Paraguay - Singapore Trade 2024 Q3: Deficit & Energy Reliance

Key Market Takeaways: Paraguay - Singapore Trade

The bilateral trade relationship between Paraguay and Singapore is marked by heavy import dependence and volatile growth in Q3 2024.

• Deficit-Driven Trade: Paraguay’s imports from Singapore ($109.84M) dwarf its exports ($902.28K), resulting in a $108.94M trade deficit—highlighting an uneven exchange.
• Resource-for-Tech Exchange: Paraguay - Singapore trade statistics reveal a complementary structure: agricultural exports (meat, oils) flow to Singapore, while Paraguay relies on its partner for critical energy (HS 27) and machinery.
• Strategic Energy Reliance: Singapore’s dominance in mineral fuels (91.21% of imports) underscores Paraguay’s energy security vulnerability in this partnership.

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

Paraguay-Singapore Trade Trend in Q3 2024

Paraguay Export Performance: Shipments to Singapore

• Total Volume: Exports to Singapore totaled $902.28K in Q3 2024.
• Growth Trend & Context:
  • YoY growth was mixed, with July (+67.44%) and September (+123.22%) showing strong expansion, offset by August (-16.93%).
  • No specific trade news explains the volatility.
• Key Volatility: September saw the highest MoM jump (+32.62%), while August had the sharpest drop (-40.3%).

Paraguay Import Performance: Sourcing from Singapore

• Total Volume: Imports from Singapore reached $109.84M in Q3 2024.
• Growth Trend & Context:
  • YoY swings were extreme: July (+226.05%) surged, but August (-30.41%) and September (+36.11%) were uneven.
• Key Volatility: July’s imports spiked 87.82% MoM, then collapsed by -60.85% in August.

Paraguay - Singapore Trade Balance & Market Dynamics

• Net Position: Paraguay ran a trade deficit of $108.94M (Imports $109.84M > Exports $902.28K).
• Relationship Status: Heavily import-dependent—Singapore’s exports to Paraguay dwarf the reverse flow.

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

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

Get Historical Paraguay Singapore Trade Records

Paraguay-Singapore Top Trading Products in Q3 2024

Paraguay Export Profile: What Does Paraguay Sell to Singapore

• Top Commodity: Rank #1 Export is HS Code 02 (Meat and edible meat offal) with a 30.23% share.
• Demand Driver: Singapore likely imports these for its consumer market, given the focus on food products.
• Concentration: Trade is moderately concentrated, with the top 3 exports (HS 02, 33, 76) accounting for 72.77% 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 related products) with a dominant 91.21% share.
• Dependency Nature: Reflects a critical energy security dependency, as Paraguay relies heavily on Singapore for fuel imports.

Paraguay - Singapore Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Paraguay exports agricultural products (meat, oils) while importing energy and machinery from Singapore.
• Value Chain Position: Singapore holds the higher value-add position, supplying advanced goods (HS 84, 85) versus Paraguay’s raw or semi-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 and fluctuating demand for its agricultural exports. While September’s export surge (123.22% YoY) signals potential for growth in meat and edible offal (HS 02), the erratic import swings—particularly July’s 226.05% spike followed by August’s 30.41% drop—highlight supply chain instability. Traders should expect asymmetric growth: Paraguay’s exports may rise steadily, but its trade deficit will likely persist unless energy diversification or value-added export strategies are implemented.

Strategic Moves

• Diversify Energy Sources: Paraguay must reduce its 91.21% dependence on Singaporean mineral fuels (HS 27) by exploring alternative suppliers or investing in domestic renewable energy infrastructure to mitigate price shocks.
• Lock in Agri-Export Contracts: Exporters of meat (HS 02) and essential oils (HS 33) should secure long-term agreements with Singaporean buyers to stabilize revenue streams and capitalize on rising food demand.
• Upgrade Export Composition: Paraguay should incentivize higher-value manufacturing (e.g., processed meats or biofuels) to shift from raw material exports and narrow the trade deficit with Singapore.

Tactical Note: Monitor Singapore’s Q4 fuel inventory reports—any supply disruptions could trigger another import spike, worsening Paraguay’s deficit.

Frequently Asked Questions

How did Paraguay - Singapore trade perform in 2024 Q3?

Paraguay's exports to Singapore totaled $902.28K, with mixed YoY growth (July +67.44%, August -16.93%, September +123.22%). Imports from Singapore reached $109.84M, showing extreme YoY swings (July +226.05%, August -30.41%, September +36.11%).

What are the top exports from Paraguay to Singapore?

Meat and edible meat offal (HS Code 02) dominated with a 30.23% share, followed by other products under HS Codes 33 and 76, collectively accounting for 72.77% of total exports.

What does Paraguay import from Singapore?

Mineral fuels, oils, and related products (HS Code 27) were the top import, making up 91.21% of total imports, reflecting Paraguay's energy security dependency on Singapore.

What is the trade balance between Paraguay and Singapore?

Paraguay recorded a trade deficit of $108.94M (imports $109.84M > exports $902.28K), highlighting a heavily import-dependent relationship with Singapore.