Panama occupies a distinctive position in global commerce. Unlike economies driven primarily by large-scale manufacturing or commodity exports, Panama’s trade strength lies in its geographic advantage, world-class logistics infrastructure, and re-export-oriented trade model. Situated at the crossroads of the Americas and anchored by the Panama Canal, the country functions as a critical redistribution hub for goods moving between Asia, Europe, and the Western Hemisphere.
An analysis of Panama import export data for 2025 reveals a small economy with outsized importance in regional and global supply chains. While merchandise exports remain modest relative to GDP, imports and re-exports are substantial, reflecting Panama’s role as a transit and logistics economy rather than a traditional production hub.
According to the latest Panama import data, total imports stood at USD 26.68 billion in 2024, marking a 22% year-on-year decline following a post-pandemic surge. In the first three quarters of 2025, imports reached USD 19.22 billion, indicating renewed momentum supported by energy demand, capital goods, and redistribution trade. On the export side, Panama export data shows total exports of USD 13.18 billion in 2024, down 21% year-on-year, while exports during the first three quarters of 2025 amounted to USD 9.35 billion, based on Panama customs data.
Globally, Panama ranks as the 75th largest importer and 92nd largest exporter, according to global trade data. While these rankings may seem modest, they understate Panama’s importance as a logistics and services-driven trade economy.
Panama’s Trade Structure: A Connectivity-Driven Model
Panama’s trade framework differs from most Latin American economies in three fundamental ways:
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Exports are relatively small but steadily improving
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Imports are disproportionately high due to re-exports
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Merchandise trade operates alongside powerful trade services
In 2025, Panama continued to record a structural merchandise trade deficit, estimated at nearly USD 15 billion. However, this deficit is offset by revenues from canal tolls, port operations, financial services, aviation, and tourism. For analysts and traders, merchandise import export data remains essential for understanding real-sector activity and supply-chain dynamics.
During the first three quarters of 2025, Panama’s total trade turnover reached USD 28.57 billion, according to the Panama Economic Outlook Report 2025. This figure underscores the country’s resilience amid global trade realignments.
Panama Export Performance in 2025
Export Growth and Recovery
Panama’s export sector showed notable recovery and expansion in 2025:
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Registered merchandise exports (Jan–May 2025): USD 438.7 million
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Year-on-year growth: +14.6%
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Q1 exports (registered + special regimes): USD 324.4 million
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Q1 growth rate: +25.1%
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Estimated exports by November 2025: USD 10 billion
This marks Panama’s strongest export performance in over a decade, signaling renewed competitiveness following earlier global disruptions.
Key Export Growth Drivers
Several factors supported export growth in 2025:
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Rising global demand for food and seafood
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Improved port and logistics efficiency
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Increased participation of small and medium exporters
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Expanded access to Asian and European markets
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Growth of value-added exports from special economic zones
These developments highlight the gradual evolution of Panama’s export profile beyond traditional commodities.
Major Imports and Exports of Panama
Understanding the major imports and exports of Panama is central to interpreting the country’s trade model. Imports primarily support domestic consumption, energy needs, and re-export activity, while exports remain concentrated in agriculture, seafood, and select manufactured goods.
Top Imports of Panama in 2025
Based on Panama import export data, the country’s import basket remains heavily weighted toward energy, machinery, and consumer goods.
Top Import Categories by Value
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Mineral Fuels & Oils (HS 27): USD 2.64 billion
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Nuclear Reactors & Machinery (HS 84): USD 2.62 billion
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Electrical Machinery & Equipment (HS 85): USD 2.59 billion
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Pharmaceutical Products (HS 30): USD 2.53 billion
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Organic Chemicals (HS 29): USD 2.02 billion
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Vehicles (HS 87): USD 1.60 billion
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Articles of Apparel, Not Knitted (HS 62): USD 1.19 billion
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Footwear (HS 64): USD 950.42 million
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Essential Oils & Cosmetics (HS 33): USD 797.30 million
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Beverages & Spirits (HS 22): USD 734.51 million
Energy imports alone account for 25–27% of total imports, reflecting Panama’s near-total dependence on imported fuel. Machinery and electrical equipment imports point to ongoing investment in infrastructure, logistics, and industrial capacity.
