External balance on goods and services in Panama
Panama: External balance on goods and services was 5.0% in 2024. ◆ Volatile
External balance on goods and services in Panama, 1960–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in % of GDP.
Analysis
Panama recorded 5.0% for external balance on goods and services in 2024. That is the highest value across all 65 years on record.
The figure is up 73.3% on the previous year and up 197.1% over ten years.
Over the whole period, external balance on goods and services in Panama peaked at 5.0% in 2024 and was at its lowest, -15.0%, in 1974.
Panama ranks 40th of 193 countries on this measure, in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
External balance on goods and services in Panama, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1960 | -8.6% | — |
| 1961 | -6.5% | -24.6% |
| 1962 | -4.0% | -38.5% |
| 1963 | -7.4% | +86.3% |
| 1964 | -4.5% | -39.9% |
| 1965 | -3.8% | -15.1% |
| 1966 | -4.5% | +19.5% |
| 1967 | -2.0% | -55.5% |
| 1968 | 0.6% | -130.0% |
| 1969 | -2.5% | -507.4% |
| 1970 | -5.8% | +134.6% |
| 1971 | -6.4% | +10.4% |
| 1972 | -8.1% | +26.9% |
| 1973 | -6.6% | -18.4% |
| 1974 | -15.0% | +125.8% |
| 1975 | -11.8% | -20.9% |
| 1976 | -11.4% | -4.0% |
| 1977 | -6.4% | -43.7% |
| 1978 | -7.8% | +21.3% |
| 1979 | -14.0% | +79.8% |
| 1980 | -7.4% | -46.7% |
| 1981 | -9.1% | +22.9% |
| 1982 | -3.2% | -65.4% |
| 1983 | 1.1% | -136.0% |
| 1984 | -2.9% | -351.1% |
| 1985 | -3.2% | +10.9% |
| 1986 | -3.1% | -2.1% |
| 1987 | -3.9% | +24.2% |
| 1988 | 2.0% | -150.6% |
| 1989 | -5.1% | -360.1% |
| 1990 | -6.8% | +34.0% |
| 1991 | -11.5% | +69.6% |
| 1992 | -12.2% | +5.4% |
| 1993 | -11.6% | -5.0% |
| 1994 | -11.5% | -0.3% |
| 1995 | -13.2% | +14.6% |
| 1996 | 1.3% | -109.5% |
| 1997 | 3.1% | +149.3% |
| 1998 | -4.2% | -232.9% |
| 1999 | -4.0% | -4.0% |
| 2000 | -1.3% | -68.0% |
| 2001 | 1.8% | -242.1% |
| 2002 | -0.4% | -120.2% |
| 2003 | -1.0% | +173.0% |
| 2004 | -3.6% | +260.7% |
| 2005 | -2.7% | -24.1% |
| 2006 | -3.1% | +12.6% |
| 2007 | -4.7% | +52.6% |
| 2008 | -8.0% | +69.7% |
| 2009 | 2.9% | -136.1% |
| 2010 | -5.4% | -287.2% |
| 2011 | -2.7% | -49.7% |
| 2012 | -4.1% | +51.6% |
| 2013 | -3.9% | -4.1% |
| 2014 | -5.2% | +31.5% |
| 2015 | -1.8% | -65.2% |
| 2016 | -0.9% | -49.4% |
| 2017 | -1.1% | +20.9% |
| 2018 | -1.4% | +30.0% |
| 2019 | -0.0% | -100.0% |
| 2020 | 3.8% | -1272888.5% |
| 2021 | 3.1% | -19.7% |
| 2022 | 2.6% | -16.3% |
| 2023 | 2.9% | +12.9% |
| 2024 | 5.0% | +73.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | -4.3% | -8.6% | 0.6% | 10 |
| 1970s | -9.3% | -15.0% | -5.8% | 10 |
| 1980s | -3.5% | -9.1% | 2.0% | 10 |
| 1990s | -7.1% | -13.2% | 3.1% | 10 |
| 2000s | -2.0% | -8.0% | 2.9% | 10 |
| 2010s | -2.7% | -5.4% | -0.0% | 10 |
| 2020s | 3.5% | 2.6% | 5.0% | 5 |
Countries ranked near Panama
- 37 Mongolia 5.4% compare
- 38 Slovenia 5.4% compare
- 39 Republic of Korea 5.2% compare
- 41 Côte d'Ivoire 5.0% compare
- 42 Burkina Faso 5.0% compare
- 43 Venezuela, Bolivarian Republic of 4.8% compare
More economy & growth data for Panama
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 2.82 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 4 Percent per annum (2029)
- Exports of goods and services (current LCU), annual growth rate 0.359 % change on previous year (2024)
- Exports of goods and services (current LCU), per unit of GDP 0.4436 current LCU per US$ of GDP (2024)
- Exports of goods and services (current LCU), per capita 8,500 current LCU per person (2024)
- Exports of goods and services (constant 2015 US$), annual growth rate 1.65 % change on previous year (2024)
- Exports of goods and services (constant 2015 US$), per unit of GDP 0.4414 constant 2015 US$ per US$ of GDP (2024)
- Exports of goods and services (constant 2015 US$), per capita 8,457 constant 2015 US$ per person (2024)
- Gross fixed capital formation (current US$), annual growth rate 1.55 % change on previous year (2024)
- Gross fixed capital formation (current US$), per unit of GDP 0.314 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is external balance on goods and services in Panama?
- External balance on goods and services in Panama was 5.0% in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest external balance on goods and services recorded in Panama?
- The highest recorded value was 5.0% in 2024.
- What is the lowest external balance on goods and services recorded in Panama?
- The lowest recorded value was -15.0% in 1974.
- How does Panama rank for external balance on goods and services?
- Panama ranks 40th out of 193 countries with data for 2024.
- Is external balance on goods and services rising or falling in Panama?
- Over the last ten years it is up 197.1%. The long-run trend across the full record is volatile.
- Where does this Panama data come from?
- The figures come from Country official statistics, National Statistical Organizations and/or Central Banks, published as part of External balance on goods and services (% of GDP). Statizoid updates them automatically from the source API.
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About this data
The balance of international trade in goods and services is the difference between the exports and imports of goods and services. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.