Uruguay (URY) and Panama (PAN) Trade | The Observatory of Economic Complexity

About

Uruguay-Panama Trade: In 2022, Uruguay exported $35.6M to Panama. The main products that Uruguay exported to Panama were Concentrated Milk ($19.8M), Rolled Tobacco ($3.4M), and Tanned Equine and Bovine Hides ($2.44M). Over the past 5 years the exports of Uruguay to Panama have increased at an annualized rate of 3.59%, from $29.8M in 2017 to $35.6M in 2022.

In 2022, Uruguay did not export any services to Panama.

Panama-Uruguay Trade: In 2022, Panama exported $12.5M to Uruguay. The main products that Panama exported to Uruguay were Tanned Equine and Bovine Hides ($10.2M), Air Conditioners ($274k), and Video Recording Equipment ($241k). Over the past 5 years the exports of Panama to Uruguay have decreased at an annualized rate of 25%, from $69.9M in 2017 to $12.5M in 2022.

In 2022, Panama did not export any services to Uruguay.

Comparison: In 2022, Uruguay ranked 57 in the Economic Complexity Index (ECI 0.15), and 98 in total exports ($12B). That same year, Panama ranked 56 in the Economic Complexity Index (ECI 0.17), and 119 in total exports ($6.62B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Uruguay exported $35.6M to Panama. The main products exported from Uruguay to Panama were Concentrated Milk ($19.8M), Rolled Tobacco ($3.4M), and Tanned Equine and Bovine Hides ($2.44M). During the last 5 years the exports of Uruguay to Panama have increased at an annualized rate of 3.59%, from $29.8M in 2017 to $35.6M in 2022.

In 2017, Panama exported $12.5M to Uruguay. The main products exported from Panama to Uruguay were Tanned Equine and Bovine Hides ($10.2M), Air Conditioners ($274k), and Video Recording Equipment ($241k). During the last 5 years the exports of Panama to Uruguay have decreased at an annualized rate of 25%, from $69.9M in 2022 to $12.5M in 2017.

Exports from Uruguay () to Panama () (2022)

Exports from Panama () to Uruguay () (2022)

Latest Data

Trade between Uruguay () and Panama ()

Uruguay Exports

Date

Panama Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Uruguay
Top DestinationChina$2.89B

Panama
Top DestinationChina$1.14B

This map shows whether countries import more from Uruguay or Panama. Each country is colored based on the difference in imports they receive from Uruguay and Panama or the difference in the growth in imports.

In 2022, countries that imported more from Uruguay than Panama included China ($2.89B), Brazil ($1.69B), and Argentina ($999M).

In 2022, countries that imported more from Panama than Uruguay included Japan ($785M), South Korea ($539M), and Costa Rica ($242M).

Difference in imports from Panama () and Uruguay () (2022)

Comparative Advantage Uruguay - Panama

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between Uruguay and Panama by product, considering products traded by both, Uruguay and Panama.

During 2022, Uruguay had a large net trade with Panama in the exports of Animal Products ($21.8M), Foodstuffs ($5.97M), and Animal Hides ($3.17M).

During 2017, Panama had a large net trade with Uruguay in the exports of Animal Hides ($10.2M), Machines ($1.07M), and Chemical Products ($395k).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Uruguay Panama+$783kFrozen Bovine Meat

Top Product Potential Panama Uruguay+$80.1kTelephones

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

Subscribe today to OEC pro and access the latest data

Sign Up

Subscribe today to OEC pro and access the latest data

Sign Up

Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of Uruguay and Panama. This means that a dot/product with the flag of Uruguay indicates it has a comparative advantage over Panama. Similarly, a dot/product with the flag of Panama indicates it has a comparative advantage over Uruguay.

About

Historical Data

Bilateral Trade by Products

Exports from Uruguay () to Panama () (2022)

Exports from Panama () to Uruguay () (2022)

Latest Data

Trade between Uruguay () and Panama ()

Uruguay Exports

Panama Exports

Market Competitiveness

Difference in imports from Panama () and Uruguay () (2022)

Comparative Advantage Uruguay - Panama

Potential Exports

Potential Exports

Subscribe today to OEC pro and access the latest data

Subscribe today to OEC pro and access the latest data

Economic Complexity

Competitive Landscape

Product Space of Uruguay () and Panama () (2022)

Keep Exploring