Paraguay - Russia Trade 2023 Whole Year: $161M Surplus

Key Market Takeaways: Paraguay - Russia Trade

The bilateral trade relationship between Paraguay and Russia is marked by volatile growth and a strong surplus for Paraguay in 2023.

• Economic Pulse: Paraguay holds a $161.17M trade surplus with Russia ($237.24M exports vs. $76.07M imports), driven by erratic but high-value agricultural shipments.
• Exchange Structure: Paraguay - Russia trade statistics reveal a resource-for-resource exchange—Paraguay supplies meat and oilseeds (98% of exports) while importing fertilizers and fuels from Russia.
• Strategic Interdependence: The partnership is highly complementary, with Russia dependent on Paraguayan agricultural goods and Paraguay reliant on Russian industrial inputs for its farming sector.

This bilateral trade snapshot is based on verified customs data from the yTrade database.

Paraguay-Russia Trade Trend in Whole Year 2023

Paraguay Export Performance: Shipments to Russia

• Total Volume: $237.24M in 2023.
• Growth Trend & Context:
  • Volatile YoY performance, with sharp declines in H1 (-51.14% to -74.38%) followed by a rebound in Q3 (peaking at +77.13% in October).
  • August saw the highest monthly exports ($65.76M, +197.11% MoM), likely a seasonal or one-off shipment.
• Key Volatility: July and August recorded extreme MoM swings (+104.36% and +197.11%, respectively), while November-December faced steep drops (-42.13% and -46.19%).

Paraguay Import Performance: Sourcing from Russia

• Total Volume: $76.07M in 2023.
• Growth Trend & Context:
  • Consistent YoY declines, averaging -70.3% for the year, with March (-92.5%) and December (-93.57%) as the weakest months.
  • July was the only month near parity (-0.25% YoY), suggesting a temporary demand spike.
• Key Volatility: June and July saw erratic MoM jumps (+671.36% and +377.37%), while May imports collapsed to just $470.7K (-85.04% MoM).

Paraguay - Russia Trade Balance & Market Dynamics

• Net Position: Surplus of $161.17M (Exports $237.24M > Imports $76.07M).
• Relationship Status: Paraguay is a net exporter to Russia, but imports remain critical in specific months (e.g., July). The wide surplus reflects Russia’s reliance on Paraguayan goods, possibly agricultural or raw materials.

Paraguay Import Trend from Russia 2023 Whole Year (Source: yTrade)**

Paraguay Export Trend to Russia 2023 Whole Year (Source: yTrade)**

Get Historical Paraguay Russia Trade Records

Paraguay-Russia Top Trading Products in Whole Year 2023

Paraguay Export Profile: What Does Paraguay Sell to Russia

• Top Commodity: Rank #1 export is HS Code 02 (Meat and edible meat offal), accounting for 54.69% of total exports to Russia.
• Demand Driver: Russia imports these agricultural products to serve its consumer market, likely due to domestic production gaps or cost advantages.
• Concentration: Trade is highly concentrated, with HS Code 02 and 12 (Oil seeds and oleaginous fruits) together making up 98.37% of exports.

Paraguay Import Profile: What Does Paraguay Buy from Russia

• Top Commodity: Rank #1 import is HS Code 31 (Fertilizers), representing 52.19% of total imports from Russia.
• Dependency Nature: Paraguay relies on Russia for critical agricultural inputs, indicating a raw material dependency for its farming sector.

Paraguay - Russia Trade Relationship Dynamics

• The Exchange Model: Resource-for-Resource Complementarity—Paraguay exports agricultural goods (meat, oilseeds) in exchange for fertilizers and energy products (HS Code 27: Mineral fuels).
• Value Chain Position: Russia holds a higher value-add position, supplying processed industrial inputs (fertilizers, fuels), while Paraguay exports primary commodities.

Import Analysis by Product: Russia to Paraguay (Source: yTrade)

Export Analysis by Product: Paraguay to Russia (Source: yTrade)

Check Detailed Paraguay-Russia Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Paraguay-Russia trade relationship is poised for moderate growth in 2024, driven by Russia’s sustained demand for Paraguayan agricultural exports (HS Code 02 and 12) and Paraguay’s reliance on Russian fertilizers (HS Code 31). However, volatility will persist, particularly in monthly trade flows, as seen in 2023’s erratic swings. Exporters should anticipate seasonal spikes (e.g., Q3 rebound) while preparing for abrupt downturns, especially if geopolitical or logistical disruptions emerge. The $161M surplus will likely hold, but diversification is critical to mitigate overreliance on a few commodities and trading partners.

Strategic Moves

• Lock in Long-Term Contracts for Fertilizers: Given Paraguay’s dependency on Russian fertilizers, traders should secure multi-year supply agreements to stabilize input costs and hedge against price volatility.
• Diversify Export Markets for Meat and Oilseeds: Reduce concentration risk by expanding into alternative markets (e.g., Asia, EU) to buffer against potential demand shocks from Russia.
• Optimize Logistics for Seasonal Peaks: Align shipping and storage capacity with Paraguay’s export surges (e.g., August) to capitalize on high-value months and avoid bottlenecks.

Frequently Asked Questions

How did Paraguay - Russia trade perform in 2023 Whole Year?

Paraguay exported $237.24M to Russia and imported $76.07M, with volatile export growth and consistent import declines (-70.3% YoY).

What are the top exports from Paraguay to Russia?

Meat and edible meat offal (HS Code 02) and oil seeds (HS Code 12) dominate, accounting for 98.37% of Paraguay’s exports to Russia.

What does Paraguay import from Russia?

Fertilizers (HS Code 31) are the top import, representing 52.19% of total imports, followed by mineral fuels (HS Code 27).

What is the trade balance between Paraguay and Russia?

Paraguay recorded a $161.17M surplus in 2023, driven by strong agricultural exports and declining Russian imports.