{
  "template": "Corridor pair risk profile",
  "pageType": "Corridor pair risk profile",
  "source": "api",
  "generatedAt": "2026-08-29T11:48:12.757Z",
  "seo": {
    "title": "Bulgaria exports to Panama: Trade Route Risk | Yugalinks",
    "description": "Understand reported exports from Bulgaria to Panama, the product routes that need a closer look, and the conditions that may affect planning."
  },
  "publisher": {
    "name": "Yugalinks",
    "url": "https://www.yugalinks.com",
    "email": "support@yugalinks.com",
    "linkedin": "https://in.linkedin.com/company/yugalinks"
  },
  "exporter": {
    "iso3": "BGR",
    "country_name": "Bulgaria"
  },
  "importer": {
    "iso3": "PAN",
    "country_name": "Panama"
  },
  "latestYear": 2024,
  "risk": {
    "exporter_iso3": "BGR",
    "importer_iso3": "PAN",
    "all_history_lane_count": 28,
    "current_lane_count": 10,
    "current_product_count": 10,
    "first_observed_last_year": 1998,
    "latest_data_year": 2024,
    "current_trade_usd": 3043226.208095578,
    "attention_trade_usd": 1566968.8283289166,
    "critical_trade_usd": 0,
    "high_volatility_trade_usd": 1874352.9514850716,
    "unrecovered_drawdown_trade_usd": 1767178.8815693937,
    "declining_demand_trade_usd": 0,
    "concentrated_market_trade_usd": 19692.734221280996,
    "access_friction_trade_usd": 0,
    "buyer_macro_weakness_trade_usd": 0,
    "critical_lane_count": 0,
    "high_attention_lane_count": 1,
    "high_volatility_lane_count": 6,
    "unrecovered_drawdown_lane_count": 3,
    "declining_demand_lane_count": 0,
    "concentrated_market_lane_count": 1,
    "access_friction_lane_count": 0,
    "trade_weighted_volatility_cv": 1.0424817402215427,
    "trade_weighted_below_peak_pct": 34.75531269289182,
    "product_concentration_hhi": 3318.537204281631,
    "top1_product_share_pct": 51.49038294164504,
    "top3_product_share_pct": 82.29634599488813,
    "top_product_hs6": "950430",
    "top_product_trade_usd": 1566968.8283289166,
    "top_product_description": "Games n.e.c. in heading 9504, operated by coins, banknotes, bank cards, tokens or by other means of payment, other than bowling alley equipment",
    "top_attention_product_hs6": "950430",
    "top_attention_product_reason": "Current trade remains more than 50% below its historical peak",
    "distance_km": 10370.9462890625,
    "shares_land_border": 0,
    "shares_official_language": 0,
    "common_spoken_language_score": 0.01860000006854534,
    "has_reported_fta": 1,
    "avg_applied_tariff_pct": 12.196142178989895,
    "avg_mfn_tariff_pct": 12.196142178989895,
    "avg_preferential_tariff_pct": null,
    "tariff_advantage_pp": null,
    "buyer_biz_entry_days": 6,
    "buyer_biz_entry_cost_pct": null,
    "buyer_gdp_mn_latest": 63605.0658,
    "buyer_gdp_pc_latest": 14516,
    "buyer_population_latest": 4381.583,
    "buyer_gdp_5y_cagr_pct": 4.395634788621838,
    "buyer_gdp_pc_5y_cagr_pct": 3.063341443383494,
    "buyer_population_5y_cagr_pct": 1.2926937226950042,
    "buyer_investment_5y_avg_pct": 37.974000000000004,
    "buyer_savings_5y_avg_pct": 37.7,
    "buyer_macro_resilience_label": "Buyer macro trend resilient",
    "attention_trade_share_pct": 51.49038294164504,
    "critical_trade_share_pct": 0,
    "risk_driver_labels": [
      "high_volatility",
      "unrecovered_drawdown",
      "concentrated_product_mix",
      "concentrated_buyer_markets"
    ],
    "attention_level": "High attention",
    "primary_risk_reason": "Volatile products account for the largest observed corridor exposure",
    "buyer_gdp_mn_2024": 63605.0658,
    "buyer_gdp_pc_2024": 14516,
    "buyer_population_2024": 4381.583
  },
  "history": [
    {
      "year": 1995,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 5440811.282380523,
      "yoy_growth_pct": null,
      "cagr_3y_pct": null
    },
    {
      "year": 1996,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 18648366.466255076,
      "yoy_growth_pct": 242.7497389340775,
      "cagr_3y_pct": null
    },
    {
      "year": 1997,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 225855.49755440658,
      "yoy_growth_pct": -98.78887248401568,
      "cagr_3y_pct": null
    },
    {
      "year": 1998,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 304146.34707789845,
      "yoy_growth_pct": 34.66413276242359,
      "cagr_3y_pct": -61.763953527071
    },
    {
      "year": 1999,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 341667.5288334649,
      "yoy_growth_pct": 12.336555120932125,
      "cagr_3y_pct": -73.63743660188331
