In the first seven months of 2023, Paraguay witnessed a 20.1% growth in its total exports, accumulating to US$9.83 billion, as per the recent foreign trade report from Paraguay’s Central Bank (BCP).
This is a notable increase compared to the US$8.19 billion recorded by July 2022, reflecting deals with 129 nations.
Concurrently, the total imports stood at US$8.61 billion, a marginal rise of 1.2% from the previous year, sourced from 158 countries.
This led to a trade surplus of US$1.22 billion, a significant shift from the deficit observed in July 2022.
By July 2023, Paraguay’s total foreign trade amounted to US$18.44 billion, marking a 10.5% increase year-on-year.
A breakdown reveals that primary products, such as soybeans and rice, surged to US$2.99 billion, marking a 79.5% growth.
On the other hand, energy exports, predominantly electricity, witnessed a minor uptick of 0.5%, amounting to US$898 million.
Regarding volume, primary goods saw a 60.3% rise, totaling 6.11 million tons.
Again, soybeans and rice dominated this segment. Contrarily, beef and offal exports dwindled by 16.5% in value, equating to US$936.7 million, and 7.7% in volume, year-on-year.