Trade Profile

flag Paraguay Paraguay: Trade Profile

Foreign Trade in Figures

Although it is a landlocked country, Paraguay is open to international trade, which represents 71% of the country’s GDP. Even though Paraguay is a founding member of Mercosur, the country was excluded from the bloc in 2012 due to President Fernando Lugo’s impeachment, but soon re-joined the group in 2013, after President Horacio Cartes was elected. Paraguay is the 93rd largest exporter and the 100th largest importer in the world. The country mainly exports meat of bovine animals (17.4%), electrical energy (16.8%), soya beans (12.3%), maize (10.9%), and oil-cake and other solid residues (5.9%). Its main imports include petroleum oils (15.3%), telephone sets (7.6%), motor vehicles (3.6%), insecticides (3%), and automatic data-processing machines (2.5%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services decreased by an estimated 22.4% in 2022 and is expected to increase by 18% in 2023, while the volume of imports of goods and services decreased by an estimated 3.6% in 2022 and is expected to increase by 6.5% in 2023.

Paraguay's main trade partners are Brazil, Argentina, China, the United States, Chile, Russia, and Singapore. The Government’s economic policy aims to increase international trade in order to boost the economy and to develop competitive sectors, through low and uniform tariff protections. In an attempt to diversify its economic partners, the country has sought permanent membership to the Pacific Alliance trade bloc, as it is currently only an observer. Additionally, the relatively improved economic situation in Brazil and Argentina - Paraguay's main trade partners - should further benefit Paraguayan exports. However, restrictions on access to credit and high interest rates, as well as the high cost of transportation and telecommunication services, are still major obstacles to the expansion of trade in the country. Paraguay is a member of the WTO and Mercosur, and has trade agreements with Colombia, Egypt, Israel, Peru, Bolivia, Chile, Morocco, Mexico, and India.

While it has remained in surplus, Paraguay’s trade balance has been unstable since 2006. In 2021, the country’s trade balance was positive and amounted to USD 580 million. According to the WTO, imports of goods amounted to USD 13,5 billion, while exports reached USD 10,5 billion. Exports increased mainly due to a surge in the value of re-exports and to increased soybean sales, while imports for domestic consumption grew driven by food, beverages, textiles and the acquisition of durable goods, such as automobiles and electrical appliances. Concerning the trade of services, the imports were equal to USD 878 million, while exports amounted to USD 998 million.

 
Foreign Trade Indicators 20182019202020212022
Imports of Goods (million USD) 13,33412,54410,21713,56015,853
Exports of Goods (million USD) 9,0427,9688,51810,5479,957
Imports of Services (million USD) 2,0332,0411,2521,7222,353
Exports of Services (million USD) 2,1262,2031,3841,5982,155
Imports of Goods and Services (Annual % Change) 8-2-15226
Exports of Goods and Services (Annual % Change) -0-3-92-2
Trade Balance (million USD) 5732031,226629-1,929
Foreign Trade (in % of GDP) 7271637074
Imports of Goods and Services (in % of GDP) 3535293439
Exports of Goods and Services (in % of GDP) 3736333534

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

Return to top

Main Partner Countries

Main Customers
(% of Exports)
2022
Brazil 36.9%
Argentina 19.2%
Chile 11.6%
Russia 3.6%
United States 2.6%
See More Countries 26.2%
Main Suppliers
(% of Imports)
2022
China 29.5%
Brazil 23.2%
United States 9.3%
Argentina 8.4%
Singapore 2.4%
See More Countries 27.3%

Source: Comtrade, Latest Available Data

Return to top

 

Main Products

10.0 bn USD of products exported in 2022
Electrical energyElectrical energy 16.7%
Soya beans, whether or not brokenSoya beans, whether or not broken 12.3%
Maize or cornMaize or corn 10.9%
Meat of bovine animals, fresh or chilledMeat of bovine animals, fresh or chilled 8.9%
Meat of bovine animals, frozenMeat of bovine animals, frozen 8.5%
See More Products 42.6%
15.9 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 15.2%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 7.6%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 3.6%
Insecticides, rodenticides, fungicides, herbicides...Insecticides, rodenticides, fungicides, herbicides, anti-sprouting products and plant-growth regulators, disinfectants and similar products, put up for retail sale or as preparations or articles, e.g. sulphur-treated bands, wicks and candles, and fly-papers 3.0%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 2.5%
See More Products 68.1%

Source: Comtrade, Latest Available Data

 

To go further, check out our service Import Export Flows

 
 

Main Services

Source: United Nations Statistics Division, Latest Available Data

Return to top

Commercial Policy

International Economic Cooperation
Member of the World Trade Organization (WTO)
Member of Mercado Comun del Sur (MERCOSUR)

 

Member of Latin American Integration Association

Member of Free Trade Area of the Americas (FTAA)

The country have signed a trade agreement with 21 other countries in the São Paulo Round of the Global System of Trade Preferences among Developing Countries (GSTP).

Assessment of Commercial Policy
Country's commercial policy
Barriers to exchanges
Barriers to exchanges
Average Customs Duty (Excluding Agricultural Products)
6.42%
 
 

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
International Economic Cooperation
Member of Mercado Comun del Sur (MERCOSUR)

 

Member of Latin American Integration Association

Member of Free Trade Area of the Americas (FTAA)

The country have signed a trade agreement with 21 other countries in the São Paulo Round of the Global System of Trade Preferences among Developing Countries (GSTP).

Useful Resources
Department of Customs (Spanish)
 
 
 

Return to top

Any Comment About This Content? Report It to Us.

 

© eexpand, All Rights Reserved.
Latest Update: November 2023