Economy

Paraguay’s Foreign Trade Sees Significant Growth in 2023

Oct, 16, 2023 Posted by Gabriel Malheiros

Week 202340

According to the trade report from the Central Bank of Paraguay (BCP), the country’s total exports reached $12.851 million by September 2023, marking a substantial 20.6% increase compared to the $10.655.2 million observed in the same month of 2022.

The report provides a breakdown of exports, indicating that registered exports accounted for 69.7% of the total, reaching $8.960.4 million, an impressive 15.8% increase when compared to the accumulated value up to September 2022.

Reexports represented 24.4% of the total and recorded a value of $3.132.2 million, showing significant growth of 31.8%. Other exports, with a 5.9% share, increased by 39.5%, reaching a value of $758.5 million.

The surge in exports can be attributed primarily to increased shipments of soybeans, rice, and soy meal. Operations conducted under the maquila regime reached $736.7 million, indicating a slight reduction of 2.3% compared to the same period in 2022.

By September 2023, total imports reached $11.460 million, marking a modest 0.9% increase compared to the previous year.

Registered imports represented 95.9% of the total, reaching a value of $10.985.5 million, demonstrating a 0.6% growth compared to the accumulated value up to September 2022. Other imports made up the remaining 4.1%, with a value of $474.5 million. A reduction in volume of 3.5% was observed.

Finally, as of the ninth month of 2023, the trade balance registered a surplus of $1,391.1 million.

Source: Agencia de Información Paraguay

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