Paraguay - South Korea Trade 2024 Whole Year: Severe Export Decline

Key Market Takeaways: Paraguay - South Korea Trade

The bilateral trade relationship between Paraguay and South Korea is marked by severe export declines and heavy import dependence in 2024.

• $214.62M Deficit for Paraguay: Imports ($237.05M) dwarfed exports ($22.43M), with exports failing to offset even 10% of inbound trade volume.
• Resource-for-Tech Exchange: Paraguay - South Korea trade statistics show cereals (75.5% of exports) swapped for vehicles (50.1% of imports) and machinery, highlighting a raw-materials-for-manufactured-goods dynamic.
• Asymmetric Interdependence: South Korea holds the high-value position, while Paraguay remains a commodity supplier with limited diversification.

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

Paraguay-South Korea Trade Trend in Whole Year 2024

Paraguay Export Performance: Shipments to South Korea

• Total Volume: $22.43M in 2024.
• Growth Trend & Context:
  • Severe YoY declines dominate, with drops exceeding 60% in 8 of 12 months. September (-96.88%) and October (-98.88%) were catastrophic.
  • May (+112.66% YoY) and August (+201.53% MoM) were rare bright spots but from a low base.
• Key Volatility: March saw a -96.32% MoM collapse, while December rebounded (+161.01% MoM).

Paraguay Import Performance: Sourcing from South Korea

• Total Volume: $237.05M in 2024.
• Growth Trend & Context:
  • Broad YoY growth (10/12 months positive), peaking in June (+51.96%) and December (+53.52%).
  • February (-36.01% YoY) and November (+7.98% YoY) were outliers in an otherwise expansionary trend.
• Key Volatility: March (+106% MoM) and June (+41% MoM) drove momentum; July (-32.44% MoM) was the sharpest pullback.

Paraguay - South Korea Trade Balance & Market Dynamics

• Net Position: $214.62M deficit for Paraguay (Imports dwarfed exports).
• Relationship Status: Heavy import dependence on South Korea, with exports failing to offset even 10% of inbound trade volume.

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

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

Get Historical Paraguay South Korea Trade Records

Paraguay-South Korea Top Trading Products in Whole Year 2024

Paraguay Export Profile: What Does Paraguay Sell to South Korea

• Top Commodity: Cereals (HS Code 10) dominate exports, accounting for 75.50% of total value.
• Demand Driver: South Korea relies on Paraguay for agricultural raw materials, likely for food processing or livestock feed.
• Concentration: Extreme reliance on a single category (cereals), with the top export holding >75% share.

Paraguay Import Profile: What Does Paraguay Buy from South Korea

• Top Commodity: Vehicles (HS Code 87) make up 50.13% of imports, reflecting South Korea’s industrial strength.
• Dependency Nature: Heavy reliance on high-value machinery (HS Codes 87, 85, 84) signals critical technology and manufacturing dependencies.

Paraguay - South Korea Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Paraguay supplies raw agricultural goods (cereals) in exchange for advanced manufactured products (vehicles, machinery).
• Value Chain Position: South Korea clearly holds the higher value-add position, exporting complex goods (vehicles, electronics) while Paraguay remains a commodity supplier.

Import Analysis by Product: South Korea to Paraguay (Source: yTrade)

Export Analysis by Product: Paraguay to South Korea (Source: yTrade)

Check Detailed Paraguay-South Korea Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Paraguay-South Korea trade relationship is likely to remain asymmetrical, with Paraguay’s deficit widening further unless structural shifts occur. South Korea’s demand for Paraguayan cereals will stay stable but vulnerable to price volatility, while Paraguay’s reliance on Korean vehicles and machinery will deepen due to lacking domestic alternatives. Exporters should brace for continued YoY declines unless diversification efforts accelerate, while importers must prepare for supply chain disruptions given South Korea’s industrial dominance.

Strategic Moves

• Diversify Export Baskets: Paraguayan exporters must reduce dependence on cereals by developing secondary commodities (e.g., processed foods, textiles) to mitigate catastrophic monthly drops.
• Lock in Long-Term Supply Contracts: Importers of Korean machinery should secure fixed-price agreements to hedge against potential cost surges driven by global semiconductor or automotive shortages.
• Leverage Korean FDI for Local Production: Paraguay should aggressively court South Korean manufacturing investments to reduce import dependency, particularly in automotive assembly or electronics components.

Frequently Asked Questions

How did Paraguay - South Korea trade perform in 2024 Whole Year?

Paraguay exported $22.43M to South Korea but imported $237.05M, resulting in a $214.62M deficit. Exports saw severe YoY declines, while imports grew in 10 of 12 months.

What are the top exports from Paraguay to South Korea?

Cereals (HS Code 10) dominate Paraguay’s exports, accounting for 75.50% of total trade value with South Korea.

What does Paraguay import from South Korea?

Vehicles (HS Code 87) are the top import, making up 50.13% of Paraguay’s purchases, followed by machinery (HS Codes 85, 84).

What is the trade balance between Paraguay and South Korea?

Paraguay faces a $214.62M trade deficit with South Korea, driven by heavy reliance on high-value imports like vehicles and machinery.