Paraguay - Russia Trade 2024 Q1: Surplus Amid Decline

Key Market Takeaways: Paraguay - Russia Trade

The bilateral trade relationship between Paraguay and Russia shows declining volumes but maintains a clear surplus for Paraguay in Q1 2024.

• Economic Pulse: Paraguay holds a $14.6M trade surplus ($25.86M exports vs. $11.26M imports), though both sides saw sharp YoY declines.
• Exchange Structure: Paraguay - Russia trade statistics reveal a resource-for-energy exchange—Paraguay supplies meat (96.67% of exports) while importing Russian fuels (87.86% of imports).
• Strategic Interdependence: Highly complementary but volatile, with Paraguay dependent on Russian energy and Russia reliant on Paraguayan agricultural goods.

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

Paraguay-Russia Trade Trend in Q1 2024

Paraguay Export Performance: Shipments to Russia

• Total Volume: $25.86M in Q1 2024.
• Growth Trend & Context:
  • YoY declines in January (-14.98%) and March (-34.15%) offset a modest February rebound (+4.03%).
  • No specific trade news to explain volatility.
• Key Volatility: February saw an 11.06% MoM surge, while March dropped sharply (-29.31% MoM).

Paraguay Import Performance: Sourcing from Russia

• Total Volume: $11.26M in Q1 2024.
• Growth Trend & Context:
  • Steep YoY contractions throughout Q1, worst in March (-78.47%).
  • No relevant news to contextualize the slump.
• Key Volatility: January spiked 305.83% MoM before collapsing (-91.49% MoM in March).

Paraguay - Russia Trade Balance & Market Dynamics

• Net Position: Paraguay holds a $14.6M trade surplus with Russia (Exports $25.86M vs. Imports $11.26M).
• Relationship Status: Paraguay maintains a clear net exporter role, though both sides saw declining trade volumes YoY.

Paraguay Import Trend from Russia 2024 Q1 (Source: yTrade)**

Paraguay Export Trend to Russia 2024 Q1 (Source: yTrade)**

Get Historical Paraguay Russia Trade Records

Paraguay-Russia Top Trading Products in Q1 2024

Paraguay Export Profile: What Does Paraguay Sell to Russia

• Top Commodity: HS Code 02 (Meat and edible meat offal) dominates with 96.67% of exports.
• Demand Driver: Russia imports these for its consumer market, likely due to domestic production gaps or cost advantages.
• Concentration: Extreme concentration—HS 02 alone accounts for nearly all exports (96.67%).

Paraguay Import Profile: What Does Paraguay Buy from Russia

• Top Commodity: HS Code 27 (Mineral fuels, oils) leads with 87.86% of imports.
• Dependency Nature: Reflects energy security dependency, as Paraguay relies on Russian fuel supplies.

Paraguay - Russia Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Paraguay exports agricultural goods (HS 02) in exchange for energy (HS 27).
• Value Chain Position: Russia holds the higher value-add position, supplying critical energy inputs, while Paraguay provides raw agricultural products.

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 likely to face continued volatility in the near term, driven by erratic demand shifts and geopolitical uncertainties. Paraguay’s meat exports (HS 02) remain the backbone of trade, but the YoY declines signal weakening Russian demand or potential competition from alternative suppliers. Meanwhile, Russia’s steep drop in fuel exports (HS 27) suggests either supply-side constraints or Paraguay’s efforts to diversify energy sources. Traders should brace for a period of consolidation, with the $14.6M surplus at risk if import reliance on Russian fuels further diminishes.

Strategic Moves

• Diversify Export Markets: Paraguayan meat exporters must reduce dependence on Russia by targeting new markets in Asia or the Middle East to mitigate demand shocks.
• Lock in Fuel Supply Contracts: Importers should negotiate long-term agreements with Russian energy suppliers to stabilize pricing and secure volumes amid fluctuating trade flows.
• Monitor Geopolitical Risks: Both exporters and importers need to track sanctions, logistics disruptions, and currency instability that could abruptly alter trade dynamics.

Frequently Asked Questions

How did Paraguay - Russia trade perform in 2024 Q1?

Paraguay's exports to Russia totaled $25.86M, while imports were $11.26M, with both sides showing YoY declines in trade volumes.

What are the top exports from Paraguay to Russia?

Meat and edible meat offal (HS Code 02) dominated Paraguay's exports, accounting for 96.67% of total shipments to Russia.

What does Paraguay import from Russia?

Mineral fuels and oils (HS Code 27) were the top imports, making up 87.86% of Paraguay's purchases from Russia.

What is the trade balance between Paraguay and Russia?

Paraguay holds a $14.6M trade surplus with Russia, though both exports and imports saw significant YoY contractions in Q1 2024.