Paraguay Sees 5.6% Trade Growth Early in 2024

Paraguay’s foreign trade saw a 5.6% growth in the first half of 2024, with transactions totaling $16.572 billion.

This growth reflects a significant increase from the same period last year, according to the Central Bank of Paraguay’s (BCP) latest report.

From January to June, exports reached $8.569 billion, a modest 1.8% rise from the previous year’s figures.

These exports were distributed across 136 countries, showcasing Paraguay’s diverse trade partners.

Imports, on the other hand, surged by 10.1%, totaling $8.003 billion. These imports came from 162 countries, indicating a broad range of international suppliers.

The result of this trade activity was a $565.6 million surplus, although this was lower than the $1.146 billion surplus recorded in the same period of 2023.

Breaking down the exports, primary products stood out with a value of $2.476 billion, a 4.0% increase.

Soybeans and cotton fibers were the top contributors in this category. The volume of primary product exports also grew by 37.5%, reaching 1.737 million tons, with soybeans and wheat leading this growth.

However, the export of electrical energy decreased by 15.2% in value, totaling $651.4 million. The volume saw a significant drop of 48.0%, amounting to 7,684.5 MW/h.

Beef exports brought in $765.8 million, a 1.2% rise in value, despite a slight 0.2% decline in volume compared to June 2023.

This trade performance matters as it highlights Paraguay’s economic resilience and adaptability in a global market.

The increase in imports indicates growing domestic demand and economic activity. The export growth, particularly in primary products, underscores the country’s agricultural strength.

However, the drop in electrical energy exports suggests potential challenges in this sector.

Overall, these figures provide a comprehensive view of Paraguay’s economic health and its integration into the global economy.