Panama’s trade deficit narrowed to PAB 1038.1 million in May 2019 from PAB 1090.5 in the same month of the previous year. Imports dropped 5.5 percent year-on-year to PAB 1101.3 million, mostly due to lower purchases of consumption goods (-9.4 percent), namely non-durable (-9.7 percent), and fuels & lubricants (-15.9 percent); intermediate (-11 percent), in particular raw materials and intermediate products for agriculture (-16.7 percent), industrial raw products (-0.4 percent) and construction materials (-28.5 percent). Meanwhile, imports of capital goods rose (7.1 percent), of which construction (41.7 percent) and other capital goods (13.1 percent). Exports fell 15.6 percent to PAB 63.2 million, mainly due to lower sales of fish (-23.3 percent); steel, copper & aluminum waste (-53 percent); wood (-39.2 percent); unrefined sugar (-98.5 percent) and shrimp (-51.9 percent). Balance of Trade in Panama averaged -714327.04 PAB Thousand from 2003 until 2019, reaching an all time high of -164179 PAB Thousand in February of 2005 and a record low of -1274300 PAB Thousand in October of 2014.

Balance of Trade in Panama is expected to be -1019000.00 PAB Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Panama to stand at -1011600.00 in 12 months time. In the long-term, the Panama Balance of Trade is projected to trend around -1035000.00 PAB Thousand in 2020, according to our econometric models.

Panama Balance of Trade
Forecast Data Chart
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Calendar GMT Actual Previous Consensus TEForecast
2019-04-17 02:00 PM Balance of Trade Feb PAB-986.2M PAB-1067.7M PAB -985M
2019-05-15 02:50 PM Balance of Trade Mar PAB-956.7M PAB-986.2M PAB -1018.5M
2019-06-21 02:30 PM Balance of Trade Apr PAB-1092.4M PAB-956.7M PAB -975M
2019-07-19 02:00 PM Balance of Trade May PAB-1038.1M PAB-1092.4M
2019-08-21 02:45 PM Balance of Trade Jun PAB-1038.1M
2019-09-17 11:30 PM Balance of Trade Jul
2019-10-16 02:00 PM Balance of Trade Aug

Panama Trade Last Previous Highest Lowest Unit
Balance of Trade -1038067.89 -1092376.36 -164179.00 -1274300.00 PAB Thousand [+]
Current Account -1291.57 -1041.80 247.00 -1670.40 PAB Million [+]
Current Account to GDP -8.50 -7.90 14.81 -13.50 percent [+]
Imports 1101315.60 1160800.40 1349156.80 226561.00 PAB Thousand [+]
Exports 63247.70 68424.03 181465.14 40502.29 PAB Thousand [+]
Capital Flows -1495.40 -920.00 2195.90 -2791.00 PAB Million [+]
Remittances 443.70 426.10 652.00 220.00 USD Million [+]
Terrorism Index 0.08 0.15 0.66 0.00 [+]
Foreign Direct Investment 1648.30 1265.70 1685.10 -306.70 USD Million [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category

Panama Balance of Trade

Panama's lack of mineral resources such as crude oil results in a trade deficits on a consistent basis. The imports of mineral products alone are larger than the country's total exports. Panama mainly exports salmon, banana and gold. Panama's major trade partner is the United States (30 percent of the exports and 28 percent of the imports). Others include China and Costa Rica. This page provides - Panama Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Panama Balance of Trade - actual data, historical chart and calendar of releases - was last updated on July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-1038067.89 -1092376.36 -164179.00 -1274300.00 2003 - 2019 PAB Thousand Monthly
Current Prices, NSA

Country Last Previous
Argentina 1373.00 May/19
Australia 5745.00 May/19
Brazil 5020.00 Jun/19
Canada 762.30 May/19
China 509.76 Jun/19
Euro Area 23033.60 May/19
France -3278.00 May/19
Germany 20600.00 May/19
India -15280.00 Jun/19
Indonesia 196.00 Jun/19
Italy 5347.00 May/19
Japan 589.46 Jun/19
Mexico 1030.71 May/19
Netherlands 5579.00 May/19
Russia 11823.00 May/19
Saudi Arabia 131636.00 Mar/19
Singapore 2447.29 Jun/19
South Africa 1737.21 May/19
South Korea 4168.00 Jun/19
Spain -2110200.00 May/19
Switzerland 3251.00 Jun/19
Turkey -1837.83 May/19
United Kingdom -2324.00 May/19
United States -55520.00 May/19