Paraguay Sees 5.6% Trade Growth in the First Half of 2024
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Loading... - Elke Christoph
- 15 Jul 2024
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Paraguay's foreign trade saw a 5.6% growth in the first half of 2024, with transactions totaling $16.572 billion, according to the Central Bank of Paraguay's (BCP) latest report. This growth marks a significant increase compared to the same period last year.
Key Highlights:
Exports:
Total exports reached $8.569 billion, a modest 1.8% rise from the previous year's figures. Exports were distributed across 136 countries, showcasing Paraguay's diverse trade partners. Primary products, such as soybeans and cotton fibers, led the export growth with a value of $2.476 billion, a 4.0% increase. The volume of primary product exports grew by 37.5%, reaching 1.737 million tons, with soybeans and wheat being the top contributors. Beef exports amounted to $765.8 million, a 1.2% rise in value, despite a slight 0.2% decline in volume compared to June 2023. Conversely, electrical energy exports decreased by 15.2% in value, totaling $651.4 million, with a significant drop of 48.0% in volume, amounting to 7,684.5 MW/h.
Imports:
Imports surged by 10.1%, totaling $8.003 billion. These imports came from 162 countries, indicating a broad range of international suppliers. The result of this trade activity was a $565.6 million surplus, although this was lower than the $1.146 billion surplus recorded in the same period of 2023.
Implications:
Economic Resilience: The trade growth highlights Paraguay's economic resilience and adaptability in a global market.
Domestic Demand: The increase in imports indicates growing domestic demand and economic activity.
Agricultural Strength: The export growth, particularly in primary products, underscores Paraguay's agricultural strength.
Challenges in Energy Sector: The drop in electrical energy exports suggests potential challenges in this sector.
Overall, Paraguay's trade performance in the first half of 2024 reflects positive economic momentum, despite some challenges in specific sectors like electrical energy.
