Paraguay - Thailand Trade 2024 Q1: Deficit & Tech Imports

Key Market Takeaways: Paraguay - Thailand Trade

The bilateral trade relationship between Paraguay and Thailand is marked by extreme volatility and a heavy deficit for Paraguay in Q1 2024.

• Deficit-Driven Trade: Paraguay ran a $61.01M trade deficit (Imports: $65.84M vs. Exports: $4.83M), with imports from Thailand surging 509.14% YoY in January.
• Resource-for-Tech Exchange: Paraguay - Thailand trade statistics reveal a lopsided exchange—Paraguay supplies raw hides (69.72% of exports) while importing Thai electrical machinery (81.30% of imports).
• Asymmetric Dependency: Thailand holds the high-value position, supplying critical tech components, while Paraguay remains a niche raw material supplier.

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

Paraguay-Thailand Trade Trend in Q1 2024

Paraguay Export Performance: Shipments to Thailand

• Total Volume: $4.83M in Q1 2024.
• Growth Trend & Context:
  • YoY growth was strong in January (+111.24%) and March (+68.66%), offset by a slight decline in February (-7.64%).
  • No specific trade news to explain fluctuations.
• Key Volatility: January saw a 108.04% MoM surge, while February dropped sharply (-47.16%).

Paraguay Import Performance: Sourcing from Thailand

• Total Volume: $65.84M in Q1 2024.
• Growth Trend & Context:
  • Extreme YoY volatility: January spiked (+509.14%), but February and March growth slowed (+2.72% and +65.61%, respectively).
• Key Volatility: January imports ($56.24M) dominated, followed by an 89.23% MoM collapse in February.

Paraguay - Thailand Trade Balance & Market Dynamics

• Net Position: Trade deficit of $61.01M (Imports $65.84M > Exports $4.83M).
• Relationship Status: Paraguay heavily reliant on Thai imports, with exports negligible by comparison.

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

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

Get Historical Paraguay Thailand Trade Records

Paraguay-Thailand Top Trading Products in Q1 2024

Paraguay Export Profile: What Does Paraguay Sell to Thailand

• Top Commodity: HS Code 41 (Raw hides and skins) dominates with 69.72% share.
• Demand Driver: Thailand uses these for industrial processing, likely in leather goods manufacturing.
• Concentration: High—top two categories (HS 41 and 76) account for 94.15% of exports, indicating heavy reliance on raw materials.

Paraguay Import Profile: What Does Paraguay Buy from Thailand

• Top Commodity: HS Code 85 (Electrical machinery) makes up 81.30% of imports.
• Dependency Nature: Critical technology dependency, reflecting Paraguay's need for high-tech components or consumer electronics.

Paraguay - Thailand Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Paraguay exports raw materials (hides, aluminum) and imports advanced machinery.
• Value Chain Position: Thailand holds the higher value-add position, supplying complex goods (electrical machinery) versus Paraguay's raw material exports.

Import Analysis by Product: Thailand to Paraguay (Source: yTrade)

Export Analysis by Product: Paraguay to Thailand (Source: yTrade)

Check Detailed Paraguay-Thailand Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Paraguay-Thailand trade relationship is expected to maintain its resource-for-tech complementarity, with Paraguay’s raw material exports (hides, aluminum) continuing to feed Thailand’s manufacturing sector while Thai electrical machinery dominates Paraguay’s imports. Given the volatile but high-growth trends in Q1 2024—particularly the extreme spikes in January—traders should anticipate short-term fluctuations but steady long-term demand. However, Paraguay’s widening trade deficit ($61.01M in Q1) signals a need for strategic adjustments to rebalance the exchange.

Strategic Moves

• Diversify Export Markets: Paraguay must reduce reliance on raw material exports to Thailand by identifying new buyers in Southeast Asia or value-adding domestically (e.g., pre-processing hides into leather).
• Negotiate Long-Term Tech Supply Contracts: Paraguayan importers should lock in favorable terms for Thai electrical machinery to mitigate price volatility and secure stable access to critical components.
• Invest in Local Tech Capacity: To curb dependency, Paraguay should incentivize domestic production or partnerships with Thai firms for technology transfer, particularly in high-value sectors like electronics assembly.

Frequently Asked Questions

How did Paraguay - Thailand trade perform in 2024 Q1?

Paraguay's exports to Thailand totaled $4.83M, with strong YoY growth in January and March. Imports from Thailand reached $65.84M, dominated by a January spike (+509.14% YoY).

What are the top exports from Paraguay to Thailand?

Paraguay primarily exports raw hides and skins (HS Code 41) and aluminum (HS Code 76), accounting for 94.15% of total exports to Thailand.

What does Paraguay import from Thailand?

Paraguay's top import from Thailand is electrical machinery (HS Code 85), making up 81.30% of total imports.

What is the trade balance between Paraguay and Thailand?

Paraguay recorded a trade deficit of $61.01M in Q1 2024, as imports ($65.84M) far exceeded exports ($4.83M).