Paraguay began 2024 with a notable 31.5% jump in exports over the previous January, the Central Bank of Paraguay (BCP) reports.
This surge pushed January’s export value to $1.338 billion, up from $1.017 billion a year earlier. These sales spanned 99 countries, showing Paraguay’s global trade reach.
Imports also rose to $1.409 billion, an 11.1% increase, involving 117 countries. This led to a $71.6 million trade deficit, significantly lower than last January’s $251.1 million.
Overall, Paraguay’s foreign trade in January 2024 reached $2.748 billion, up 20.2% from 2023. This growth reflects the country’s expanding trade activities.
A closer look at exports reveals primary products soared to $340.8 million, a massive 239.5% increase. Soybeans and cotton fibers drove this growth.
In volume, these exports surged 181.5%, totaling 915.9 thousand tons, with soybeans and wheat leading.
Electricity exports also grew, reaching $136.4 million in value, a 25.2% increase. The volume rose by 55.8%, reaching 2,763.0 MW/h.
Beef and offal exports climbed to $117.7 million, 5.0% higher than the previous year, with a 2.2% rise in volume.
This growth is crucial for Paraguay, showing its economic resilience and potential.
Expanding trade relations and diversifying exports are key for its continued success on the global stage.
Background
This uptick in exports is part of a broader trend of economic diversification and expansion in Paraguay.
The country has long focused on strengthening its agricultural and energy sectors.
These efforts are paying off, as seen in the significant growth of primary products and electricity exports.
Such progress reflects Paraguay’s strategic moves to capitalize on its natural resources and invest in renewable energy sources.
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