Major Exports of Panama in 2025
Panama’s exports remain diversified within a relatively narrow base, with pharmaceuticals, agriculture, seafood, and light manufacturing leading the way.
Top Export Categories by Value
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Pharmaceutical Products (HS 30): USD 2.30 billion
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Electrical Machinery & Equipment (HS 85): USD 1.68 billion
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Nuclear Reactors & Machinery (HS 84): USD 1.49 billion
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Footwear (HS 64): USD 905.55 million
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Articles of Apparel, Not Knitted (HS 62): USD 811.43 million
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Essential Oils & Cosmetics (HS 33): USD 766.11 million
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Organic Chemicals (HS 29): USD 557.03 million
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Articles of Apparel, Knitted (HS 61): USD 542.37 million
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Beverages & Spirits (HS 22): USD 519.13 million
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Vehicles (HS 87): USD 350.92 million
This export mix illustrates Panama’s gradual move toward value-added and industrial goods, supported by favorable tax regimes and efficient trade infrastructure.
Panama’s Top Trade Partners
According to Panama import export data and Panama customs data, the country maintains strong trade ties across the Americas, Asia, and Europe.
Top Import Partners (2025)
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China: USD 6.75 billion
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United States: USD 4.99 billion
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Mexico: USD 1.01 billion
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Spain: USD 556.96 million
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Belgium: USD 556.62 million
Top Export Partners (2025)
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United States: USD 1.16 billion
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Venezuela: USD 1.13 billion
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Costa Rica: USD 1.05 billion
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Guatemala: USD 852.35 million
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Colombia: USD 841.39 million
China’s dominance as an import source reflects Panama’s role as a distribution hub, while the U.S. remains the largest destination for exports.
Historical Perspective: Panama Trade Over 10 Years
A decade-long review of Panama import export data shows both volatility and resilience:
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Imports peaked in 2023 at USD 34.28 billion before normalizing
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Exports recovered strongly after 2020 disruptions
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Trade activity rebounded sharply in 2022–2023
This historical trend underscores Panama’s sensitivity to global cycles while highlighting its ability to adapt quickly.
The Role of Free Trade Zones and Re-Exports
The Colón Free Trade Zone (CFTZ) is central to Panama’s trade ecosystem. In 2025:
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Over 40% of total imports were linked to re-export activity
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Electronics, apparel, pharmaceuticals, and machinery dominated flows
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Tens of thousands of jobs were supported directly and indirectly
Goods enter Panama duty-free, are repackaged or relabeled, and then re-exported across Latin America and the Caribbean—explaining the scale of Panama’s import figures relative to domestic demand.
Key Trade Trends Shaping 2025
Several structural trends emerge from the latest Panama import export data:
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Export diversification is gradual but consistent
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Asia’s importance is rising, especially for seafood exports
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High import values reflect investment, not over-consumption
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Connectivity and efficiency matter more than production scale
Panama’s success lies not in competing with manufacturing giants but in enabling global trade flows.
Conclusion
The Panama import export data for 2025 presents a clear picture of a strategic, connectivity-driven economy. Export growth reached multi-year highs, supported by agriculture, seafood, and pharmaceuticals, while imports remained elevated due to energy needs and re-export activity. Trade partnerships diversified geographically, with Asia and Europe gaining importance alongside traditional American partners.
As global supply chains continue to evolve, Panama’s role as a bridge economy—supported by world-class infrastructure, stable financial systems, and efficient customs processes—ensures that import-export activity will remain central to its economic future.
For businesses, analysts, and policymakers, Panama remains a compelling case study in how logistics, geography, and trade facilitation can shape economic success in the modern global economy.
