Panama’s service exports reached a historic record of US $20.194 billion in 2025, a 9.8% increase compared to the US $18.3857 billion recorded in 2024, according to estimated figures from the National Institute of Statistics and Census (INEC). The upward trend continued during the first six months of 2026. Between January and June, the country accumulated US $11,130.4 million in service exports, representing a year-on-year growth of 12.7%. The results reinforce the importance of transport, logistics and tourism activities as drivers of the income that Panama obtains from international markets.
Transport and Logistics Lead Service Exports.
Transportation was one of the main drivers of growth during the first half of 2026. This activity generated US $5,873.6 million between January and June, an increase of 16.7% compared to the same period in 2025. Performance is related to maritime connectivity, port activity and the country’s logistics platform, which are fundamental components of its export service offering. This sector continues to position Panama as a strategic point for international trade, thanks to its infrastructure and its ability to connect markets and facilitate the movement of goods.
International Tourism Contributes US $3,793.7 Million
Travel, a category primarily associated with international tourism, also contributed to the growth of service exports. During the first half of 2026, this sector generated US $3,793.7 million, a year-on-year increase of 14.7%. Overall, transport and travel accounted for 86.9% of service exports for the period, highlighting the concentration of external income in these two activities. The results reflect the importance of logistical connectivity and the arrival of international visitors in generating foreign exchange for the Panamanian economy.
The Second Quarter of 2026 Recorded the Highest Value of the Period.
The quarterly performance also showed positive growth. Between April and June 2026, service exports totaled US $5,630.5 million, a 15.9% increase compared to the second quarter of 2025. This figure represented the highest quarterly value of the analyzed period. During the first quarter of the year, Panama had registered US $5,499.8 million, with a year-on-year increase of 9.7%. The comparison reflects an acceleration of growth in the second quarter, when the increase exceeded by 6.2 percentage points that recorded between January and March.
Panama Seeks to Diversify its Service Exports.
In addition to transportation and travel, Panama has other activities with the potential to expand its export offerings, including financial services, insurance, telecommunications, information technology, and business services. The development of these segments represents an opportunity to diversify international revenue sources and strengthen the country’s competitiveness in higher value-added markets. The Ministry of Commerce and Industries (MICI) is promoting initiatives aimed at fostering new business opportunities and expanding Panamanian participation in international trade in services.
MS Services.
Among the initiatives of the MICI is the National Strategy for the Export of Modern Services (ENESM), launched on April 20, as well as Executive Decree No. 14, which establishes the creation of the Tripartite Committee of this strategy.
These actions seek to strengthen the development of modern services and promote a more diversified exportable offer, with an emphasis on activities that can expand Panama’s presence in international markets. With a record US $20.194 billion in 2025 and 12.7% growth during the first half of 2026, service exports remain a significant component of the Panamanian economy. The challenge will be to sustain this trend and leverage the potential of both traditional sectors and those with higher added value.
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