Paraguay - Singapore Trade 2023 Q4: Deficit & Volatility

Key Market Takeaways: Paraguay - Singapore Trade

The bilateral trade relationship between Paraguay and Singapore is marked by extreme volatility and a structural deficit in 2023 Q4.

• Deficit-Driven Trade: Paraguay recorded a $66.64M trade deficit, with imports ($67.20M) dwarfing exports ($564.58K). YoY swings were erratic, including a -98.53% export crash in December.
• Resource-for-Tech Exchange: Paraguay - Singapore trade statistics show asymmetry—Paraguay exports cosmetics (45.99% share) while relying on Singapore for mineral fuels (83.38% of imports).
• One-Sided Dependency: Singapore holds the strategic advantage, supplying critical energy inputs, while Paraguay’s export footprint remains negligible.

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

Paraguay-Singapore Trade Trend in Q4 2023

Paraguay Export Performance: Shipments to Singapore

• Total Volume: $564.58K in Q4 2023.
• Growth Trend & Context:
  • YoY swings were extreme: +38.23% in October, -53.55% in November, and a staggering -98.53% in December. No news context to explain these shifts.
  • Key Volatility: December saw a 303.56% MoM surge, but this followed a -71.35% crash in November. The rebound was insufficient to offset annual declines.

Paraguay Import Performance: Sourcing from Singapore

• Total Volume: $67.20M in Q4 2023.
• Growth Trend & Context:
  • YoY imports were mixed: +18.58% in October but -48.61% in November and -37.67% in December. No news-driven catalysts identified.
  • Key Volatility: October’s 45.13% MoM spike was the quarter’s high, while November and December saw consecutive declines (-35.06% and -3.92% MoM).

Paraguay - Singapore Trade Balance & Market Dynamics

• Net Position: Trade deficit of $66.64M (Imports $67.20M vs. Exports $564.58K).
• Relationship Status: Paraguay is heavily dependent on imports from Singapore, with exports negligible by comparison. The deficit underscores a structural imbalance in bilateral trade.

Paraguay Import Trend from Singapore 2023 Q4 (Source: yTrade)**

Paraguay Export Trend to Singapore 2023 Q4 (Source: yTrade)**

Get Historical Paraguay Singapore Trade Records

Paraguay-Singapore Top Trading Products in Q4 2023

Paraguay Export Profile: What Does Paraguay Sell to Singapore

• Top Commodity: Rank #1 Export is HS Code 33 (Essential Oils, Perfumes, Cosmetics) with 45.99% share.
• Demand Driver: Singapore buys these consumer goods for its retail and hospitality sectors.
• Concentration: Trade is moderately concentrated, with the top 3 categories accounting for 100% of exports.

Paraguay Import Profile: What Does Paraguay Buy from Singapore

• Top Commodity: Rank #1 Import is HS Code 27 (Mineral Fuels, Oils) with 83.38% share.
• Dependency Nature: Paraguay relies heavily on Singapore for energy security, given the dominance of fuel imports.

Paraguay - Singapore Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Paraguay exports consumer goods (cosmetics, agricultural products) and imports energy and machinery from Singapore.
• Value Chain Position: Singapore holds the higher value-add position, supplying critical energy and industrial inputs, while Paraguay provides raw and semi-processed 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

The Paraguay-Singapore trade relationship is likely to remain volatile in the near term, with Paraguay’s export performance showing erratic swings and its import dependency on Singapore’s energy supplies persisting. Given the structural trade deficit and extreme YoY fluctuations, traders should brace for continued instability, particularly in consumer goods (HS Code 33) and mineral fuels (HS Code 27). Without policy intervention or market diversification, the deficit may widen further, exposing Paraguay to supply chain risks. The future outlook hinges on Paraguay’s ability to stabilize export volumes and reduce reliance on Singaporean fuel imports.

Strategic Moves

• Diversify Export Markets: Paraguayan exporters must aggressively target alternative markets in ASEAN or Latin America to reduce overreliance on Singapore’s volatile demand for cosmetics and essential oils.
• Lock in Fuel Contracts: Paraguayan importers should negotiate long-term agreements with Singaporean energy suppliers to mitigate price volatility and secure stable fuel inflows.
• Boost Value-Added Exports: Paraguay’s trade ministry should incentivize higher-value manufacturing in sectors like processed foods or pharmaceuticals to improve its trade balance with Singapore.

Frequently Asked Questions

How did Paraguay - Singapore trade perform in 2023 Q4?

Paraguay's exports to Singapore totaled $564.58K, with extreme YoY swings, while imports from Singapore reached $67.20M, showing mixed growth trends.

What are the top exports from Paraguay to Singapore?

The top export is HS Code 33 (Essential Oils, Perfumes, Cosmetics), accounting for 45.99% of Paraguay's shipments to Singapore.

What does Paraguay import from Singapore?

Paraguay primarily imports HS Code 27 (Mineral Fuels, Oils) from Singapore, which dominates 83.38% of total imports.

What is the trade balance between Paraguay and Singapore?

Paraguay recorded a trade deficit of $66.64M with Singapore in Q4 2023, reflecting heavy reliance on imports.