2024 Oct Paraguay Global Trade Data Summary: Exports Plummet

Paraguay 2024 Oct Trade Data Key Takeaways

• Market Trend: Paraguay trade data shows exports plummeted 19.4% YoY in Oct 2024, widening the deficit to $735M.
• Key Driver: Paraguay import export data reveals agricultural exports (soy, meat) dominate but face weak global demand, while machinery imports surge.
• Strategic Risk: Over 50% export reliance on Brazil/Argentina and 31% import dependence on China creates dual-supplier vulnerability.

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

Paraguay 2024 Oct Trade Data Trend Overview

• Agricultural Exporter: Paraguay's trade profile remains anchored by its role as a key global supplier of soybeans and other agricultural commodities, with the latest Paraguay global trade data reflecting this export-centric economic model.
• Export Slump, Import Growth: October's Paraguay import export data shows a stark divergence; export value fell 19.4% year-on-year to $854.7 million, while imports grew 5.6% to $1.59 billion, signaling weakened external demand against resilient domestic consumption.
• Widening Deficit: The nation posted a trade deficit of approximately $735 million for the month, a significant reversal from typical surpluses, driven by the sharp contraction in export earnings.
• Policy Reforms Amid Headwinds: The export contraction likely reflects broader global demand softness and competitive pressures, while recent congressional approval of trade regulation reforms aims to bolster long-term competitiveness and attract investment to counter these cyclical challenges [Paraguay Congress Approves Trade Regulation Reforms].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Paraguay Trade Data

Paraguay 2024 Oct Top Trading Products

Paraguay Global Trade Core Summary

Paraguay's exports are heavily focused on agriculture and raw materials, with meat (21.85%), oil seeds (20.22%), and cereals (11.99%) dominating. Mineral fuels (9.3%) and electrical machinery (4.49%) also contribute but at much lower levels. Imports, however, are led by machinery and industrial goods—electrical machinery (14.26%), mineral fuels (12.73%), and industrial equipment (12.12%)—showing reliance on foreign manufacturing. The trade structure highlights a resource-driven export economy with high dependence on imported technology and energy.

Key takeaways:

• Agriculture and raw materials make up over 50% of exports.
• Imports are dominated by machinery, fuels, and industrial goods.
• Limited export diversification raises vulnerability risks.

Paraguay Export-Import Structural Gap

Paraguay exports mostly raw or semi-processed goods while importing high-value machinery and industrial products. This gap shows an economy reliant on primary sectors, with limited local manufacturing capacity. The overlap in mineral fuels (exported and imported) suggests some processing but not at scale. The heavy import of vehicles and machinery signals a need for industrial upgrades to reduce dependency. The trade pattern fits a classic resource-based economy with room for value-added production.

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

Check Detailed Paraguay Trade HS Code Breakdown

Paraguay 2024 Oct Top Trading Countries

Paraguay Global Trade Key Patterns

Paraguay's exports are highly concentrated in South America, with Brazil (36.4%) and Argentina (21.0%) accounting for over half of total shipments. Chile (10.1%) and the U.S. (8.0%) are secondary markets, while other destinations like the Netherlands (2.1%) and Peru (1.7%) play minor roles. In contrast, imports show a dual reliance on Mainland China (31.3%) and Brazil (26.0%), with Argentina (7.3%) and the U.S. (6.3%) as secondary suppliers. The rest of the import sources are fragmented, including Asian (India, Singapore, Japan) and European (Germany, Russia) origins.

• Exports: Dominated by neighboring South American markets.
• Imports: Split between China (manufacturing) and Brazil (regional trade).
• Asymmetry: Exports are regionally focused, while imports depend on distant suppliers.

Paraguay Export–Import Geographic Gap

Paraguay’s export geography is regional, with 67.5% of shipments going to Brazil and Argentina alone. Imports, however, rely heavily on China and Brazil, creating a dual-supplier risk. There’s partial overlap (Brazil, Argentina, U.S.) suggesting some processing trade, but the structure reveals upstream dependency on global suppliers and downstream reliance on nearby buyers. The gap highlights Paraguay’s role as a regional exporter with global sourcing needs.

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

Get Complete Paraguay Trading Patner Countries Profile

Frequently Asked Questions

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

Paraguay's top exports in October 2024 were meat and edible meat offal (21.85% of exports), oil seeds and oleaginous fruits (20.22%), and cereals (11.99%), based on HS code data.

What are the main products Paraguay imports in 2024 Oct?

The country primarily imported electrical machinery (14.26% of imports), mineral fuels (12.73%), and nuclear reactors/machinery (12.12%) during this period, per HS code analysis.

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

Mainland China received 31.30% of Paraguay's exports, followed by Brazil (26.04%) and Argentina (7.28%), according to trade destination data.

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

Brazil accounted for 36.41% of Paraguay's imports, with Argentina (21.03%) and Chile (10.09%) as other key suppliers, based on origin country statistics.

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

Paraguay recorded a $735 million trade deficit in October 2024, with exports falling 19.4% to $854.7 million while imports grew 5.6% to $1.59 billion, reflecting weakened external demand.