Recent data shows that 52% of Bolivia’s exports now consist of manufactured goods, indicating a shift in its export profile.
This information comes from both the government and the National Statistics Institute INE.
In light of strong global demand, experts advise focusing on these products. They believe this will boost Bolivia’s international reserves and job market.
This shift could also revitalize the nation’s economy.
Deputy Trade Minister Benjamín Blanco spoke to the media about this change. Until 2014, natural gas was half of Bolivia’s exports.
These exports mainly went to Brazil and Argentina. Now, manufactured items lead the way, making up 52%.
The latest report divides Bolivia’s exports as follows: manufactured goods (52%), minerals (23%), hydrocarbons (20%), and agriculture (5%).
Traditional items like gas still primarily target Argentina and Brazil. Meanwhile, non-traditional goods are aimed at the Andean Community.
Economist Luis Ballivián notes a decline in gas production. He also mentions less attractive incentives for hydrocarbons.
From 2013 to 2023, hydrocarbon exports fell from 54% to 21%. Conversely, manufacturing rose from 24% to 52%.
Ballivián urges support for non-traditional goods, like food and services. This could diversify Bolivia’s export portfolio.
It also lessens reliance on natural resources like gas and minerals.
Gary Rodríguez of the Bolivian Foreign Trade Institute also sees good times for non-traditional exports.
He advocates using this to build international reserves and create jobs. He stresses the need to go beyond natural resources in the economy.
Background
Despite positive trends, gas and minerals still play a significant role. However, their share has dwindled compared to non-traditional goods.
Rodríguez argues for supporting sectors like agriculture and forestry. According to him, these sectors can be crucial drivers for economic growth.
The shift in Bolivia’s exports is noteworthy both locally and globally. Locally, it signifies a robust diversification from a resource-driven economy.
This could bring long-term stability and job growth. Globally, it aligns with a rising demand for manufactured goods.
It positions Bolivia favorably in international trade circles.
For comparison, other nations reliant on natural resources also aim to diversify. Countries like Nigeria and Saudi Arabia are making similar moves.
However, Bolivia’s rapid shift stands out for its speed and effectiveness.