    },
    {
      "year": 2000,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 687680.955231762,
      "yoy_growth_pct": 101.27196680927514,
      "cagr_3y_pct": 44.9390610824993
    },
    {
      "year": 2001,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 1415662.2660670422,
      "yoy_growth_pct": 105.86032742319236,
      "cagr_3y_pct": 66.9650930460179
    },
    {
      "year": 2002,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 1176725.3479509526,
      "yoy_growth_pct": -16.878101779169285,
      "cagr_3y_pct": 51.01629136271448
    },
    {
      "year": 2003,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 11528736.719034467,
      "yoy_growth_pct": 879.7304646415247,
      "cagr_3y_pct": 155.9361158824179
    },
    {
      "year": 2004,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 13337702.608939484,
      "yoy_growth_pct": 15.690928971587436,
      "cagr_3y_pct": 111.20642450218799
    },
    {
      "year": 2005,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 6719373.967403559,
      "yoy_growth_pct": -49.621204157753866,
      "cagr_3y_pct": 78.73841451614285
    },
    {
      "year": 2006,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 2368280.5460831206,
      "yoy_growth_pct": -64.7544465068931,
      "cagr_3y_pct": -40.99568012689802
    },
    {
      "year": 2007,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 3450956.5572997304,
      "yoy_growth_pct": 45.71569922352479,
      "cagr_3y_pct": -36.27847599050629
    },
    {
      "year": 2008,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 6753018.065136159,
      "yoy_growth_pct": 95.68539774433418,
      "cagr_3y_pct": 0.16662316685034373
    },
    {
      "year": 2009,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 5729114.415797734,
      "yoy_growth_pct": -15.162163635020287,
      "cagr_3y_pct": 34.24087759758698
    },
    {
      "year": 2010,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 4120723.155108715,
      "yoy_growth_pct": -28.073994407477077,
      "cagr_3y_pct": 6.090862939428621
    },
    {
      "year": 2011,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 2495283.487064928,
      "yoy_growth_pct": -39.445495532225436,
      "cagr_3y_pct": -28.241393952803772
    },
    {
      "year": 2012,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 2781057.4968819628,
      "yoy_growth_pct": 11.452566864584025,
      "cagr_3y_pct": -21.408757044856507
    },
    {
      "year": 2013,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 3604100.9077716516,
      "yoy_growth_pct": 29.59462045687513,
      "cagr_3y_pct": -4.366987925786225
    },
    {
      "year": 2014,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 2888270.8438374116,
      "yoy_growth_pct": -19.861543343325106,
      "cagr_3y_pct": 4.995980739860184
    },
    {
      "year": 2015,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 3817241.562923181,
      "yoy_growth_pct": 32.16355976683687,
      "cagr_3y_pct": 11.133900889560767
    },
    {
      "year": 2016,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 4634580.763648305,
      "yoy_growth_pct": 21.411775682836787,
      "cagr_3y_pct": 8.743799783692374
    },
    {
      "year": 2017,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 6660427.82843717,
      "yoy_growth_pct": 43.71154950365206,
      "cagr_3y_pct": 32.11579328972887
    },
    {
      "year": 2018,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 3975444.614162961,
      "yoy_growth_pct": -40.31247366438657,
      "cagr_3y_pct": 1.3628207720749685
    },
    {
      "year": 2019,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 5823632.670123013,
      "yoy_growth_pct": 46.490096966152606,
      "cagr_3y_pct": 7.909870910747907
    },
    {
      "year": 2020,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 1861152.9895360137,
      "yoy_growth_pct": -68.04137391624495,
      "cagr_3y_pct": -34.62274992075179
    },
    {
      "year": 2021,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 2952003.7083521644,
      "yoy_growth_pct": 58.61155557599271,
      "cagr_3y_pct": -9.445424892172971
    },
    {
      "year": 2022,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 5855676.621409081,
      "yoy_growth_pct": 98.36277999385624,
      "cagr_3y_pct": 0.18307792423142288
    },
    {
      "year": 2023,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 7540680.962030581,
      "yoy_growth_pct": 28.77557026391988,
      "cagr_3y_pct": 59.42000954668234
    },
    {
