Paraguay - South Korea Trade 2024 Q3: Deficit Deepens

Key Market Takeaways: Paraguay - South Korea Trade

The bilateral trade relationship between Paraguay and South Korea reflects a deepening deficit amid volatile demand shifts in 2024 Q3.

• Deficit-Driven Trade: Paraguay’s imports from South Korea ($57.23M) dwarfed exports ($1.42M), creating a $55.81M deficit—highlighting structural dependency.
• Resource-for-Tech Exchange: Paraguay - South Korea trade statistics show raw materials (47.35% copper) flow east, while high-value vehicles (44.23% of imports) dominate return shipments.
• Asymmetric Complementarity: South Korea holds the value-add advantage, with Paraguay locked into a primary commodity supplier role.

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

Paraguay-South Korea Trade Trend in Q3 2024

Paraguay Export Performance: Shipments to South Korea

• Total Volume: Exports to South Korea totaled 1.42M in Q3 2024.
• Growth Trend & Context:
  • YoY declines were severe, ranging from -58.91% (July) to -96.88% (September), indicating a collapse in demand or supply disruptions.
  • No relevant news to explain the downturn.
• Key Volatility: August saw a 201.53% MoM surge, but this rebound was short-lived, with September growth slowing to 11.79%.

Paraguay Import Performance: Sourcing from South Korea

• Total Volume: Imports from South Korea reached 57.23M in Q3 2024.
• Growth Trend & Context:
  • YoY growth was mixed: +26.75% (July) and +81.69% (September) contrasted with a milder +10.54% (August).
• Key Volatility: July imports dropped -32.44% MoM, but recovered steadily in subsequent months.

Paraguay - South Korea Trade Balance & Market Dynamics

• Net Position: Paraguay ran a trade deficit of 55.81M (Imports: 57.23M > Exports: 1.42M).
• Relationship Status: Heavy reliance on South Korean imports, with minimal export traction. The deficit suggests structural trade dependency.

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

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

Get Historical Paraguay South Korea Trade Records

Paraguay-South Korea Top Trading Products in Q3 2024

Paraguay Export Profile: What Does Paraguay Sell to South Korea

• Top Commodity: Copper (HS 74) dominates with 47.35% share.
• Demand Driver: South Korea uses these raw materials for industrial processing, likely in electronics and construction.
• Concentration: High—top commodity accounts for nearly half of total exports.

Paraguay Import Profile: What Does Paraguay Buy from South Korea

• Top Commodity: Vehicles (HS 87) lead at 44.23% share.
• Dependency Nature: Critical technology dependency, as South Korea supplies high-value machinery and transport equipment.

Paraguay - South Korea Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Paraguay exports raw materials (copper, meat, grains) and imports high-tech goods (vehicles, machinery).
• Value Chain Position: South Korea holds the higher value-add position, supplying advanced manufactured goods, while Paraguay provides primary commodities.

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 forecast for Q4 2024 remains uncertain, with Paraguay’s export collapse likely persisting due to weak demand or unresolved supply bottlenecks. However, South Korea’s steady import growth—particularly in high-value vehicles and machinery—suggests Paraguay’s trade deficit will widen further unless export diversification accelerates. The resource-for-tech exchange model is structurally sound, but Paraguay must address its overreliance on raw material exports to stabilize trade flows.

Strategic Moves

• Diversify Export Basket: Paraguayan exporters must reduce dependence on copper by promoting secondary commodities like meat and grains, targeting South Korea’s agro-processing sectors.
• Negotiate Long-Term Supply Contracts: Secure fixed-price agreements for copper to mitigate volatility and align with South Korea’s industrial demand cycles.
• Boost Competitiveness in Tech Imports: Paraguayan importers should explore alternative suppliers for machinery and vehicles to reduce dependency on South Korea and improve trade balance terms.

Frequently Asked Questions

How did Paraguay - South Korea trade perform in 2024 Q3?

Paraguay's exports to South Korea totaled 1.42M in Q3 2024, with severe YoY declines. Imports from South Korea reached 57.23M, showing mixed YoY growth.

What are the top exports from Paraguay to South Korea?

Copper (HS 74) dominates Paraguay's exports to South Korea, accounting for 47.35% of total shipments.

What does Paraguay import from South Korea?

Vehicles (HS 87) are the top import, making up 44.23% of Paraguay's purchases from South Korea.

What is the trade balance between Paraguay and South Korea?

Paraguay ran a trade deficit of 55.81M with South Korea in Q3 2024, reflecting heavy reliance on South Korean imports.