IBOV 176,402.10 ▲ 1.77% IPSA 10,989.46 ▲ 0.32% IPC MEX 66,709.60 ▲ 0.88% MERVAL 3,343,345 ▲ 1.87% COLCAP 2,312.45 ▲ 0.48% BVL PERÚ 57,575.02 — — USD/BRL5.06▼ 0.25% USD/MXN17.40▼ 0.08% USD/CLP936.00▲ 0.03% USD/COP3,201▼ 1.69% USD/PEN3.40▲ 0.05% USD/ARS1,478▲ 0.02% USD/UYU40.14▲ 1.07% USD/PYG6,035▲ 1.50% USD/BOB10.95▲ 3.79% USD/DOP58.34▲ 0.24% USD/CRC447.42▲ 1.35% USD/GTQ7.62▲ 2.27% USD/HNL26.74▲ 1.52% USD/NIO36.62▲ 0.72% USD/VES735.39▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.49▲ 0.36% USD/TTD6.71▲ 0.76% EUR/BRL5.77▼ 0.79% BRENT 93.65 ▲ 2.90% WTI 86.51 ▲ 1.88% IRON ORE 161.91 — — COPPER 6.50 ▼ 0.16% GOLD 4,157 ▲ 2.10% SILVER 60.61 ▲ 3.01% SOY 1,238 ▲ 1.50% CORN 485.75 ▲ 7.29% WHEAT 704.75 ▲ 3.95% COFFEE 315.50 ▼ 4.96% SUGAR 14.82 ▼ 0.40% ORANGE JUICE 148.05 ▲ 2.96% COTTON 80.43 ▲ 1.86% COCOA 5,277 ▼ 5.89% BEEF 219.63 ▼ 3.11% CATTLE 335.88 ▼ 3.91% LITHIUM 69.39 ▲ 0.44% PETR4 42.58 ▲ 2.21% VALE3 74.25 ▲ 2.78% ITUB4 42.49 ▼ 0.09% BBDC4 18.55 — 0.00% ABEV3 16.02 ▲ 1.39% BBAS3 20.76 ▼ 0.57% B3SA3 15.49 ▲ 2.11% WEGE3 46.30 ▲ 9.02% PRIO3 59.41 ▲ 2.11% SUZB3 42.12 ▲ 1.18% RENT3 36.74 ▲ 0.52% AZZA3 17.52 ▲ 0.23% CSAN3 3.88 ▲ 2.65% RAIZ4 0.27 — 0.00% PCAR3 2.70 ▼ 1.10% GMAT3 3.84 ▲ 0.26% PSSA3 54.64 ▲ 2.17% CVCB3 1.23 ▲ 9.82% POSI3 3.69 ▲ 0.27% SLCE3 13.88 ▲ 0.95% NATU3 8.77 ▲ 0.69% BRKM5 6.17 ▲ 8.06% RANI3 7.97 ▲ 1.01% CSNA3 5.28 ▲ 4.35% CMIN3 5.88 ▲ 5.38% USIM5 8.61 ▲ 1.77% GGBR4 23.76 ▲ 1.15% ENEV3 25.57 ▲ 0.59% CPFE3 46.34 ▼ 0.13% CMIG4 11.09 ▲ 0.64% EQTL3 38.71 ▼ 0.31% LREN3 13.49 ▲ 1.66% VIVT3 35.61 ▼ 0.53% RAIL3 13.54 ▲ 2.27% KLABIN 17.85 ▲ 1.48% RAIA DROGASIL 18.04 ▼ 0.50% RDOR3 33.67 ▼ 0.74% HAPV3 11.47 ▲ 2.05% FLRY3 16.62 ▲ 0.42% SMTO3 16.00 ▲ 2.70% UGPA3 32.32 ▲ 1.57% VBBR3 34.45 ▲ 1.47% BBSE3 42.04 ▲ 1.18% BPAC11 55.99 ▲ 1.12% CURY3 30.09 ▲ 0.47% AERI3 2.06 ▲ 0.98% VIVARA 21.25 ▼ 0.75% COMPASS 24.58 ▲ 0.57% VAMOS 3.14 ▲ 1.62% SANB11 26.56 ▼ 2.39% ASAI3 8.39 ▲ 1.70% SBSP3 28.84 ▲ 0.84% WALMEX 49.35 ▲ 0.41% GMEXICO 212.40 ▲ 1.64% FEMSA 229.84 ▲ 1.37% CEMEX 22.30 ▲ 1.04% GFNORTE 188.12 ▲ 1.25% BIMBO 60.30 ▲ 1.53% TELEVISA 9.89 ▲ 1.33% AMX 22.77 ▲ 0.04% GAP 379.54 ▲ 0.27% ASUR 274.42 ▼ 0.20% OMA 229.44 ▲ 1.41% KOF 183.78 ▲ 1.83% GRUMA 281.29 ▼ 0.46% KIMBER 39.22 ▲ 2.14% SQM-B 66,101 ▲ 2.42% COPEC 6,455 ▲ 0.08% BSANTANDER 79.39 ▲ 0.48% FALABELLA 5,917 ▼ 0.04% ENELAM 84.36 ▼ 0.20% CENCOSUD 2,020 ▼ 0.39% CMPC 1,077 ▼ 0.66% BANCO CHILE 190.05 ▲ 0.02% LATAM AIR 23.97 ▼ 0.95% YPF 81,625 ▲ 1.24% GGAL 8,220 ▲ 3.20% PAMPA 5,525 ▲ 0.91% TXAR 677.50 ▼ 0.22% ALUAR 976.00 ▲ 0.31% TGS 9,790 ▲ 0.82% CEPU 2,355 ▲ 0.64% MIRGOR 16,950 ▲ 