2024 Feb Paraguay Trade Data Summary: Export Surge

Paraguay 2024 Feb Trade Data Key Takeaways

• Market Trend: Paraguay trade data shows exports surged 31.1% YoY to $1.04B, narrowing the trade deficit to $100M.
• Key Driver: Soybeans dominate exports, per Paraguay import export data, with oil seeds making up 39.8% of shipments.
• Strategic Risk: Over 75% of exports go to Argentina and Brazil, exposing Paraguay to regional market volatility.

Analysis covers 2024 Feb based on sanitized customs records from the yTrade database.

Paraguay 2024 Feb Trade Data Trend Overview

• Agricultural Anchor: Paraguay, a landlocked agricultural exporter, leveraged its core commodities to drive a significant export surge in February 2024, as detailed in the latest Paraguay global trade data.
• Export Surge Outpaces Imports: Total exports hit $1.04B, posting a formidable 31.1% year-on-year gain, while imports grew a modest 5.7% to $1.14B, a dynamic captured in the monthly Paraguay import export data.
• Narrowing Deficit: The robust export performance narrowed the monthly trade deficit to approximately $100 million, a marked improvement from prior periods.
• Soybean-Driven Growth: The export boom was primarily fueled by strong soybean shipments, a sector that has consistently benefited from Paraguay's strategic position within the Mercosur trade bloc [Navigating the Shifting Currents of Mercosur].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Paraguay 2024 Feb Top Trading Products

Paraguay Global Trade Core Summary

Paraguay's exports are heavily focused on agricultural and mineral products, with oil seeds (39.8%), meat (12.9%), and mineral fuels (12.5%) dominating. These three categories alone make up over 65% of total exports, showing a strong reliance on primary goods. Imports, however, are more diverse, led by electrical machinery (16%), mineral fuels (14.4%), and industrial machinery (13.2%). This suggests Paraguay depends on foreign manufacturing for key equipment and energy needs.

Key takeaways:

• Exports are concentrated in raw materials, exposing the economy to commodity price swings.
• Imports are more varied, with machinery and electronics being top priorities.
• Limited high-value exports indicate a need to diversify into processed goods.

Paraguay Export-Import Structural Gap

Paraguay exports mostly raw materials but imports finished goods, especially machinery and electronics. The overlap in mineral fuels (both exports and imports) suggests some processing or re-export activity. The lack of advanced manufacturing in exports highlights a gap in industrial development. Opportunities exist to move up the value chain, such as processing agricultural goods locally. The trade structure shows a classic resource-driven economy with high dependence on imported technology.

Table: Paraguay Top Import & Export Product Categories (Source: yTrade)

Check Detailed Paraguay Trade HS Code Breakdown

Paraguay 2024 Feb Top Trading Countries

Paraguay Global Trade Key Patterns

Paraguay's exports are heavily concentrated in South America, with Argentina (49%) and Brazil (25%) accounting for nearly 75% of total shipments. Chile (5.8%) and Uruguay (3.4%) are secondary markets, while the U.S. (2.5%) and scattered Asian destinations make up smaller shares. Imports show a more diversified sourcing base, led by Mainland China (32.7%) and Brazil (23.8%), followed by the U.S. (9.7%) and Argentina (6.3%). Key asymmetries include:

• Exports rely on just two neighbors for 3/4 of sales.
• Imports depend heavily on China but have broader supplier diversity.
• Regional trade dominates exports, while imports draw from global suppliers.

Paraguay Export–Import Geographic Gap

Exports flow mainly to nearby markets, while imports come from distant global hubs like China, the U.S., and Europe. Brazil and Argentina appear in both lists, suggesting some processing trade. The structure shows upstream dependency on global suppliers (especially China for manufactured goods) paired with downstream reliance on regional buyers for Paraguay’s exports. This gap highlights limited export diversification beyond South America.

Table: Paraguay Top Destiantion & Origin Countries (Source: yTrade)

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Frequently Asked Questions

What are the major products exported by Paraguay in 2024 Feb?

Paraguay's top exports in February 2024 were oil seeds and oleaginous fruits (39.82% of total exports), meat and edible meat offal (12.89%), and mineral fuels (12.52%), as per the HS code data.

What are the main products Paraguay imports in 2024 Feb?

The primary imports were electrical machinery (16.02% of total imports), mineral fuels (14.37%), and nuclear reactors/machinery (13.16%), based on the HS code breakdown.

Which countries are the top destinations for Paraguay's exports in 2024 Feb?

Mainland China (32.65% of exports), Brazil (23.84%), and the United States (9.65%) were the leading export destinations, according to the country trade data.

Which countries supply most of Paraguay's imports in 2024 Feb?

Argentina (49.03% of imports), Brazil (24.63%), and Chile (5.75%) were Paraguay's largest import sources during this period.

How balanced are Paraguay's export and import markets in 2024 Feb?

Paraguay's exports surged 31.1% YoY to $1.04B, outpacing import growth (5.7% to $1.14B), narrowing the trade deficit to ~$100M, driven by strong soybean shipments.