In June, Bolivia logged a $155 million trade surplus, its third consecutive positive month, the National Institute of Statistics (INE) reported.
Humberto Arandia, the INE director, announced this as 2024’s highest surplus, driven by strong non-traditional exports like beef.
During a press conference, Arandia noted that total exports hit $824.3 million, exceeding imports of $669.6 million. Non-traditional exports increased by 9%, totaling $268 million in June.
Although traditional exports like hydrocarbons and minerals dipped by 2%, soy and its derivatives soared to a yearly peak.
These exports surged nearly 50% above first-quarter levels. Beef exports also hit record highs in value and volume, significantly boosting Bolivia’s economy and highlighting the sector’s crucial role.
David Guachalla, Vice Minister of Planning and Coordination, earlier linked the favorable trade shift to targeted government strategies to enhance exports.
He emphasized efforts to broaden Bolivia’s export range, including potential iron and lithium sales, plus other agricultural products.
This surplus marks a critical turnaround after seven months of deficits, forecasting a bright future for Bolivia’s trade.
Government actions are shaping a varied and robust economic framework, readying Bolivia for prolonged growth and global market stability.
Background
Bolivia is close to becoming Latin America’s riskiest sovereign debtor. Recent political instability, economic downturns, and external pressures have worsened the situation.
Amidst failed coups, ongoing monetary crises, and critical shortages of key commodities, Bolivia’s financial stability is under severe scrutiny.
Investor demands for higher interest rates on Bolivian bonds than on similar U.S. Treasury bonds have soared.
They now exceed rates for habitual defaulters like Ecuador and Argentina by over 553 basis points.
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