Bolivia experienced a significant drop in both exports and imports during the first quarter of the year 2024.
According to the IBCE, using data from the INE, exports fell 27% and imports 16% compared to last year.
External sales, which were $2.645 billion in the first quarter of 2023, decreased to $1.921 billion in the same period of 2024.
Imports also saw a decline, dropping from $2.797 billion in the first three months of 2023 to $2.359 billion in the first quarter of 2024.
Gary Rodríguez, IBCE’s manager and a foreign trade expert, explained that the reduction in international trade activities is mainly due to the dollar shortage in Bolivia.
He noted, “The 27% drop in exports during the first three months significantly impacts the country’s foreign exchange earnings.”
Rodríguez also highlighted that Bolivia experienced a negative trade balance of $438 million in the first quarter of 2024.
One of the most affected products was soy, which saw a decline of $115 million in exports and a volume reduction of 185,000 tons compared to the first quarter of 2023.
In response to this situation, Rodríguez proposed a joint agenda between the public and private sectors to address the crisis in Bolivian foreign trade.
He emphasized the need for a social and productive pact to enhance productivity, competitiveness, market access, export facilitation, and legal security for investments.
Rodríguez suggested that a key solution to the dollar crisis is boosting agro-industrial exports.
He also urged the government to work collaboratively with the private sector and avoid hindering their initiatives.
The expert noted that only increased exports and competitive import substitution can balance Bolivia’s trade deficit, now in its second year.
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