1.04% COME 43.05 ▲ 0.42% LOMA NEGRA 3,628 ▲ 0.62% BYMA 296.00 ▲ 1.28% TELECOM ARG 4,280 ▲ 0.59% ECOPETROL 16.89 ▲ 2.18% BANCOLOMBIA 84.40 ▲ 0.91% GRUPO AVAL 5.05 ▼ 0.79% CREDICORP 390.01 ▼ 0.28% SOUTHERN COPPER 191.50 ▲ 1.86% BUENAVENTURA 32.53 ▲ 4.08% MERCADOLIBRE 1,799 ▼ 1.31% NUBANK 14.02 ▼ 2.57% XP 16.99 ▲ 0.80% PAGSEGURO 9.52 ▼ 0.68% STONE 11.16 ▼ 0.89% GLOBANT 31.85 ▼ 0.78% TECNOGLASS 45.39 ▲ 0.53% GAP AIRPORT 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2.10% SILVER 60.61 ▲ 3.01% SOY 1,238 ▲ 1.50% CORN 485.75 ▲ 7.29% WHEAT 704.75 ▲ 3.95% COFFEE 315.50 ▼ 4.96% SUGAR 14.82 ▼ 0.40% ORANGE JUICE 148.05 ▲ 2.96% COTTON 80.43 ▲ 1.86% COCOA 5,277 ▼ 5.89% BEEF 219.63 ▼ 3.11% CATTLE 335.88 ▼ 3.91% LITHIUM 69.39 ▲ 0.44% PETR4 42.58 ▲ 2.21% VALE3 74.25 ▲ 2.78% ITUB4 42.49 ▼ 0.09% BBDC4 18.55 — 0.00% ABEV3 16.02 ▲ 1.39% BBAS3 20.76 ▼ 0.57% B3SA3 15.49 ▲ 2.11% WEGE3 46.30 ▲ 9.02% PRIO3 59.41 ▲ 2.11% SUZB3 42.12 ▲ 1.18% RENT3 36.74 ▲ 0.52% AZZA3 17.52 ▲ 0.23% CSAN3 3.88 ▲ 2.65% RAIZ4 0.27 — 0.00% PCAR3 2.70 ▼ 1.10% GMAT3 3.84 ▲ 0.26% PSSA3 54.64 ▲ 2.17% CVCB3 1.23 ▲ 9.82% POSI3 3.69 ▲ 0.27% SLCE3 13.88 ▲ 0.95% NATU3 8.77 ▲ 0.69% BRKM5 6.17 ▲ 8.06% RANI3 7.97 ▲ 1.01% CSNA3 5.28 ▲ 4.35% CMIN3 5.88 ▲ 5.38% USIM5 8.61 ▲ 1.77% GGBR4 23.76 ▲ 1.15% ENEV3 25.57 ▲ 0.59% CPFE3 46.34 ▼ 0.13% CMIG4 11.09 ▲ 0.64% EQTL3 38.71 ▼ 0.31% LREN3 13.49 ▲ 1.66% VIVT3 35.61 ▼ 0.53% RAIL3 13.54 ▲ 2.27% KLABIN 17.85 ▲ 1.48% RAIA DROGASIL 18.04 ▼ 0.50% RDOR3 33.67 ▼ 0.74% HAPV3 11.47 ▲ 2.05% FLRY3 16.62 ▲ 0.42% SMTO3 16.00 ▲ 2.70% UGPA3 32.32 ▲ 1.57% VBBR3 34.45 ▲ 1.47% BBSE3 42.04 ▲ 1.18% BPAC11 55.99 ▲ 1.12% CURY3 30.09 ▲ 0.47% AERI3 2.06 ▲ 0.98% VIVARA 21.25 ▼ 0.75% COMPASS 24.58 ▲ 0.57% VAMOS 3.14 ▲ 1.62% SANB11 26.56 ▼ 2.39% ASAI3 8.39 ▲ 1.70% SBSP3 28.84 ▲ 0.84% WALMEX 49.35 ▲ 0.41% GMEXICO 212.40 ▲ 1.64% FEMSA 229.84 ▲ 1.37% CEMEX 22.30 ▲ 1.04% GFNORTE 188.12 ▲ 1.25% BIMBO 60.30 ▲ 1.53% TELEVISA 9.89 ▲ 1.33% AMX 22.77 ▲ 0.04% GAP 379.54 ▲ 0.27% ASUR 274.42 ▼ 0.20% OMA 229.44 ▲ 1.41% KOF 183.78 ▲ 1.83% GRUMA 281.29 ▼ 0.46% KIMBER 39.22 ▲ 2.14% SQM-B 66,101 ▲ 2.42% COPEC 6,455 ▲ 0.08% BSANTANDER 79.39 ▲ 0.48% FALABELLA 5,917 ▼ 0.04% ENELAM 84.36 ▼ 0.20% CENCOSUD 2,020 ▼ 0.39% CMPC 1,077 ▼ 0.66% BANCO CHILE 190.05 ▲ 0.02% LATAM AIR 23.97 ▼ 0.95% YPF 81,625 ▲ 1.24% GGAL 8,220 ▲ 3.20% PAMPA 5,525 ▲ 0.91% TXAR 677.50 ▼ 0.22% ALUAR 976.00 ▲ 0.31% TGS 9,790 ▲ 0.82% CEPU 2,355 ▲ 0.64% MIRGOR 16,950 ▲ 1.04% COME 43.05 ▲ 0.42% LOMA NEGRA 3,628 ▲ 0.62% BYMA 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Presidential elections in Paraguay: Taiwan or China?

