Panama-Costa Rica Bilateral Trade Analysis 2023
Complete trade statistics: $929.11M total volume •Panama deficit: $316.48M
Panama → Costa Rica
$306.31M
Exports (2023)
Costa Rica → Panama
$622.79M
Imports (2023)
Trade Balance
$316.48M
Deficit for Panama
Total Trade
$929.11M
Combined Volume
Trade Flow Visualization
Direct trade relationship between Panama and Costa Rica. Green line shows exports from Panama, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Panama-Costa Rica commercial relationship and competitive positioning in global markets.
Panama → Costa Rica Exports
Export Market Intelligence
🎯 Strategic Export Focus
Panama's export portfolio to Costa Rica demonstrates strategic specialization, with 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 representing a key competitive advantage in this bilateral market.
Costa Rica → Panama Imports
Import Dependency Profile
📦 Import Strategy Analysis
Panama's import pattern from Costa Rica reveals significant dependencyin food preparations: n.e.c. in item no. 2106.10, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Panama demonstrates competitive strength in exportingpetroleum 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 to Costa Rica, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $929.11M trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Panama-Costa Rica Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $929.11 millionrepresenting a significant bilateral economic relationship
- Trade Balance: Panama maintains a deficit of $316.48 million
- Export Focus: Panama's primary exports include 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, medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale, fish: frozen, yellowfin tunas (thunnus albacares), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99
- Import Dependencies: Key imports from Costa Rica include food preparations: n.e.c. in item no. 2106.10, medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale, dog or cat food: (not put up for retail sale), used in animal feeding
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents an important regional trade partnerships, with complementary economic strengths driving sustained commercial exchange.
Historical Trade Analysis & Economic Context
Trade Evolution Timeline
2019-2023: Recent Trends
Current trade volume of $929.11M represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.
2015-2019: Growth Period
Sustained expansion in bilateral trade driven by complementary economic structures, with Panama leveraging its comparative advantages in 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.
2010-2015: Foundation Building
Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.
Pre-2010: Early Development
Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.
Key Economic Drivers
Comparative Advantage
Panama's specialization in 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 oilscomplements Costa Rica's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in food preparations: n.e.c. in item no. 2106.10.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $929.11M bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $929.11M bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.
Economic Impact & Strategic Outlook
Economic Impact Assessment
Trade Volume Impact
The $929.11 million bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in 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 and food preparations: n.e.c. in item no. 2106.10 demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Panama's trade deficit of $316.48 million impacts its overall economic position in this bilateral relationship.
Strategic Future Outlook
🚀Growth Opportunities
⚠️Risk Factors
🎯Strategic Recommendations
- Strengthen cooperation in high-value sectors beyond current trade patterns
- Develop alternative supply chains to reduce dependency risks
- Explore joint ventures in emerging technology sectors
- Enhance trade facilitation and reduce transaction costs
Market Position & Competitive Summary
The bilateral trade relationship between Panama and Costa Rica represents a total trade volume of $929.11 million in 2023. This partnership demonstrates an unfavorable trade balance for Panama, with imports exceeding exportsby $316.48 million.
Export Strengths
Panama's exports to Costa Rica total $306.31 million, with competitive advantages in 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, representing $59.29M or19.4% of bilateral exports.
Import Dependencies
Imports from Costa Rica amount to $622.79 million, highlighting economic interdependence in food preparations: n.e.c. in item no. 2106.10, with Food preparations: n.e.c. in item no. 2106.10 comprising10.0% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Panama's strategic sourcing from Costa Rica. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.
Download Bilateral Trade Data
Access detailed trade data between Panama and Costa Rica in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023