      "year": 2024,
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "export_value_usd": 5762591.979620089,
      "yoy_growth_pct": -23.579952412304184,
      "cagr_3y_pct": 24.978024975777036
    }
  ],
  "riskLanes": [
    {
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "hs_code": "950430",
      "hs_description": "Games n.e.c. in heading 9504, operated by coins, banknotes, bank cards, tokens or by other means of payment, other than bowling alley equipment",
      "buyer_imports_latest_usd": 14555239.018635169,
      "current_below_peak_pct": 52.128245280174944,
      "lane_volatility_cv": 1.091621888086336,
      "attention_level": "High attention",
      "primary_risk_reason": "Current trade remains more than 50% below its historical peak",
      "risk_driver_labels": [
        "high_volatility",
        "unrecovered_drawdown"
      ]
    },
    {
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "hs_code": "901890",
      "hs_description": "Medical, surgical or dental instruments and appliances: n.e.c. in heading no. 9018",
      "buyer_imports_latest_usd": 64434132.920253605,
      "current_below_peak_pct": 7.377174810548759,
      "lane_volatility_cv": 0.9632678580380393,
      "attention_level": "Stable",
      "primary_risk_reason": "No material risk condition is currently identified",
      "risk_driver_labels": []
    },
    {
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "hs_code": "300420",
      "hs_description": "Medicaments: containing antibiotics (other than penicillins, streptomycins or their derivatives), for therapeutic or prophylactic uses, packaged for retail sale",
      "buyer_imports_latest_usd": 51337059.87324545,
      "current_below_peak_pct": 0,
      "lane_volatility_cv": 0.9266230050326223,
      "attention_level": "Stable",
      "primary_risk_reason": "No material risk condition is currently identified",
      "risk_driver_labels": []
    },
    {
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "hs_code": "230990",
      "hs_description": "Dog or cat food: (not put up for retail sale), used in animal feeding",
      "buyer_imports_latest_usd": 92572673.34368461,
      "current_below_peak_pct": 37.29765032711182,
      "lane_volatility_cv": 0.8008916670188654,
      "attention_level": "Stable",
      "primary_risk_reason": "No material risk condition is currently identified",
      "risk_driver_labels": []
    },
    {
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "hs_code": "690721",
      "hs_description": "Ceramic tiles: flags and paving, hearth or wall tiles other than those of subheadings 6907.30 and 6907.40, of a water absorption coefficient by weight not over 0.5%",
      "buyer_imports_latest_usd": 18309313.157196503,
      "current_below_peak_pct": 57.59803946633668,
      "lane_volatility_cv": 1.3948903814145095,
      "attention_level": "Watch",
      "primary_risk_reason": "Current trade remains more than 50% below its historical peak",
      "risk_driver_labels": [
        "high_volatility",
        "unrecovered_drawdown"
      ]
    },
    {
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "hs_code": "330749",
      "hs_description": "Perfumes and deodorizors: perfuming or deodorizing preparations for rooms, (excluding those which operate by burning)",
      "buyer_imports_latest_usd": 10582617.457747597,
      "current_below_peak_pct": 62.531755965403555,
      "lane_volatility_cv": 1.0500853255943603,
      "attention_level": "Watch",
      "primary_risk_reason": "Current trade remains more than 50% below its historical peak",
      "risk_driver_labels": [
        "high_volatility",
        "unrecovered_drawdown"
      ]
    },
    {
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "hs_code": "190531",
      "hs_description": "Food preparations: sweet biscuits, whether or not containing cocoa",
      "buyer_imports_latest_usd": 26624245.655426342,
      "current_below_peak_pct": 0,
      "lane_volatility_cv": 1.4413650562868021,
      "attention_level": "Watch",
      "primary_risk_reason": "Trade has varied substantially across reported years",
      "risk_driver_labels": [
        "high_volatility"
      ]
    },
    {
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "hs_code": "300410",
      "hs_description": "Medicaments: containing penicillins, streptomycins or their derivatives, for therapeutic or prophylactic uses, packaged for retail sale",
      "buyer_imports_latest_usd": 16359384.243720705,
      "current_below_peak_pct": 0,
      "lane_volatility_cv": 0.40234735269611566,