By · April 24, 2023 · 3 min read

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Paraguay will elect its next president on April 30.

On the ballot is a ruling party candidate who favors extending decades-old diplomatic ties with Taiwan and an opposition rival who favors rapprochement with China to boost the landlocked country’s agriculture-dependent economy.

From the Paraguayan capital of Asuncion to Taipei and Washington, diplomats, officials – and farmers – are closely watching a tight election race that could decide the landlocked South American nation’s future relationship with Taiwan.

Pressure is mounting in the country neighboring Brazil, Argentina, and Bolivia, especially from the powerful agricultural lobby, to tilt relations with China and open the Asian country’s lucrative markets to Paraguay’s soybeans and beef, its main exports.

If Paraguay were to recognize China, it would be a blow to Taiwan (Photo internet reproduction)
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“We are a food-producing country that does not sell to the world’s largest buyer of food,” Pedro Galli, president of the Paraguay Agricultural Association (ARP), told Reuters.

His organization represents about 3,000 local farmers.

If Paraguay were to recognize China, it would be a blow to Taiwan, which must fend off Beijing’s economic might to hold on to its remaining 13 allies worldwide, and a new sign of China’s growing influence in a region Washington has long considered its backyard.

Galli pointed to the recognition of China by other countries in the region, which in recent years have included Panama, the Dominican Republic, El Salvador, and Nicaragua.

Honduras was the latest country to switch sides in March.

“We’re watching the party from the balcony,” Galli said, referring to the losses the agricultural sector has taken in exports.

“It’s just us and the Guatemalans left.”

Opposition candidate Efraín Alegre, who represents a center-left coalition, told Reuters in January and April that if elected president, he would promote relations with China, the world’s largest beef and soybeans importer.

“We will be where it is convenient. Otherwise, it would betray the country,” Alegre said in the April 17 interview.

“How could I refuse a relationship that benefits all Paraguayans, a people that needs development, investment, and industry?”

The ruling conservative Colorado Party’s candidate, Santiago Peña, has promised to stick with Taiwan.

A bipartisan delegation visited the island in February to reassure the Taiwanese.

Taipei, which claims to support its allies economically, said last week it was “puzzled” by the Paraguayan opposition’s stance.

It would do everything possible to maintain diplomatic relations with the country.

China has long argued that democratically ruled Taiwan is part of its territory and has no right to state-to-state relations, something Taipei strongly opposes.

China demands that countries with which it maintains relations recognize its position.

NOT IF, BUT WHEN

In diplomatic circles in Asunción, the prevailing feeling is that change is inevitable – regardless of the outcome of the elections.

“With Paraguay, it’s a question of when, not if,” a senior European diplomat reiterated to Reuters, adding that Paraguay could change “within the next two years” given pressures from the local business community and the fragile global economy.

Even if the ruling Colorado Party wins the elections, its leadership may not support Taiwan as staunchly as incumbent President Mario Abdo, whose father helped establish relations with Taiwan more than six decades ago as a political adviser.

“We are brotherly peoples, and we share a common destiny,” Abdo stressed during his visit in February.

“Current President Abdo had a strong personal commitment to Taiwan that goes back to his father,” said Evan Ellis, who specializes in China-Latin America relations at the US Army War College Institute. ”

It is unclear whether the successor will have the same personal attachment.”

Deep Dive

For the complete picture, read our in-depth guide: Paraguay: Washington's Most Valued Ally in Latin America

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