Panama: Imports of goods and services (current US$)

Key figures

What the numbers say

In 2024, Panama's imports of goods and services (current US$) fell 5% on 2023 (from US$35.8 billion to US$34.02 billion).

Across the 30 yearly changes before that (1994 to 2023), the average change was +7% and a typical year strayed about 16.3% from that (the standard deviation). This year's change was 0.7 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 56.8% in 1974 and the biggest yearly fall was 34.1% in 2020. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 there is no clear straight-line trend: a straight line explains 28% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Panama had the 8th highest value of the 33 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Panama in the 2024 ranking

• New Zealand — 5th of 33: US$67.87 billion
• Kuwait — 6th of 33: US$61.52 billion
• Oman — 7th of 33: US$52.26 billion
• Bahrain — 9th of 33: US$33.04 billion
• Ghana — 10th of 33: US$28.24 billion
• Lebanon — 11th of 33: US$15.3 billion

What this measures

Imports of goods includes change in the economic ownership of goods from non-residents to residents of the compiling economy, irrespective of physical movement of goods across national borders. Imports of services includes services provided by non-residents to residents. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars.

Limitations: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data.

Regional and income-group figures are computed by the World Bank as a gap-filled total.

All 65 values

Imports of goods and services (current US$) in nearby economies

• Argentina — US$101.16 billion (2025)
• Aruba — US$3.26 billion (2024)
• Bahamas, The — US$6.56 billion (2024)
• Belize — US$1.72 billion (2024)
• Bolivia — US$14.02 billion (2024)
• Brazil — US$398.32 billion (2025)
• Chile — US$108.72 billion (2025)
• Colombia — US$93.24 billion (2025)
• Costa Rica — US$33.59 billion (2025)
• Cuba — US$8.07 billion (2020)

More economic policy & debt data for Panama

• Total reserves, including gold (current US$) — US$6.24 billion (2025)
• Total reserves, excluding gold (current US$) — US$6.24 billion (2025)
• Gross Value Added (GVA) at basic prices (current US$) — US$88.24 billion (2025)
• Gross Value Added (GVA) at basic prices (current LCU) — 88.24 billion (2025)
• GDP (current US$) — US$90.46 billion (2025)
• GDP (current LCU) — 90.46 billion (2025)
• GDP (constant 2015 US$) — US$80.68 billion (2025)
• GDP (constant LCU) — 84.75 billion (2025)
• GDP per capita (current US$) — US$19,790 (2025)
• GDP per capita (current LCU) — 19,790 (2025)

Reading data like this

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Questions people ask

What is Panama's imports of goods and services (current US$)?

US$34.02 billion in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1960?

It is up 11,546% from US$292.1 million in 1960 (7.72% a year on average, compounded). The highest value was US$35.8 billion in 2023 and the lowest US$292.1 million in 1960.

How does Panama rank?

8th highest of 33 economies with data for 2024.

Is the latest change in imports of goods and services (current US$) unusual for Panama?

In 2024, Panama's imports of goods and services (current US$) fell 5% on 2023 (from US$35.8 billion to US$34.02 billion). Across the 30 yearly changes before that (1994 to 2023), the average change was +7% and a typical year strayed about 16.3% from that (the standard deviation). This year's change was 0.7 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator NE.IMP.GNFS.CD, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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