2024 Q1 Paraguay Global Trade Data Summary: Resilient Commodity Demand

Paraguay 2024 Q1 Trade Data Key Takeaways

• Market Trend: Paraguay trade data shows Q1 exports up 5.9% YoY, driven by resilient demand for commodities, yielding a $108M surplus.
• Key Driver: Paraguay import export data reveals oil seeds (HS 12) dominate exports (37%), while China supplies 34.6% of machinery-heavy imports.
• Strategic Risk: Over 74% export reliance on Argentina and Brazil exposes economy to regional volatility and limited diversification.

Analysis covers 2024 Q1 based on sanitized customs records from the yTrade database.

Paraguay 2024 Q1 Trade Data Trend Overview

• Paraguay, a key agricultural and energy exporter within Mercosur, saw its Q1 2024 Paraguay global trade data reflect the volatility typical of commodity-driven economies, with total exports reaching $2.81 billion.
• The nation's Paraguay import export data for the period shows exports grew 5.9% year-on-year in March, while imports saw a more modest 2.2% annual increase, indicating resilient external demand for its primary goods.
• This resulted in a trade surplus of approximately $108 million for the quarter, a positive shift from the deficit in the first two months, driven by a strong export rebound in March.
• The quarter's performance was likely supported by strategic positioning for deeper EU market access under the pending Mercosur agreement [European Commission], alongside domestic investment incentives aimed at boosting export capacity.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Paraguay 2024 Q1 Top Trading Products

Paraguay Global Trade Core Summary

Paraguay's exports are heavily focused on agriculture and raw materials, with oil seeds (HS 12) making up 37% of total exports. Other key exports include mineral fuels (HS 27) and meat (HS 02), together accounting for over 26% of exports. The country relies on a few primary products, leaving it exposed to price swings in global commodity markets. Imports are dominated by machinery and industrial goods, with electrical machinery (HS 85) alone making up 21% of imports. This shows Paraguay depends on foreign-made equipment and technology to support its economy.

Key takeaways:

• Exports are concentrated in agriculture and raw materials.
• Heavy reliance on a few key export products increases economic risk.
• Imports are mostly machinery and industrial goods, indicating limited local manufacturing.

Paraguay Export-Import Structural Gap

Paraguay exports mostly raw materials but imports high-value machinery and equipment, highlighting a classic resource-based economy. The country sells agricultural goods and minerals but buys back processed or finished products like electrical machinery (HS 85) and vehicles (HS 87). This gap suggests Paraguay lacks advanced manufacturing capacity. The overlap in mineral fuels (HS 27) for both exports and imports may indicate some refining or re-export activity. To grow, Paraguay could focus on adding value to its raw materials before export.

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

Check Detailed Paraguay Trade HS Code Breakdown

Paraguay 2024 Q1 Top Trading Countries

Paraguay Global Trade Key Patterns

Paraguay's exports are heavily concentrated in South America, with Argentina (45.66%) and Brazil (28.74%) accounting for over 74% of total exports. Chile (6.77%) and Uruguay (2.04%) add regional depth, while the U.S. (2.45%) and a few distant markets like the Netherlands and Russia make up smaller shares. In contrast, imports show broader sourcing, led by Mainland China (34.64%) and Brazil (22.50%), followed by the U.S. (7.84%) and Argentina (6.76%). Key takeaways:

• Exports rely heavily on Argentina and Brazil.
• Imports are more diversified, with China as the top supplier.
• Regional trade dominates exports, while imports include global players.

Paraguay Export–Import Geographic Gap

Exports are narrowly focused on neighboring markets, while imports draw from a wider range of suppliers, including Asia (China, India) and Europe (Germany, Switzerland). Brazil and Argentina appear in both lists, suggesting some processing trade. The structure shows upstream dependency on China and Brazil for imports, while exports remain regionally locked. This gap highlights Paraguay’s reliance on nearby buyers but global suppliers.

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 Q1?

The top exports from Paraguay in Q1 2024 were oil seeds and oleaginous fruits (37.33% of exports, $1.05B), mineral fuels (13.73%, $386.37M), and meat products (12.85%, $361.52M), based on HS code data.

What are the main products Paraguay imports in 2024 Q1?

Paraguay’s primary imports included electrical machinery (21.14%, $818.08M), mineral fuels (14.29%, $552.83M), and nuclear/reactor machinery (12.33%, $477.04M), according to HS code classifications.

Which countries are the top destinations for Paraguay's exports in 2024 Q1?

Mainland China received 34.64% ($1.34B) of Paraguay’s exports, followed by Brazil (22.50%, $870.57M) and the United States (7.84%, $303.33M), per trade data.

Which countries supply most of Paraguay's imports in 2024 Q1?

Argentina was Paraguay’s largest import source (45.66%, $1.28B), trailed by Brazil (28.74%, $808.68M) and Chile (6.77%, $190.48M), as per country-level trade figures.

How balanced are Paraguay's export and import markets in 2024 Q1?

Paraguay achieved a trade surplus of $108 million in Q1 2024, with exports growing 5.9% year-on-year and imports rising 2.2%, reflecting stronger external demand for its commodities.

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