Paraguay’s foreign trade generates business for US$1.9 billion in January

RIO DE JANEIRO, BRAZIL – In January 2022, transactions were carried out in Paraguayan foreign trade for US$1.9 billion, representing an increase of 23.7% compared to January 2021, according to the report released by the Central Bank of Paraguay (BCP).

The bulletin details that total exports reached US$803 million, 4.8% higher than the records of January of the previous year. Transactions were carried out with 88 countries, which constitute the destinations of Paraguay’s exports.

Registered exports accounted for 63.5% of the total, reaching US$510 million, 5.8% lower than the value recorded in January 2021, reported the IP agency.

Among the main products exported in January 2022, soybean grains and oils stood out, with increases in the value of 116.8% and 9.1%, respectively. Rice (74.4%), plastics (25.6%), meat (24.3%), and leather (24.1%) also showed significant growth.

On the other hand, the products that fell in value were corn, soybean meal, wheat, and electric power, with decreases of 79%, 44.4%, 36.3%, and 24.5%, respectively.

Re-exports, on the other hand, with 33.4% of the total, registered a value of US$268 million, with an increase of 42.1%. The remaining 3.1% share was accounted for by other exports, which registered US$25 million, 31.1% lower than in the same month of the previous year.

Total imports reached US$1.1 billion, representing an increase of 41.7%, and purchases were made in more than 102 countries, which constitute the origin of these imports. As a result, the trade balance closed with a deficit of US$337 million.

Recorded imports accounted for 95.9% of the total, reaching a value of US$1.1 billion, 43.5% higher compared to January 2021, while other imports accounted for the remaining 4.1%, worth US$47 million.

Higher purchases of non-durable goods explained the increase in the value of consumer goods imports. Among the products with the most significant increases were pharmaceuticals and automobiles. It should be noted that consumer goods have had an incidence of 6.7% to the total rise of registered imports.

Also, the increase in the value of intermediate goods was due to higher purchases of fuels, lubricants, and chemical substances. These goods accounted for 24.4% of the total increase in recorded imports.

There have been increases in imports of other machinery and equipment and transport elements regarding capital goods. These items have registered an incidence of 12.4% in the total growth of imports. The primary importing countries were China, Brazil, and Argentina.

Finally, the trade balance in January 2022 recorded a deficit of US$337 million, higher by US$299 million compared to the deficit recorded in January 2021.