Paraguay - Singapore Trade 2024 Whole Year: $406M Deficit

Key Market Takeaways: Paraguay - Singapore Trade

The bilateral trade relationship between Paraguay and Singapore is marked by extreme volatility and a heavy deficit for Paraguay in 2024.

• $406.62M Deficit: Paraguay’s imports from Singapore ($412.24M) dwarf its exports ($5.62M), reflecting a lopsided trade dynamic.
• Resource-for-Tech Exchange: Paraguay ships beverages and agricultural goods (HS 22, 02) to Singapore, while relying on it for critical energy imports (HS 27, 92.27% share). Bilateral trade statistics highlight this stark asymmetry.
• Strategic Dependency: Paraguay’s energy security hinges on Singapore, while its export footprint remains negligible—a one-sided economic linkage.

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

Paraguay-Singapore Trade Trend in Whole Year 2024

Paraguay Export Performance: Shipments to Singapore

• Total Volume: $5.62M in exports to Singapore in 2024.
• Growth Trend & Context:
  • Volatile YoY growth, with extreme swings like +534.06% in February and -98.31% in March.
  • No specific trade news to contextualize the fluctuations.
• Key Volatility: February saw a 921.76% MoM surge, while March and August had sharp drops (-87.35% and -40.3%, respectively).

Paraguay Import Performance: Sourcing from Singapore

• Total Volume: $412.24M in imports from Singapore in 2024.
• Growth Trend & Context:
  • Strong YoY growth overall, with May (+819.31%) and June (+424.07%) standing out.
  • No relevant news to explain the trends.
• Key Volatility: May peaked at $42.72M, while August hit a low of $23.10M (-60.85% MoM).

Paraguay - Singapore Trade Balance & Market Dynamics

• Net Position: Trade deficit of $406.62M (Exports $5.62M vs. Imports $412.24M).
• Relationship Status: Paraguay is heavily dependent on imports from Singapore, with minimal export activity in comparison.

Paraguay Import Trend from Singapore 2024 Whole Year (Source: yTrade)**

Paraguay Export Trend to Singapore 2024 Whole Year (Source: yTrade)**

Get Historical Paraguay Singapore Trade Records

Paraguay-Singapore Top Trading Products in Whole Year 2024

Paraguay Export Profile: What Does Paraguay Sell to Singapore

• Top Commodity: Rank #1 export is HS Code 22 (Beverages, spirits, and vinegar) with 31.83% share.
• Demand Driver: Singapore likely imports these as consumer goods for its domestic market, reflecting demand for Paraguayan beverages.
• Concentration: Trade is moderately concentrated, with the top 3 exports (HS 22, 02, 33) accounting for 84.55% of total exports.

Paraguay Import Profile: What Does Paraguay Buy from Singapore

• Top Commodity: Rank #1 import is HS Code 27 (Mineral fuels, oils, and waxes) with 92.27% share.
• Dependency Nature: This indicates a critical energy security dependency, as Paraguay relies heavily on Singapore for refined petroleum products.

Paraguay - Singapore Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Paraguay exports agricultural and consumer goods (HS 22, 02) while importing energy (HS 27) and machinery (HS 84, 85) from Singapore.
• Value Chain Position: Singapore holds the higher value-add position, supplying advanced industrial goods (e.g., machinery, pharmaceuticals) versus Paraguay’s raw or lightly processed exports.

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 poised for continued volatility in the near term, driven by Paraguay’s heavy reliance on Singaporean energy imports (HS 27) and erratic export performance in beverages (HS 22). While Singapore’s demand for Paraguayan consumer goods shows potential, the extreme monthly swings in trade volumes suggest an unstable foundation. The $406.62M trade deficit will likely persist unless Paraguay diversifies its export basket or secures more stable pricing mechanisms for critical imports. Traders should brace for sharp fluctuations, particularly in energy shipments, given Singapore’s role as a refining hub.

Strategic Moves

• Diversify Energy Suppliers: Paraguay must reduce its 92.27% dependency on Singapore for mineral fuels by exploring alternative suppliers in the Middle East or Americas to mitigate price and supply chain risks.
• Stabilize Export Channels: Beverage exporters (HS 22) should lock in long-term contracts with Singaporean distributors to smooth out volatile demand spikes and crashes, leveraging Paraguay’s competitive pricing.
• Pivot to Higher-Value Exports: Paraguay should incentivize processed agricultural goods (e.g., packaged foods under HS 16) to capture more value in Singapore’s consumer market, moving beyond raw commodities.

Frequently Asked Questions

How did Paraguay - Singapore trade perform in 2024 Whole Year?

Paraguay exported $5.62M to Singapore and imported $412.24M, resulting in a trade deficit of $406.62M. Exports showed volatile growth, while imports saw strong YoY increases.

What are the top exports from Paraguay to Singapore?

The top exports are HS Code 22 (Beverages, spirits, and vinegar), HS Code 02 (Meat and edible offal), and HS Code 33 (Essential oils and perfumes), accounting for 84.55% of total exports.

What does Paraguay import from Singapore?

The top import is HS Code 27 (Mineral fuels, oils, and waxes), making up 92.27% of imports, reflecting Paraguay's heavy reliance on Singapore for energy products.

What is the trade balance between Paraguay and Singapore?

Paraguay has a trade deficit of $406.62M with Singapore, driven by significantly higher imports of energy and industrial goods compared to its modest exports.