Panama-Guatemala Bilateral Trade Analysis 2023
Complete trade statistics: $411.69M total volume •Panama deficit: $237.39M
Panama → Guatemala
$87.15M
Exports (2023)
Guatemala → Panama
$324.54M
Imports (2023)
Trade Balance
$237.39M
Deficit for Panama
Total Trade
$411.69M
Combined Volume
Trade Flow Visualization
Direct trade relationship between Panama and Guatemala. 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-Guatemala commercial relationship and competitive positioning in global markets.
Panama → Guatemala Exports
Export Market Intelligence
🎯 Strategic Export Focus
Panama's export portfolio to Guatemala demonstrates strategic specialization, with fish: frozen, yellowfin tunas (thunnus albacares), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99 representing a key competitive advantage in this bilateral market.
Guatemala → Panama Imports
Import Dependency Profile
📦 Import Strategy Analysis
Panama's import pattern from Guatemala reveals significant dependencyin medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Panama demonstrates competitive strength in exportingfish: frozen, yellowfin tunas (thunnus albacares), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99 to Guatemala, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $411.69M trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Panama-Guatemala Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $411.69 millionrepresenting a significant bilateral economic relationship
- Trade Balance: Panama maintains a deficit of $237.39 million
- Export Focus: Panama's primary exports include fish: frozen, yellowfin tunas (thunnus albacares), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99, medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale, telephone sets n.e.c. in item no. 8517.1
- Import Dependencies: Key imports from Guatemala include medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale, food preparations: bakers' wares n.e.c. in heading no. 1605, whether or not containing cocoa: communion wafers, empty cachets suitable for pharmaceutical use, sealing wafers, rice papers and similar products, non-alcoholic beverages: other than non-alcoholic beer, n.e.c. in item no. 2202.10, not including fruit or vegetable juices of heading no. 2009
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 $411.69M 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 fish: frozen, yellowfin tunas (thunnus albacares), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99.
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 fish: frozen, yellowfin tunas (thunnus albacares), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99complements Guatemala's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $411.69M bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $411.69M 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 $411.69 million bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in fish: frozen, yellowfin tunas (thunnus albacares), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99 and medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Panama's trade deficit of $237.39 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 Guatemala represents a total trade volume of $411.69 million in 2023. This partnership demonstrates an unfavorable trade balance for Panama, with imports exceeding exportsby $237.39 million.
Export Strengths
Panama's exports to Guatemala total $87.15 million, with competitive advantages in fish: frozen, yellowfin tunas (thunnus albacares), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99, representing $9.11M or10.5% of bilateral exports.
Import Dependencies
Imports from Guatemala amount to $324.54 million, highlighting economic interdependence in medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale, with Medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale comprising12.4% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Panama's strategic sourcing from Guatemala. 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 Guatemala in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023