In the first half of 2025, Panama’s service exports reached $9.76 billion, a 8.3% increase compared to the same period last year. This according to data from the National Institute of Statistics (INEC) and the Ministry of Commerce and Industries (MICI) published last month.
The growth was mainly driven by the transport sector, seeing a $616 million rise in value (+13%). With exports generating 5.03 billion, the transport sector remained the backbone of service exports with almost 52% of total services exports.
Maritime Transport Driving Services Export Growth
The strong performance of maritime transport (Panama Canal, port operations) was good for 98% of transportation sector export growth and responsible for 81% of the rise in total service exports.
Travel (tourism), the goods and services purchased by international travellers to Panama (e.g. accommodation), experienced the 2nd largest absolute increase with $307 million (+7.8%). Totaling $3.31 billion in H1, it was Panama’s 2nd highest service export category (34%).
Financial services declined with $40.2 million (-5.8%), making up 6.7% of total service exports for the period ($658 million), the 3rd largest category. At the same time, insurance and pensions reached $214 million, a rise of $21.9 million (+11.4%).
Drop in Other Business Services
Another notable decline was shown in other business services dropping -24.6%, from 295.5 million to 222.85 million. The latter decrease was for a large part caused by a decrease in the export of technical services, trade-related (brokerage, commissions) and other services from 169.9 to 77.7 million (-54.3%). Meanwhile, professional services, business and management consulting, also part of “other business services”, saw an increase of 17% to 137.6 million.
Panama thrives on services exports. 95% of its export value comes from services. Above figures underscore Panama’s role as a regional logistical & services hub in Latin America.