Ecuador and Panama
Ecuador and Panama have reduced tax frictions and expanded economic and security dialogue. The October 2025 consultations included memoranda against trafficking and between diplomatic academies, as well as a business forum and plans to explore greater trade integration.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08What merchandise trade shows
In 2025, goods trade between Ecuador and Panama totalled 6,513.8 million current USD.
Documented trade sectors
Within the selected chapters, mineral fuels and oils stands out in shipments from Ecuador to Panama, at 6,304.4 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 6,513.78 M USD | 2025 · Comtrade |
| Goods: Ecuador to Panama | 6,411.57 M USD | 2025 · Comtrade |
| Goods: Panama to Ecuador | 102.21 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: Ecuador to Panama | 17.26 % | 2025 · Comtrade |
| Export share: Panama to Ecuador | ||
| Investment stock: Ecuador in Panama | ||
| Investment stock: Panama in Ecuador |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade · Goods; full calendar year; reporter ECU. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Ecuador to Panama
- 2025 · UN Comtrade · Goods; full calendar year; reporter ECU. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Panama to Ecuador
- 2025 · UN Comtrade · Goods; full calendar year; reporter ECU. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Export share: Ecuador to Panama
- 2025 · UN Comtrade · Exports to the partner / worldwide exports by the same reporter; same year and coverage.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Ecuador | Panama |
|---|---|---|
| Nominal GDP | 130.32 billion USD2025 · WB | 90.46 billion USD2025 · WB |
| GDP per capita | 7,125.28 USD2025 · WB | 19,789.73 USD2025 · WB |
| GDP growth | 3.73 %2025 · WB | 4.35 %2025 · WB |
| Policy interest rate | ||
| Inflation · annual average | 0.71 %Annual average · 2025 · WB | -0.19 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | ||
| Unemployment | 3.31 %ILO est.2025 · WB | 8.36 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -2.9 %IMF est.2025 · IMF | -3.7 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 54.4 %IMF est.2025 · IMF | 56.6 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 5.91 %2025 · WB | -0.19 %2025 · WB |
| Population | 18,289,8962025 · WB | 4,571,1892025 · WB |
| Area | 256,370 km²2023 · WB | 75,320 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDEcuador: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Panama: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP per capita
- Current USD per personEcuador: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Panama: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP growth
- Annual real change (%)Ecuador: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Panama: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Policy interest rate
- Central bank instrument (%)
- Inflation · annual average
- Average annual change in headline CPI (%)Ecuador: 2025 · Annual average CPI change (%) · World Bank · Annual World Bank observation, with its original year; not monthly data.Panama: 2025 · Annual average CPI change (%) · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency stated
- Unemployment
- % of the labour force; definition used by the stated institutionEcuador: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Annual World Bank observation, with its original year; not monthly data.Panama: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Annual World Bank observation, with its original year; not monthly data.
- Budget balance
- General government (% of GDP)Ecuador: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Panama: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)Ecuador: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Panama: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPEcuador: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Panama: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Population
- PeopleEcuador: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Panama: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Area
- Total area in km²; territorial coverage of the sourceEcuador: 2023 · World Bank · Annual World Bank observation, with its original year; not monthly data.Panama: 2023 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Ecuador to Panama
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 6,304.4 M USD2025 · Source |
| Machinery and mechanical appliances | 9.2 M USD2025 · Source |
| Electrical and electronic equipment | 7.2 M USD2025 · Source |
| Pharmaceutical products | 6.7 M USD2025 · Source |
| Vehicles and components | 0.0835 M USD2025 · Source |
Panama to Ecuador
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 21.8 M USD2025 · Source |
| Machinery and mechanical appliances | 9.4 M USD2025 · Source |
| Electrical and electronic equipment | 8.2 M USD2025 · Source |
| Pharmaceutical products | 3.3 M USD2025 · Source |
| Vehicles and components | 0.668 M USD2025 · Source |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | Ecuador to Panama | Panama to Ecuador |
|---|---|---|---|
| 2021 | 4,088.9 | 3,969.5 | 119.3 |
| 2022 | 5,079.3 | 4,990.3 | 89 |
| 2023 | 4,580.6 | 4,472.9 | 107.8 |
| 2024 | 5,926.7 | 5,804.3 | 122.4 |
| 2025 | 6,513.8 | 6,411.6 | 102.2 |
Connections between people
The tax information exchange agreement was signed on August 14, 2025. The foreign ministers inaugurated a trade and investment forum and signed memoranda on preventing human trafficking and migrant smuggling and cooperation between diplomatic academies. [1] [2]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Ecuador living in Panama | ||
| Residents from Panama living in Ecuador | ||
| Study and training: Ecuador in Panama | ||
| Study and training: Panama in Ecuador | ||
| Academic stays: Ecuador in Panama | ||
| Academic stays: Panama in Ecuador | ||
| Travel: Ecuador to Panama | ||
| Travel: Panama to Ecuador |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
The scale of both economies
Nominal GDP for Ecuador is 130.3 billion USD (2025), compared with 90.5 for Panama (2025). The reference populations are 18.29 and 4.57 million, respectively. In the same year, the economy of Ecuador was 1.44 times that of Panama in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [6] [7]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Bilateral context
The tax information exchange agreement was signed on August 14, 2025. The next day, Ecuador removed Panama from its list of tax havens. [1] [2]
Cooperation and bilateral issues
The second political consultation meeting, held in Quito on 24 October, prioritized implementation of the agreement and technical engagement to assess an Economic Complementation Agreement, still unconcluded. The foreign ministers inaugurated a trade and investment forum and signed memoranda on preventing human trafficking and migrant smuggling and cooperation between diplomatic academies. Public security and transnational crime were also addressed within the Alliance for Development in Democracy. On 16 December 2025, Panama repealed the 2012 retaliatory measures against Ecuador, closing a longstanding trade and tax friction. [1] [2]
End of tax measures
Cabinet Decree 39-25, of December 16, 2025, repealed Panamanian retaliatory measures against Ecuador following the tax exchange and Panama's removal from Ecuador's tax list. [2]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Ecuador and Panama) totalled 6,513.8 million current USD. Shipments from the first to the second were 6,411.6 million; those in the opposite direction, 102.2 million. The difference between the two flows was 6,309.4 million, in favour of Ecuador. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [3]
The partner's share of exports
Sales from Ecuador to the partner represented 17.26% of its worldwide goods exports in 2025. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [3]
Five years of trade trends
The consistent series shows 4,088.9 million USD in 2021 and 6,513.8 million in 2025. The change between the two endpoints was +59.3 % in current dollars. The highest annual value in the period was recorded in 2025, at 6,513.8 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [4]
Documented trade sectors
Within the selected chapters, mineral fuels and oils stands out in shipments from Ecuador to Panama, at 6,304.4 million USD in 2025. Within the selected chapters, mineral fuels and oils stands out in shipments from Panama to Ecuador, at 21.8 million USD in 2025. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [5]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — ECU-PAN
www.cancilleria.gob.ec · Institutional source · Accessed: 2026-10-08
- Bilateral relations — ECU-PAN
www.cancilleria.gob.ec · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Trade series 2021–2025
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Official series — gdp
World Bank · Institutional source · Accessed: 2026-10-07
- Official series — population
World Bank · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.