2024 Q4 Paraguay Global Trade Data Summary: Export Plunge

Paraguay 2024 Q4 Trade Data Key Takeaways

• Market Trend: Paraguay trade data shows exports plummeted 26.9% YoY in Q4, widening the deficit to -$1.98B amid global soy price drops.
• Key Driver: Paraguay import export data reveals agricultural exports (meat, soy) dominate but face headwinds from US tariffs and regional tensions.
• Strategic Risk: Over 76% export reliance on South America leaves trade vulnerable to regional shocks and commodity swings.

Analysis covers 2024 Q4 based on sanitized customs records from the yTrade database.

Paraguay 2024 Q4 Trade Data Trend Overview

• Paraguay, a rising Latin American agribusiness and energy exporter, closed Q4 with a significant downturn in its global trade data, reflecting broader regional headwinds and a sharp contraction in export volumes.
• The Paraguay import export data shows exports contracting 26.9% year-on-year in December to $615.6M, while imports grew 4.8% to $1.53B, culminating in a steep sequential decline for the quarter.
• This resulted in a substantial quarterly trade deficit of approximately -$1.98B, reversing from a more balanced position earlier in the year.
• The export slump was primarily driven by declining global soy prices and regional trade tensions, including new US tariffs, which impacted key agricultural shipments [Macroeconomic Outlook of Paraguay. 2025], while resilient domestic demand kept import growth positive (KPMG International).

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Paraguay 2024 Q4 Top Trading Products

Paraguay Global Trade Core Summary

Paraguay's exports are heavily focused on agriculture and raw materials, with meat (24.4%), oil seeds (14.6%), and cereals (12%) leading the way. Mineral fuels (11.1%) and basic manufactured goods like electrical machinery (4.6%) also play a role. Imports, however, are dominated by machinery and industrial goods—electrical machinery (15.3%), industrial equipment (12.6%), and vehicles (9.9%)—alongside mineral fuels (12%). The trade structure shows a clear split: Paraguay exports low-processed goods while importing high-value industrial products.

Key takeaways:

• Heavy reliance on agricultural exports (over 50% combined).
• Limited export diversification beyond raw materials.
• Dependence on imported machinery and fuel for industrial needs.

Paraguay Export-Import Structural Gap

Paraguay’s trade gap highlights an economy built on raw material exports but dependent on foreign machinery and fuel. The country sells unprocessed goods like meat and grains but buys back finished products like vehicles and electronics. Overlapping HS codes (e.g., mineral fuels and electrical machinery) suggest some processing trade, but the imbalance is clear. This structure leaves Paraguay vulnerable to commodity price swings while needing steady imports for industrial growth. The data points to opportunities in local processing to add value before export.

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

Check Detailed Paraguay Trade HS Code Breakdown

Paraguay 2024 Q4 Top Trading Countries

Paraguay Global Trade Key Patterns

Paraguay's exports are heavily concentrated in South America, with Brazil (39.5%), Argentina (16.4%), and Chile (10.2%) as top buyers—together accounting for 66% of shipments. The U.S. (6.8%) and Netherlands (2.5%) are the only major non-regional buyers. Imports show stronger diversification but rely heavily on Mainland China (33.1%) and Brazil (25.2%), with Argentina (6.7%) and the U.S. (5.6%) as secondary suppliers. Key asymmetries:

• Exports are regional, with 76% going to South America.
• Imports are global, with Asia (China, India, Singapore) and Europe (Germany, Netherlands) playing significant roles.
• Brazil is the only country appearing in both top export and import lists.

Paraguay Export–Import Geographic Gap

Paraguay’s trade structure shows clear regional export dependence but global import sourcing. Exports flow overwhelmingly to neighboring countries, while imports come from distant industrial hubs (China, U.S., Germany). The overlap with Brazil in both lists suggests some processing trade. The gap implies Paraguay diversifies supply chains but lacks global demand for its exports—a typical upstream (import) diversification and downstream (export) concentration pattern.

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 Q4?

The top exports from Paraguay in Q4 2024 were meat and edible meat offal (24.41%), oil seeds and oleaginous fruits (14.58%), and cereals (11.99%), based on HS code data.

What are the main products Paraguay imports in 2024 Q4?

Paraguay's primary imports included electrical machinery (15.31%), nuclear reactors and machinery (12.61%), and mineral fuels (11.98%), according to HS code classifications.

Which countries are the top destinations for Paraguay's exports in 2024 Q4?

Mainland China (33.07%) and Brazil (25.18%) were the leading export destinations, followed by Argentina (6.72%) and the United States (5.63%).

Which countries supply most of Paraguay's imports in 2024 Q4?

Brazil (39.45%) was the largest import source, followed by Argentina (16.39%) and Chile (10.24%).

How balanced are Paraguay's export and import markets in 2024 Q4?

Paraguay faced a steep trade deficit of -$1.98B in Q4 2024, with exports declining 26.9% year-on-year while imports grew 4.8%.

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