2024 May Paraguay Global Trade Data Summary: Widening Deficit Risk

Paraguay 2024 May Trade Data Key Takeaways

• Market Trend: Paraguay trade data shows exports up 6.5% to $1.18B, but imports surge 16.4% to $1.50B, widening the deficit.
• Key Driver: Paraguay import export data reveals agricultural exports (oil seeds, meat) dominate, while machinery/fuels lead imports.
• Strategic Risk: Over 70% export reliance on Argentina/Brazil creates geographic concentration risk amid import diversification.

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

Paraguay 2024 May Trade Data Trend Overview

• Paraguay, a Mercosur agricultural and energy exporter, saw its May 2024 Paraguay global trade data reflect steady export growth against a sharp rise in import demand, signaling robust internal economic activity.
• The latest Paraguay import export data shows exports grew 6.5% year-on-year to $1.18B, while imports surged 16.4% to $1.50B, indicating strong domestic investment and consumption.
• This resulted in a trade deficit of approximately $320M for the month, a significant widening from the prior-year period.
• The import surge aligns with the government's strategic push to double the economy within a decade through heavy investment in production transformation and infrastructure, driving capital goods purchases [OECD].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Paraguay 2024 May Top Trading Products

Paraguay Global Trade Core Summary

Paraguay's exports are heavily focused on agriculture and raw materials, with oil seeds (40.2%), meat (12.7%), and food industry residues (10.6%) dominating. Imports are more diverse, led by electrical machinery (19.5%), mineral fuels (16.6%), and industrial machinery (11.3%). The trade structure shows a clear split: exports rely on low-value-added primary goods, while imports center on high-value machinery and fuels. This suggests a resource-driven economy with limited domestic manufacturing capacity. Key takeaways:

• Agriculture and raw materials make up over 70% of exports.
• Heavy dependence on imported machinery and energy.
• Minimal overlap between top exports and imports.

Paraguay Export-Import Structural Gap

Paraguay exports mostly unprocessed goods but imports finished products, especially machinery and vehicles. The lack of high-value exports highlights a gap in industrial development. The country buys back processed goods (like fuels and chemicals) made from its own raw materials. This trade pattern points to missed opportunities in local processing and manufacturing. To grow, Paraguay needs to move beyond raw material exports and build domestic industrial capacity.

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

Check Detailed Paraguay Trade HS Code Breakdown

Paraguay 2024 May Top Trading Countries

Paraguay Global Trade Key Patterns

Paraguay's exports are highly concentrated in South America, with Argentina (41.5%) and Brazil (31.0%) accounting for over 70% of total shipments. Chile, Uruguay, and Peru add regional depth, while the U.S., Russia, and Hong Kong represent minor diversification. Imports show stronger global sourcing, led by Mainland China (32.6%) and Brazil (22.3%), followed by Argentina, the U.S., and India. Key asymmetries include:

• Exports rely heavily on two neighbors (Argentina/Brazil).
• Imports depend on China but have broader supplier diversity.
• Russia appears in both top 10 lists, suggesting limited processing trade.

Paraguay Export–Import Geographic Gap

Exports remain tightly regional, while imports draw from global suppliers—though China dominates. The overlap with Brazil and Argentina in both lists indicates some two-way trade, but Paraguay’s export geography is far narrower than its import sources. This suggests downstream market concentration paired with upstream diversification, particularly for manufactured goods from China and regional inputs from Brazil. The U.S. and Russia serve as secondary partners in both flows.

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 May?

The top exports from Paraguay in May 2024 were oil seeds and oleaginous fruits (HS Code 12, 40.16% share), meat and edible meat offal (HS Code 02, 12.69%), and residues from food industries (HS Code 23, 10.62%), as per the trade data.

What are the main products Paraguay imports in 2024 May?

Paraguay's primary imports in May 2024 included electrical machinery (HS Code 85, 19.51% share), mineral fuels (HS Code 27, 16.61%), and nuclear reactors/machinery (HS Code 84, 11.34%), according to the trade data.

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

Mainland China was the largest export destination (32.60% share), followed by Brazil (22.32%) and Argentina (6.89%), based on the country trade data.

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

Argentina (41.45% share) and Brazil (30.96%) were the top import sources for Paraguay in May 2024, per the country trade data.

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

Paraguay recorded a $320M trade deficit in May 2024, with exports growing 6.5% YoY to $1.18B while imports surged 16.4% to $1.50B, reflecting strong domestic demand and investment.