eCommerce market in Panama

Panama is the 72nd largest market for eCommerce with a predicted revenue of US$1,656.2 million by 2023, placing it ahead of Uzbekistan. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 14.7%, resulting in a projected market volume of US$2,868.7 million by 2027. With an expected increase of 20.5% in 2023, the Panamanian eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Panama, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Panamanian eCommerce market. Food & Personal Care is the largest market and accounts for 27.3% of the Panamanian eCommerce revenue. It is followed by Fashion with 26.7%, Electronics & Media with 23.7%, Furniture & Appliances with 14.8%, and Toys, Hobby & DIY with the remaining 7.5%.

Market development

eCommerce revenue development in Panama

Panama is the 72nd largest market for eCommerce with a predicted revenue of US$1,656.2 million by 2023, placing it ahead of Uzbekistan. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 14.7%, resulting in a projected market volume of US$2,868.7 million by 2027. With an expected increase of 20.5% in 2023, the Panamanian eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Panama, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Panamanian eCommerce market. Food & Personal Care is the largest market and accounts for 27.3% of the Panamanian eCommerce revenue. It is followed by Fashion with 26.7%, Electronics & Media with 23.7%, Furniture & Appliances with 14.8%, and Toys, Hobby & DIY with the remaining 7.5%.

eCommerce revenue development in Panama

in million US$, in %

Note: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war

Source: Statista Market Insights, ecommerceDB

2020 2021 2022 2023 2024 2025 2026 2027
Revenue (in mUS$) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Growth (in %) 80.9 87.3 32.0 32.4 73.6 37.7 0.1 75.1
AOV (in US$) 71.5 30.2 45.2 66.8 82.9 13.8 23.1 31.7
CVR (in %) 80.9 87.3 32.0 32.4 73.6 37.7 0.1 75.1
AOV: Average Order Value CVR: Conversion Rate