Bolivia is open to foreign trade, on which the country's economy strongly depends: according to the latest available data by the World Bank, Bolivia's trade to GDP ratio stands at 68%. Bolivia has been a member of the WTO for almost three decades. Bolivian exports remain relatively concentrated, with mineral products and hydrocarbons leading the pack, although their proportion of total export value has declined gradually over the past two decades. Gold, zinc and silver rank prominently among the main mineral exports. Additionally, Bolivia exports soybeans, soy products, and various other agricultural goods. According to data by Comtrade, in 2022, the country’s main exports comprised petroleum gas and other gaseous hydrocarbons (22.3%), gold (22.0%), zinc ores and concentrates (13.3%), oilcake and other solid residues (7.2%), soya-bean oil (6.3%), whereas imports were led by petroleum oils (33.3%), motor cars and other motor vehicles (3.4%), insecticides et sim. (2.8%), bars and rods of iron or non-alloy steel (1.8%), motor vehicles for the transport of goods (1.5%).
Bolivia’s main export partners are India (16.5%), Brazil (13.9%), Argentina (12.8%), Colombia (7.8%), Japan (7.1%), and Peru (6.2%), as imports come chiefly from China (19.4%), Brazil (15.1%), Argentina (12.5%), Chile (10.9%), the United States (8.6%), and Peru (8.1% - data Comtrade for 2022). Bolivia is a member of the Andean Community, along with Peru, Ecuador and Colombia, and became a member of Mercosur (Southern America Common Market) in late 2023, after being an associate for many years.
Bolivia’s trade balance has been fluctuating in recent years. According to data from WTO, in 2022, the country exported USD 13.6 billion worth of goods (+23.7% y-o-y, the highest level since 1992) while importing USD 13 billion (+36.5%). Concerning services, exports reached USD 941 million, well below the USD 2.7 billion recorded in imports. The World Bank estimated the country’s trade deficit to account for 2.5% of its GDP in 2022 (from 3.4% one year earlier). Preliminary governmental figures show that, in 2023, exports contracted by 20.6%, to USD 10.8 billion, while imports decreased at a slower pace (-3.2%), totaling USD 11.5 billion.
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 9,784 | 7,080 | 9,121 | 13,049 | 11,120 |
Exports of Goods (million USD) | 8,757 | 7,015 | 11,030 | 13,653 | 11,018 |
Imports of Services (million USD) | 2,871 | 1,729 | 1,974 | 2,737 | 2,591 |
Exports of Services (million USD) | 1,443 | 425 | 452 | 922 | 1,232 |
Imports of Goods and Services (Annual % Change) | 2 | -25 | 16 | n/a | n/a |
Exports of Goods and Services (Annual % Change) | -2 | -19 | 15 | n/a | n/a |
Trade Balance (million USD) | -258 | 679 | 2,226 | 1,695 | n/a |
Foreign Trade (in % of GDP) | 56 | 46 | 59 | n/a | n/a |
Imports of Goods and Services (in % of GDP) | 31 | 25 | 31 | n/a | n/a |
Exports of Goods and Services (in % of GDP) | 25 | 20 | 28 | n/a | n/a |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2023 |
---|---|
Brazil | 14.4% |
India | 12.1% |
China | 10.7% |
Argentina | 9.1% |
Colombia | 8.8% |
See More Countries | 44.8% |
Main Suppliers (% of Imports) |
2023 |
---|---|
China | 20.8% |
Brazil | 16.7% |
Argentina | 9.4% |
Chile | 8.8% |
United States | 6.8% |
See More Countries | 37.4% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
To go further, check out our service Import-Export Flows
1.1 bn USD of services exported in 2023 | |
---|---|
63.71% | |
Personal travelPersonal travel | 50.96% |
OtherOther | 7.99% |
Business travelBusiness travel | 12.74% |
28.30% | |
4.47% | |
1.89% | |
1.38% | |
0.15% | |
0.10% | |
n/a% |
2.2 bn USD of services imported in 2023 | |
---|---|
38.55% | |
31.92% | |
Personal travelPersonal travel | 25.53% |
OtherOther | 29.53% |
Business travelBusiness travel | 6.38% |
11.35% | |
9.59% | |
3.27% | |
3.26% | |
0.84% | |
0.63% | |
0.56% | |
0.04% |
Source: United Nations Statistics Division, Latest Available Data
Member of Asociación latinoamericana de integración
Member of MERCOSUR (Associate member)
Member of Organization of American States - OAS
Member of Asociación latinoamericana de integración
Member of MERCOSUR (Associate member)
Member of Organization of American States - OAS
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Latest Update: May 2024