Paraguay’s Central Bank reports a 20.6% increase in exports for Q3 2023 compared to the same period last year.
Exports reached $12.851 billion and covered 136 countries. On the other hand, imports went up slightly by 0.9%, totaling $11.460 billion. These imports came from 165 countries.
As a result, the trade balance showed a surplus of $1.391 billion. This is a big change from the $698.8 million deficit in September 2022.
Overall, the country’s total trade from January to September 2023 reached $24.311 billion. This is 10.5% more than last year’s figures up to September.
Now, let’s look at what was exported. Raw goods like soybeans and rice saw a huge 70.3% increase.
Their total value was $3.838 billion. However, fuel and energy exports dropped a bit by 0.6%, coming to $1.179 billion.
Lastly, beef exports decreased by 19.6% and totaled $1.184 billion. When it comes to how much was exported, there was a 10.7% drop compared to last year.
Background
The rise in Paraguay’s exports is a positive sign for its economy. This is especially true for raw goods like soybeans and rice.
These staples are crucial for both domestic consumption and international trade. The increase suggests strong demand and possibly better farming techniques or favorable weather conditions.
On the flip side, the decline in beef exports could be a concern. Beef is one of Paraguay’s key export products, and a drop in its sales might impact the economy.
Historically, the country has struggled with trade deficits, so the current surplus is welcome news.
Overall, the data points to a generally robust performance in trade for Paraguay, which may bode well for its economic outlook.
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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