Published On : 21-Jun-2021
Paraguay is one of the most potential-filled countries in South America. Not only this but it is also acknowledged as the heart of South America around the world. Do you know? The first-ever railway line in South America was constructed in Paraguay.
Now, you are well aware of the reputation of Paraguay as the land of water and high-end military power. Let's talk about the Paraguay import and export situation.
To begin with, Paraguay is industry-wise popular because of its geographical location. The country has not been facing any challenges on its way to development. In the past few years, Paraguay has determined to improve its export and balance import data to create a level in the trade balance. Compared to other countries in South and Central America, Paraguay import-export data reveals that its trade balance is only 5 billion USD in deficit. Meaning up to 50% less than other countries in America.
In 2019, various high-end researchers examined the economy of Paraguay. Today, this country is worth $30 billion and counting. Furthermore, the forecast growth rate of Paraguay's economy is 4.2%. Henceforth, if you seek to start a business in Paraguay, no time will be better than this. But, which industry should you choose? According to the research of www.Cybex.in experts on the subject of Paraguay custom data, export businesses in the country are welcomed.
The main reason being, Paraguay's trading partners include Brazil, Chile, Argentina, Russia, and Turkey. Meaning, these countries are wildly developing in the context of the agricultural and industrial sector. And because Paraguay's agrarian sector is comparably weak or work-in-progress, exporters can focus on the industrial sector to improve the import and export data gap.
Henceforth, today we brought to you a thorough research on Export Data and import data Paraguay to make the right business decision. Following are the statistics and facts collected under the custom data experts of Cybex.in. don't forget to give the credit:
In 2017, Paraguay's total export worth was 11 billion Dollars approximately. Indeed, the same year, total imports were also 11 billion USD approximately with trade balance leaving a deficit of 38 million only. You will be surprised to know why such a small gap between export and import remained. However, there's a business strategy of exporters behind this. According to exporters data Paraguay only deals with Brazil, Argentina, Chile, and Russia at a volume level of international trade.
But, what Paraguay import data revealed was more shocking. Paraguay also limits its boundaries on the subject of trade partners. The country only imports at volume level from Brazil, Argentina, Chile, and Russia. And this is why Paraguay's trade balance 2017 was the lowest of all the countries in America.
#1: Soybean Oil Seeds worth up to 2.3 billion USD. In 2019, Paraguay's export data disclosed a 35% growth rate in Soybean Oilseed exports.
#2: Mineral Oils and Fuels covers 20% of Paraguay's total export data. 2006 was the last year when Paraguay produced oil. Today, it does not. Instead, a Paraguay-based company holds a monopoly in the market of oil.
#3: Meat exports cover up to 14% of the total exports of Paraguay. Beef's production in Paraguay is the highest in the world.
#4: Food industry waste, raw material, and animal fodder: it increases Paraguay's export growth by 8.5%.
#5: Cereals of Paraguay are pretty famous. Nestle is one of the largest cereal making companies in Paraguay. It covers 8% of the total exporters' data in Paraguay.
Wondering what the major imports of Paraguay are? Which product is widely in-demand in Paraguay of South America? Here's a reference list for you with crucial statistics:
#1: Cars and Trucks (4.4% of total exports)
#2: TV and Radio Transmitters (3.9%)
#3: Miscellaneous Fertilizers (3.4%)
#4: Toys and Games (2.5%)
#5: Perfumes and Cosmetics (1.7%)
Paraguay Import data collected in 2014 revealed that 17% of imports in Paraguay goes to unclassified trades.
Paraguay's main trading partners are Brazil, Russia, Turkey, Chile, and Argentina. There are several trade barriers in Paraguay. For example, if you want to start an import or export business in Paraguay, you must have a non-automatic import license. However, this guideline is not in restriction for exporters.
One of the main questions that arise is: What does Paraguay produce or manufacture? Check out the following list:
Soybeans Oil Seeds,
To collect trade statistics on Paraguay shipment data with in-depth details on trade partners, buyers, HS codes, product description and more, visit www.Cybex.in. Collect trade data for free!