      "attention_level": "Watch",
      "primary_risk_reason": "The lane has limited historical coverage",
      "risk_driver_labels": [
        "limited_history"
      ]
    },
    {
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "hs_code": "340111",
      "hs_description": "Soap and organic surface-active products: in the form of bars, cakes, moulded shapes, and paper, wadding, felt and nonwovens, impregnated, coated or covered with soap or detergent, for toilet use (including medicated products)",
      "buyer_imports_latest_usd": 21107973.359351434,
      "current_below_peak_pct": 11.500165459629494,
      "lane_volatility_cv": 1.4917632183649692,
      "attention_level": "Watch",
      "primary_risk_reason": "Trade has varied substantially across reported years",
      "risk_driver_labels": [
        "high_volatility"
      ]
    },
    {
      "exporter_iso3": "BGR",
      "importer_iso3": "PAN",
      "hs_code": "620590",
      "hs_description": "Shirts: men's or boys', of textile materials n.e.s. in heading no. 6205 (not knitted or crocheted)",
      "buyer_imports_latest_usd": 12253531.561398923,
      "current_below_peak_pct": 0,
      "lane_volatility_cv": 1.5644296699629303,
      "attention_level": "Watch",
      "primary_risk_reason": "Trade has varied substantially across reported years",
      "risk_driver_labels": [
        "high_volatility",
        "concentrated_buyer_market",
        "dominant_supplier"
      ]
    }
  ],
  "accessProfile": {
    "year": 2024,
    "exporter_iso3": "BGR",
    "importer_iso3": "PAN",
    "distance_km": 10371,
    "shares_land_border": 0,
    "shares_official_language": 0,
    "shares_ethnic_language": 0,
    "shared_religion": 0,
    "shared_legal_system": 0,
    "shared_colonial_history": 0,
    "has_fta": 1,
    "rta_coverage_ratio": 2,
    "exporter_is_wto": 1,
    "importer_is_wto": 1,
    "exporter_is_eu": 1,
    "importer_is_eu": 0,
    "importer_gdp_million_usd": 63605.0658,
    "importer_gdp_per_capita_usd": 14516.458047240005,
    "importer_population": 4381.583,
    "importer_biz_entry_days": 6,
    "importer_biz_entry_cost_pct": 5.8,
    "exporter_gdp_million_usd": 80271.119426,
    "exporter_gdp_per_capita_usd": 11634.971018208831,
    "avg_applied_tariff_pct": 12.196142178989895,
    "avg_mfn_tariff_pct": 12.196142178989895,
    "avg_preferential_tariff_pct": null,
    "tariff_advantage_pp": null
  },
  "sourceAttribution": {
    "publisher": "OECD",
    "dataset": "Balanced international merchandise trade statistics (BIMTS) - HS2017-6D",
    "year": 2025,
    "citation": "OECD (2025), Balanced international merchandise trade statistics (BIMTS) - HS2017-6D, OECD Data Explorer (accessed on 2026-08-29)",
    "sourceUrl": "https://data-explorer.oecd.org/",
    "dataflowUrl": "https://sdmx.oecd.org/sti-public/rest/dataflow/OECD.SDD.TPS/DSD_BIMTS_6D@DF_BIMTS_HS2017_6D/1.0",
    "termsUrl": "https://www.oecd.org/termsandconditions/",
    "terms": "OECD Terms & Conditions",
    "accessed": "2026-08-29",
    "supportingSources": [
      {
        "publisher": "CEPII",
        "dataset": "BACI bilateral trade flows",
        "release": "202601",
        "citation": "Gaulier, G. and Zignago, S. (2010), BACI: International Trade Database at the Product-Level. The 1994-2007 Version, CEPII Working Paper No. 2010-23.",
        "sourceUrl": "https://www.cepii.fr/DATA_DOWNLOAD/baci/doc/baci_webpage.html",
        "datasetUrl": "https://www.cepii.fr/CEPII/en/bdd_modele/bdd_modele_item.asp?id=37",
        "licenseUrl": "https://www.etalab.gouv.fr/wp-content/uploads/2018/11/open-licence.pdf",
        "license": "Etalab 2.0 Open Licence",
        "accessed": "2026-08-29"
      }
    ]
  },
  "links": {
    "canonical": "https://www.yugalinks.com/trade/corridor/BGR-PAN/risk",
    "html": "https://www.yugalinks.com/trade/corridor/BGR-PAN/risk/index.html",
    "markdown": "https://www.yugalinks.com/trade/corridor/BGR-PAN/risk/index.md",
    "json": "https://www.yugalinks.com/trade/corridor/BGR-PAN/risk/index.json",
    "jsonLd": "https://www.yugalinks.com/trade/corridor/BGR-PAN/risk/index.ld.json",
    "home": "https://www.yugalinks.com/",
    "tradeHub": "https://www.yugalinks.com/trade/",
    "dataSources": "https://www.yugalinks.com/data-sources",
    "methodology": "https://www.yugalinks.com/methodology",
    "workspace": "https://www.yugalinks.com/app/corridors",
    "contact": "https://www.yugalinks.com/contact",
    "email": "mailto:support@yugalinks.com",
    "linkedin": "https://in.linkedin.com/company/yugalinks"
  }
}