By October 2023, Paraguay reported a substantial 23.6% increase in exports compared to the previous year.
The Central Bank of Paraguay provided these details. The report showed exports reaching $14.438 billion.
This amount marked a rise from 2022’s $11.682 billion. Paraguay traded with 138 countries and regions during this period.
Imports also went up, reaching $12.921 billion. This was a 3% increase from the previous year. Paraguay imported goods from 167 different countries and regions.
These figures led to a positive trade balance. The surplus stood at $1.517 billion. Last year, the country faced a deficit of $868.4 million.
By October 2023, Paraguay’s total trade transactions hit $27.359 billion. This was 12.9% higher than the same period in 2022.
The report also broke down export categories. Primary products like soybeans and rice contributed significantly.
These products alone brought in $4.309 billion. This was a 72.8% increase from last year. Their export volume was 9.886 million metric tons.
Electric energy exports presented a mixed picture. In value, they dropped by 3.9%, totaling $1.304 billion.
In terms of quantity, there was a 35.1% increase. The total reached 24.677 megawatt-hours.
Beef and by-product exports, however, saw a decline. Their value fell by 18.2% to $1.302 billion. The volume of these exports also decreased by 9.7% compared to 2022.
Background
The growth in Paraguay’s exports reflects a robust economic trend. This expansion is notable in the context of global economic challenges.
It shows Paraguay’s resilience and diversification efforts. Historically, Paraguay relied heavily on agricultural exports.
The current increase in diverse sectors marks a significant shift. This diversification helps stabilize the economy against market fluctuations.
Comparatively, other countries in the region have seen varied export performance. Paraguay’s growth outpaces many of its neighbors.
This highlights its strategic trade practices and market adaptations. The rise in primary products like soybeans and rice is particularly impressive.
It underscores the country’s strength in agricultural production. Overall, Paraguay’s export growth in 2023 sets a positive benchmark in the region.
This trend bodes well for its economic future.
Key Facts
— Deep Dive
— For the complete picture, read our in-depth guide: Paraguay: Washington's Most Valued Ally in Latin America
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This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief