8 billion (18.1% of total exports)
2. Pharmaceuticals: US$2 billion (12.7%)
3. Motors, equipment: $1.6 billion (10.5%)
4. Machinery including computers: $1.2 billion (7.5%)
5. Organic chemicals: $954.6 million (6.2%)
6. Footwear: $952.2 million (6.2%)
7. Clothing, accessories (not knitted or crocheted): $811.2 million (5.2%)
8. Perfumes, cosmetics: $575 million (3.7%)
9. Knitted or crocheted clothing, accessories: $554.4 million (3.6%)
10. Beverages, spirits, vinegar: $514 million (3.3%)
Panama's top ten export product categories account for more than three quarters (77%) of the value of its global exports.
Organic chemicals are the fastest-growing of the top 10 export categories, increasing by 136.4% from 2021 to 2022. The second fastest-growing export sales category is beverages, spirits and vinegars, with an increase of 45.1 percent. Panama's exports of perfumes and cosmetics grew the third fastest, by 26.1 percent.
The biggest drop in Panama's top 10 export categories was machinery, including computers, down -3.1% year-over-year.
Drilling down to more detailed 4-digit HS codes, Panama's most valuable exports were Copper Ore and Concentrates (18.1% of Panama's total), Dose Mixing Drugs (12.1%), Telephone Equipment including Smartphones (3.6%), Alcoholic Beverages including Spirits and Liqueurs (3%), Rubber or Plastic Footwear (2.8%), and Heterocyclic Compounds and Nucleic Acids (2.6%), sulfonamides (2.2%), perfumes and floral waters (2.2%), textile footwear (2%), television receivers, monitors and projectors (1.7%).
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