Panama's top exports during FY 2023

 Panama is an important strategic location in the South American region. Panama shares a strong trade relationship with the United States and Mexico. China has slowly shown its impact in the Panama market. Although, due to some political reasons, Panama's exports declined during fiscal year 2023. According to Panama import export data, the overall exports stood at around $4.09 billion in 2023. Over 60 million export shipments were recorded during the financial year 2023.

Copper ore and its concentrates were the biggest exports of Panama during last year. Panama has some hefty amount of copper reserves under its belt. As per Panama export data, the exports of copper ore and its concentrates were estimated to be $2.66 billion in 2023. China was the biggest destination for Panama's copper exports. 

Around 50% of Panama's copper exports went to China worth $1.32 billion during FY 2023. Japan was the second leading market for Panama's copper exports with 17% market share and estimated exports of $470 million. There was a notable increase in Panama's copper exports to South Korea, Spain, India and Bulgaria. Glencore International from China, LS Nikko Copper from South Korea and Sumitomo Metal Mining were the top copper export companies from Panama.

Bananas were the second most exported items from Panama. In 2023, Panama's banana exports stood at around $145 million. The major destinations for Panama's banana exports were the Netherlands, United States, United Kingdom and Hong Kong. Netherlands was the biggest importer of bananas from Panama with 60% market share and worth over $88 million. 

And 34% of Panama's banana exports went to the United States. Chiquita Europe and Del Monte Fresh Produce were the top banana import companies from Panama. Seafood products were the third most exported items from Panama having worth over $70 million in FY 2023. These include crabs, lobsters, prawns, etc. 

As per Panama customs data, Taiwan accounted for the maximum share of seafood imports from Panama last year. Taiwan imported over $56 million worth of seafood items from Panama. Also, there were notable amounts of shipments from the United States, France, Spain, Italy, and Vietnam. Lequality Life from Taiwan was the top seafood items importer from Panama.

Palm oil was the fourth major export of Panama worth$51 million during FY 2023. Last year, Mexico was the top importer of palm oil from Panama with worth $38 million and 74% market share. Among the fastest growing markets for Panama's palm oil were Costa Rica, Spain, Netherlands and the USA.

Apart from Palm oil, Panama’s other major export items include Iron Scrap ($47 million),  Gols ($37 million), Fish meat ($36 million), Fish oil ($35 million) and Aluminium casks ($29 million). Oleofinos, Aak México, Pan Pacific Copper and Trafigura were  among the top import companies globally with maximum shipments from Panama.

Whereas per Panama import data, the total imports of the country was recorded to be $14.50 billion. The major imports of Panama includes crude, refined petroleum, medicaments, motor cars, corn, and pig iron. The USA was the top destination for imports by Panama with worth $2.5 billion having 17.6% market share. Some of the prominent markets for Panama exports were China, Mexico, Costa Rica, Colombia and Spain.

The import export companies based in Panama can find verified international buyers through a global trade database. There are many global import export data providers offering international buyers shipment data along with their contact information. These insights are of great help as they keep companies updated about the latest happenings in the global market, potential threats, price forecasts, competitors and prospects purchasing behaviour. It all helps companies make beneficial marketing decisions and set business goals.