Bolivia is open to foreign trade, on which the country's economy strongly depends. According to the latest available data, Bolivia's trade to GDP ratio reached 59% in 2021. However, corruption and other structural problems, such as its landlocked isolation, harm its trade. Bolivia has been a member of the WTO for over two decades, and the country is the 8th largest exporter in South America and the 9th largest importer. The country mainly exports gold (23%), petroleum gas (21%), zinc ores and concentrates (12.5%), precious metal ores and concentrates (7.9%), and oil-cake (6.4%), while its main imports include petroleum oils (23.3%), motor vehicles (5.8%), bars and rods made of iron or non-alloy steel (3%), insecticides (2.8%), and medicaments (1.9%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by an estimated 15.4% in 2021 and is expected to increase by 2.2% in 2022, while the volume of imports of goods and services increased by an estimated 15.7% in 2022 and is expected to increase by 7% in 2022.
Bolivia's main trade partners are Brazil, Argentina, China, Peru, India, the United States, and Japan. Trade with neighbouring countries is growing, partly thanks to several regional preferential trade agreements. Bolivia is a member of the Andean Community, along with Peru, Ecuador and Colombia, and an associate member of Mercosur (Southern America Common Market) - a status which the country is trying to change in order become a full time member. However, some of the country's views might make it difficult for them to become a member of the trade bloc, particularly its allegiance to some non-democratic governments and its rhetoric against imperialism, which quite often leave the country isolated and in a difficult spot diplomatically. Additionally, it should be noted that even though Bolivia is an attractive recipient of foreign investment, its international contracts often lack transparency.
Bolivia used to have a traditionally positive trade balance, fuelled by structural needs for gas of the Brazilian and Argentinean markets and, even though the country incurred a trade deficit between 2014 and 2019, Bolivia has been recording a positive trade balance since then. In 2021, the country trade ballance ammounted to USD 2,2 billion. Over that period, exports of goods reached USD 11 billion, while total imports of goods were worth USD 9,5 billion. Concerning the trade of services, the imports amounted to USD 1,9 billion, while the exports amounted to USD 407 million.
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 9,288 | 9,996 | 9,784 | 7,080 | 9,559 |
Exports of Goods (million USD) | 7,846 | 8,965 | 8,757 | 7,015 | 11,030 |
Imports of Services (million USD) | 3,077 | 3,049 | 2,858 | 1,743 | 1,991 |
Exports of Services (million USD) | 1,418 | 1,435 | 1,418 | 603 | 407 |
Imports of Goods and Services (Annual % Change) | 6 | 2 | 2 | -25 | 16 |
Exports of Goods and Services (Annual % Change) | -5 | 5 | -2 | -19 | 15 |
Trade Balance (million USD) | -547 | -362 | -258 | 436 | 2,226 |
Foreign Trade (in % of GDP) | 57 | 57 | 56 | 46 | 59 |
Imports of Goods and Services (in % of GDP) | 32 | 31 | 31 | 25 | 31 |
Exports of Goods and Services (in % of GDP) | 25 | 26 | 25 | 20 | 28 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2022 |
---|---|
India | 16.5% |
Brazil | 13.9% |
Argentina | 12.8% |
Colombia | 7.8% |
Japan | 7.1% |
See More Countries | 41.9% |
Main Suppliers (% of Imports) |
2022 |
---|---|
China | 19.4% |
Brazil | 15.1% |
Argentina | 12.5% |
Chile | 10.9% |
United States | 8.6% |
See More Countries | 33.5% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
To go further, check out our service Import Export Flows
1.4 bn USD of services exported in 2019 | |
---|---|
55.76% | |
Personal travelPersonal travel | 41.82% |
Business travelBusiness travel | 13.94% |
31.84% | |
4.89% | |
4.36% | |
1.76% | |
0.49% | |
0.46% | |
0.33% | |
0.11% |
2.6 bn USD of services imported in 2019 | |
---|---|
36.36% | |
Personal travelPersonal travel | 25.17% |
Business travelBusiness travel | 11.19% |
29.40% | |
15.27% | |
6.22% | |
3.04% | |
3.01% | |
2.44% | |
2.33% | |
1.36% | |
0.58% |
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: September 2023