In 2023, Paraguay witnessed a significant 24.8% increase in its total exports compared to the previous year.
This data is highlighted in the latest foreign trade report from the Central Bank of Paraguay (BCP), which was released this Friday.
From January to December of the past year, Paraguayan shipments reached a total value of $17.311 billion, surpassing the $13.866 billion recorded by December 2022.
These transactions spanned 138 countries, marking the destinations for Paraguayan exports.
Total imports for the country amounted to $15.680 billion, indicating a 3.1% increase.
Purchases were recorded from 174 countries, contributing to Paraguay’s external purchases.
As a result, Paraguay’s trade balance showed a surplus of $1.631 billion, a notable improvement from the $1.343 billion deficit seen in 2022.
The official report from the Paraguayan central bank notes that in 2023, the South American nation conducted foreign trade transactions worth $32.991 billion.
This marked a 13.5% increase compared to the accumulated value from the previous year.
A detailed analysis of the export values by processing levels showed that primary products rose to $4.616 billion, a significant 68.9% increase from the previous year.pa
Soybeans and sesame seeds stood out as the products with the most positive impact.
Primary products
Furthermore, when considering the volume of exports by processing levels, primary products saw an increase of 3.324 thousand tonnes in 2023, a 43.1% growth.
These exports reached a level of 11.033 thousand tonnes, with soybeans and sesame seeds also leading in volume.
In terms of electric energy exports, the total value amounted to $1.572 billion, representing a 5.4% decrease.
However, there was a 24.1% increase in quantity, reaching a level of 29.725.0 MW/h.
Finally, beef and offal exports reached $1.605 billion, marking a 12.1% decrease compared to 2022. In volume terms, there was a 4.1% decrease.
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