Panama and the European Union have been acknowledging hikes in their international trade because of favorable economic policies, modified infrastructure, and evolving cooperation between the two countries. The different trade agreements signed between the trade management authorities such as the Tariff Reductions, Customs Cooperation, Regulatory Alignment, Sustainable Development, Dispute Resolution Mechanisms, and Technical Assistance facilitate the trade rate between the two.

The valuation of trades between these two countries has been increasing a lot over the past few decades with an aggregate increase of 8.9 billion US dollars in 2019. The higher demand for Panama goods in different regions of Europe is the significant factor boosting bilateral exchange between these 2 authorities.

Key Insights of Eu and Panama Trade in 2023

• The valuation of goods exported from Panama to the European Union in 2023 stands at a staggering value of 1.8 billion US dollars.

• EU exports to the Panama in 2023 stands at a value of 4 billion US dollars in 2023.

• The bilateral exchange between the two trades increased by a rate of 1.8 times in 2023.

• Pharmaceuticals, Vehicles, and machinery dominate the exchange market accompanied by others.

• Agriculture holds a share of around 12% of the total trade between the European Union and Panama in 2023.

• EU gets suitable trade rates from the lower-cost trade rate of the Panamian Farmers facilitating trade growth.

What Are the Top 10 Exports of Panama to the European Union in 2023?

The Panama trade data highlights the below-mentioned products as the top export of the nation to the European Union in 2023,

• Bananas – Valuation of Bananas exports from Panama to the European Union in 2023 – 470 million US dollars.

• Fish and Seafood products – Valuation of Fish and Seafood products exports from Panama to the European Union in 2023 – 400 million US dollars.

• Coffee – Valuation of Coffee exports from Panama to the European Union in 2023 – 380 million US dollars.

• Sugar – Valuation of Sugar exports from Panama to the European Union in 2023 – 340 million US dollars.

• Shellfish – Valuation of Shellfish exports from Panama to the European Union in 2023 – 300 million US dollars.

• Copper Ores – Valuation of Copper Ores exports from Panama to the European Union in 2023 – 280 million US dollars.

• Precious stones – Valuation of Precious stones exports from Panama to the European Union in 2023 – 250 million US dollars.

• Melons – Valuation of Melons exports from Panama to the European Union in 2023 – 210 million US dollars.

• Beef – Valuation of Beef exports from Panama to the European Union in 2023 – 200 million US dollars.

• Petroleum Oils – Valuation of Petroleum Oils exports from Panama to the European Union in 2023 – 182 million US dollars.

WHAT ARE THE TOP 10 EXPORTS OF THE EUROPEAN UNION TO PANAMA IN 2023?

As per the detailed trade analysis of the European Union Trade Data, the top products that the European Union exports to Panama in 2023 are discussed below,

• Machinery and equipment – Valuation of Machinery and equipment exports from the European Union to Panama in 2023 – 2.5 billion US dollars.

• Pharmaceuticals – Valuation of Pharmaceuticals exports from the European Union to Panama in 2023 – 1.4 billion US dollars.

• Chemical products – Valuation of Chemical products exports from the European Union to Panama in 2023 – 1 billion US dollars.

• Transport equipment – Valuation of Transport equipment exports from the European Union to Panama in 2023 – 800 million US dollars.

• Iron and Steel – Valuation of Iron and Steel exports from the European Union to Panama in 2023 – 700 million US dollars.

• Organic Chemicals – Valuation of Organic Chemicals exports from the European Union to Panama in 2023 – 600 million US dollars.

• Food products – Valuation of Food products exports from the European Union to Panama in 2023 – 540 million US dollars.

• Plastics – Valuation of Plastics exports from the European Union to Panama in 2023 – 500 million US dollars.

• Optical and Medical instruments – Valuation of Optical and Medical instruments exports from the European Union to Panama in 2023 – 428 million US dollars.

• Electrical machinery and appliances – Valuation of Electrical machinery and appliances exports from the European Union to Panama in 2023 – 400 million US dollars.

Top 10 Ports That Facilitate the Bilateral Exchange Between Eu and Panama in 2023

According to the detailed trade analysis of the Panama Customs Data and the European Countries Import Export Trade Data, the top 10 ports of both the nations facilitating its trade rates are discussed below,

EUROPEAN UNION PORTS

1. Port of Barcelona – Headquartered in Rotterdam, Netherlands
2. Port of Antwerp – Headquartered in Hamburg, Germany
3. Port of Valencia – Headquartered in Antwerp, Belgium
4. Port of Hamburg – Headquartered in Valencia, Spain
5. Port of Rotterdam – Headquartered in Barcelona, Spain

PANAMA PORTS

1. Port of Balboa – Headquartered in Balboa, Panama City
2. Port of Manzanillo – Headquartered in Colón, Panama
3. Port of Colon – Headquartered in Manzanillo, Panama
4. Port of Cristobal – Headquartered in Cristobal, Panama
5. Port of Chiriquí Grande – Headquartered in Chiriquí Grande, Panama

FAQ’s

Que. Name the top 2 ports that facilitate the trade between the EU and Panama in 2023.
Ans. Port of Barcelona and Port of Balboa are the top 2 ports that facilitate trade between the EU and Panama in 2023.

Que. What is the top export of Panama to the EU in 2023?
Ans. Bananas are the top export of Panama to the EU in 2023.

Que. What is the top export of the EU to Panama in 2023?
Ans. Machinery and equipments are the top exports of the EU to Panama in 2023.

Que. Where can you get a detailed trade analysis of the Panama and EU trade in 2023?
Ans. By Subscribing to Import Globals, you can get a detailed trade analysis of the Panama to EU trade in 2023.

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