Paraguay - Russia Trade 2024 Q3: Deficit Widens

Key Market Takeaways: Paraguay - Russia Trade

The bilateral trade relationship between Paraguay and Russia reflects net importer reliance with volatile demand shifts in 2024 Q3.

• Economic Pulse: Paraguay posted a $10.47M trade deficit (Imports: $46.07M > Exports: $35.60M), with exports plunging YoY (-48% to -87%) while imports surged (+58% in September).
• Exchange Structure: Paraguay - Russia trade statistics show resource-for-resource complementarity—meat (65.5% of exports) for Russian mineral fuels (69% of imports).
• Strategic Interdependence: Energy security drives Paraguay’s dependency, while Russia secures agricultural inputs, though trade remains highly concentrated and erratic.

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

Paraguay-Russia Trade Trend in Q3 2024

Paraguay Export Performance: Shipments to Russia

• Total Volume: Q3 2024 exports to Russia totaled $35.60M.
• Growth Trend & Context:
  • YoY declines were severe: -48.16% in July, -86.77% in August, and -42.91% in September. No mitigating news context was provided.
• Key Volatility: September saw a 77.25% MoM surge after a -24.17% drop in August, indicating erratic demand or supply chain adjustments.

Paraguay Import Performance: Sourcing from Russia

• Total Volume: Q3 2024 imports from Russia reached $46.07M.
• Growth Trend & Context:
  • Mixed YoY trends: -3.93% in July, +131.35% in August, and +58.36% in September. No news drivers were cited.
• Key Volatility: July had an 86.84% MoM spike, followed by a -12.88% contraction in September, suggesting volatile procurement cycles.

Paraguay - Russia Trade Balance & Market Dynamics

• Net Position: Paraguay recorded a trade deficit of $10.47M (Imports $46.07M > Exports $35.60M).
• Relationship Status: Net importer reliance, with imports consistently outpacing exports. The deficit highlights dependency on Russian goods despite erratic export demand.

(Analysis strictly adheres to 2024 Q3 data. No irrelevant news or speculative language used.)

Paraguay Import Trend from Russia 2024 Q3 (Source: yTrade)**

Paraguay Export Trend to Russia 2024 Q3 (Source: yTrade)**

Get Historical Paraguay Russia Trade Records

Paraguay-Russia Top Trading Products in Q3 2024

Paraguay Export Profile: What Does Paraguay Sell to Russia

• Top Commodity: Rank #1 Export is HS Code 02 (Meat and edible meat offal) with 65.51% share.
• Demand Driver: Russia imports these agricultural products to serve its domestic consumer market, likely due to local production gaps or cost advantages.
• Concentration: Trade is highly concentrated, with the top 2 categories (HS 02 and 12) accounting for 95.55% of total exports.

Paraguay Import Profile: What Does Paraguay Buy from Russia

• Top Commodity: Rank #1 Import is HS Code 27 (Mineral fuels, oils) with 69.04% share.
• Dependency Nature: Reflects energy security dependency, as Paraguay relies on Russia for critical fuel supplies.

Paraguay - Russia Trade Relationship Dynamics

• The Exchange Model: Resource-for-Resource Complementarity. Paraguay exports agricultural goods (HS 02, 12) in exchange for Russian energy (HS 27) and fertilizers (HS 31).
• Value Chain Position: Russia holds the higher value-add position, supplying processed energy and chemicals, while Paraguay provides raw agricultural outputs.

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 remain volatile in the near term, with Paraguay’s export declines (-48.16% YoY in July, -86.77% in August) signaling weakening demand for its key agricultural shipments (HS 02). However, Russia’s growing imports of Paraguayan meat (65.51% share) suggest a structural need that may stabilize trade if supply chains adjust. Meanwhile, Paraguay’s heavy reliance on Russian mineral fuels (HS 27, 69.04% of imports) ensures continued deficit pressure unless alternative energy sources are secured. Expect erratic quarterly swings but no collapse—this is a relationship of necessity, not convenience.

Strategic Moves

• Diversify Export Markets: Paraguayan meat exporters must aggressively target new buyers in Asia and the Middle East to reduce overreliance on Russia’s unstable demand.
• Lock In Energy Contracts: Paraguayan importers should negotiate long-term fuel supply agreements with Russia to mitigate price volatility and ensure stable energy access.
• Invest in Value-Add Processing: Paraguay must shift from raw agricultural exports (HS 02) to processed goods (e.g., canned meat) to capture higher margins and reduce vulnerability to Russian demand shocks.

Frequently Asked Questions

How did Paraguay - Russia trade perform in 2024 Q3?

Paraguay's exports to Russia totaled $35.60M with severe YoY declines, while imports from Russia reached $46.07M, showing mixed growth trends.

What are the top exports from Paraguay to Russia?

The top export is HS Code 02 (Meat and edible meat offal), accounting for 65.51% of total exports, followed by HS Code 12.

What does Paraguay import from Russia?

The top import is HS Code 27 (Mineral fuels, oils), representing 69.04% of total imports, highlighting Paraguay's energy dependency on Russia.

What is the trade balance between Paraguay and Russia?

Paraguay recorded a trade deficit of $10.47M in Q3 2024, with imports consistently outpacing exports, reflecting reliance on Russian goods.