Paraguay - Singapore Trade 2023 Q1: Deficit & Dependency

Key Market Takeaways: Paraguay - Singapore Trade

The bilateral trade relationship between Paraguay and Singapore is marked by extreme volatility and a heavy import dependency in Q1 2023.

• Deficit-Driven Trade: Paraguay ran a $38.58M trade deficit with Singapore (imports $53.24M > exports $14.66M), despite a 1,513% YoY export surge in March.
• Resource-for-Needs Exchange: Paraguay - Singapore trade statistics show 95% concentration in beverages (exports) and mineral fuels (imports), reflecting a classic complementary exchange.
• Asymmetric Dependency: Paraguay relies on Singapore for critical energy imports, while its export growth remains erratic and concentrated.

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

Paraguay-Singapore Trade Trend in Q1 2023

Paraguay Export Performance: Shipments to Singapore

• Total Volume: $14.66M in Q1 2023.
• Growth Trend & Context:
  • Extreme volatility: Exports surged 1,513% YoY in March, offsetting a -41.3% YoY drop in January.
  • February saw a 55.08% MoM rebound before March’s 4,658% MoM explosion.
• Key Volatility: March’s $14.17M shipment dominated, accounting for 97% of Q1 exports.

Paraguay Import Performance: Sourcing from Singapore

• Total Volume: $53.24M in Q1 2023.
• Growth Trend & Context:
  • Persistent YoY declines: -57.77% in January, -43.76% in February, and -17.58% in March.
  • Partial recovery: March imports rose 39% MoM after February’s -12% dip.
• Key Volatility: January’s -42% MoM drop marked the sharpest contraction.

Paraguay - Singapore Trade Balance & Market Dynamics

• Net Position: Trade deficit of $38.58M (Imports $53.24M > Exports $14.66M).
• Relationship Status: Paraguay remains heavily import-dependent on Singapore, with Q1 imports 3.6x higher than exports despite March’s export surge.

Paraguay Import Trend from Singapore 2023 Q1 (Source: yTrade)**

Paraguay Export Trend to Singapore 2023 Q1 (Source: yTrade)**

Get Historical Paraguay Singapore Trade Records

Paraguay-Singapore Top Trading Products in Q1 2023

Paraguay Export Profile: What Does Paraguay Sell to Singapore

• Top Commodity: Rank #1 Export is HS Code 22 (Beverages, spirits, and vinegar) with a 95.32% share.
• Demand Driver: Singapore likely imports these for its consumer market, given the high share of finished goods.
• Concentration: Trade is heavily concentrated, with HS Code 22 dominating at over 95%.

Paraguay Import Profile: What Does Paraguay Buy from Singapore

• Top Commodity: Rank #1 Import is HS Code 27 (Mineral fuels, oils, and distillation products) with a 94.32% share.
• Dependency Nature: Reflects energy security dependency, as Paraguay relies on Singapore for refined petroleum products.

Paraguay - Singapore Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Paraguay exports consumer goods (beverages) and imports energy products, indicating a classic resource-for-needs exchange.
• Value Chain Position: Singapore holds the higher value-add position, supplying refined energy products, while Paraguay exports lower-value consumer goods.

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

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

Check Detailed Paraguay-Singapore Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Paraguay's trade with Singapore is likely to remain volatile in the near term, driven by extreme swings in export performance and persistent import declines. The March 2023 export surge (1,513% YoY) suggests untapped potential in beverages (HS Code 22), but reliance on a single commodity exposes Paraguay to demand shocks. Meanwhile, Singapore’s dominance in mineral fuels (HS Code 27) ensures continued import dependency, though declining volumes signal possible pricing pressures or supply chain shifts. Traders should brace for uneven growth, with export opportunities offset by energy import risks.

Strategic Moves

• Diversify Export Basket: Paraguay must reduce overreliance on beverages by identifying and promoting secondary export commodities (e.g., agricultural byproducts) to Singapore’s consumer market.
• Lock in Energy Contracts: Importers should negotiate long-term supply agreements for mineral fuels to mitigate price volatility and secure stable energy inflows from Singapore.
• Monitor Trade Deficit: The government should incentivize export-oriented SMEs through tax breaks or logistics subsidies to narrow the $38.58M deficit and rebalance the trade relationship.

Frequently Asked Questions

How did Paraguay - Singapore trade perform in 2023 Q1?

Paraguay's exports to Singapore surged 1,513% YoY in March 2023, totaling $14.66M, while imports from Singapore fell YoY, reaching $53.24M.

What are the top exports from Paraguay to Singapore?

Beverages, spirits, and vinegar (HS Code 22) dominated Paraguay's exports to Singapore, accounting for 95.32% of total shipments.

What does Paraguay import from Singapore?

Mineral fuels, oils, and distillation products (HS Code 27) were Paraguay's top imports from Singapore, making up 94.32% of total purchases.

What is the trade balance between Paraguay and Singapore?

Paraguay recorded a trade deficit of $38.58M with Singapore in Q1 2023, as imports ($53.24M) far exceeded exports ($14.66M).