Paraguay - Singapore Trade 2024 Q1: Deficit & Volatility

Key Market Takeaways: Paraguay - Singapore Trade

The bilateral trade relationship between Paraguay and Singapore is marked by extreme volatility and a widening deficit in Q1 2024.

• Deficit-Driven Trade: Paraguay posted a $75.72M trade deficit with Singapore, driven by $78.03M in imports (mostly energy) versus just $2.31M in exports (volatile beverage shipments).
• Resource-for-Needs Exchange: Paraguay - Singapore trade statistics reveal a lopsided exchange: 90% of Paraguay’s imports are mineral fuels from Singapore, while 77% of its exports are beverages—a classic low-value/high-value imbalance.
• Fragile Dependence: Paraguay’s import reliance on Singapore for critical energy supplies highlights strategic vulnerability, while its export spikes (e.g., +921% MoM in February) suggest unstable demand.

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

Paraguay-Singapore Trade Trend in Q1 2024

Paraguay Export Performance: Shipments to Singapore

• Total Volume: $2.31M in Q1 2024.
• Growth Trend & Context:
  • Extreme volatility: February saw a 921.76% MoM surge (likely a one-off shipment), but March collapsed (-87.35% MoM).
  • YoY swings: +534.06% in February, then -98.31% in March, indicating unstable demand or supply chain disruptions.
• Key Volatility: February’s spike (1.89M) and March’s sharp drop (238.84K) dominate the quarter.

Paraguay Import Performance: Sourcing from Singapore

• Total Volume: $78.03M in Q1 2024.
• Growth Trend & Context:
  • Strong start: January and February YoY growth (+73.4% and +110.67%) suggests renewed demand, but March fell -21.52% YoY.
  • MoM swings: January’s 61.26% rise contrasted with March’s -48.25% drop, hinting at irregular procurement cycles.
• Key Volatility: February’s peak (31.82M) and March’s slump (16.47M) reflect uneven import pacing.

Paraguay - Singapore Trade Balance & Market Dynamics

• Net Position: Trade Deficit of $75.72M (Imports $78.03M > Exports $2.31M).
• Relationship Status: Paraguay remains heavily import-dependent on Singapore, with exports negligible by comparison. The deficit widened sharply YoY due to surging imports in early 2024.

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

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

Get Historical Paraguay Singapore Trade Records

Paraguay-Singapore Top Trading Products in Q1 2024

Paraguay Export Profile: What Does Paraguay Sell to Singapore

• Top Commodity: Beverages, spirits, and vinegar (HS Code 22) dominate exports, accounting for 77.36% of total exports to Singapore.
• Demand Driver: Singapore likely imports these for its consumer market, given the high share of finished goods.
• Concentration: Trade is highly concentrated, with the top commodity holding over 75% share.

Paraguay Import Profile: What Does Paraguay Buy from Singapore

• Top Commodity: Mineral fuels, oils, and related products (HS Code 27) make up 90.11% of imports from Singapore.
• Dependency Nature: This suggests a critical energy security dependency, as Paraguay relies heavily on Singapore for fuel.

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 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

The Paraguay-Singapore trade relationship in Q1 2024 reveals extreme volatility, with Paraguay’s exports to Singapore swinging wildly and imports showing uneven demand. Given the heavy reliance on mineral fuels (90.11% of imports) and the erratic export performance of beverages (77.36% of exports), the near-term outlook remains uncertain. Traders should brace for continued instability, particularly in energy procurement, while monitoring Singapore’s demand for Paraguayan consumer goods, which may stabilize with targeted market interventions. Without diversification or long-term supply agreements, Paraguay’s trade deficit with Singapore could persist or widen further.

Strategic Moves

• Diversify Import Sources: Paraguay must reduce its dependency on Singapore for mineral fuels by exploring alternative suppliers in the Middle East or Latin America to mitigate price volatility and supply disruptions.
• Stabilize Export Channels: Exporters of Paraguayan beverages should secure multi-month contracts with Singaporean distributors to smooth out demand spikes and crashes, ensuring more predictable revenue streams.
• Leverage Trade Diplomacy: The Paraguayan government should negotiate bilateral agreements with Singapore to lock in favorable terms for critical imports while incentivizing Singaporean investment in Paraguay’s agro-processing sector to boost export value.

Frequently Asked Questions

How did Paraguay - Singapore trade perform in 2024 Q1?

Paraguay's exports to Singapore totaled $2.31M, showing extreme volatility, while imports from Singapore reached $78.03M, reflecting strong but uneven demand.

What are the top exports from Paraguay to Singapore?

Beverages, spirits, and vinegar (HS Code 22) dominate Paraguay's exports to Singapore, accounting for 77.36% of total shipments.

What does Paraguay import from Singapore?

Mineral fuels, oils, and related products (HS Code 27) make up 90.11% of Paraguay's imports from Singapore, highlighting a critical energy dependency.

What is the trade balance between Paraguay and Singapore?

Paraguay recorded a trade deficit of $75.72M with Singapore in Q1 2024, driven by surging imports and negligible export growth.