Guatemala2019 Economic Complexity : -0.24, Rank 82 of 146
2019 Product Exports | Imports: $11.8B | $19.1B, 85 of 225 | 79 of 225
2019 Per Capita Product Exports | Imports: $710 | $1.15k, 139 of 219 | 141 of 219
2019 Service Exports | Imports : $2.98B | $3.65B, 45 of 69 | 40 of 69
Overview In 2019 Guatemala was the number 68 economy in the world in terms of GDP (current US$), the number 85 in total exports, the number 79 in total imports, the number 110 economy in terms of GDP per capita (current US$) and the number 82 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Guatemala are Bananas ($1.16B), Raw Sugar ($707M), Coffee ($692M), Nutmeg, mace and cardamons ($653M), and Palm Oil ($399M), exporting mostly to United States ($3.92B), El Salvador ($1.38B), Honduras ($987M), Mexico ($571M), and Nicaragua ($552M).
In 2019, Guatemala was the world's biggest exporter of Nutmeg, mace and cardamons ($653M)
Imports The top imports of Guatemala are Refined Petroleum ($2.34B), Broadcasting Equipment ($579M), Packaged Medicaments ($488M), Cars ($483M), and Delivery Trucks ($332M), importing mostly from United States ($6.77B), China ($2.34B), Mexico ($2.15B), El Salvador ($965M), and Panama ($667M).
In 2019, Guatemala was the world's biggest importer of Iron Ingots ($63.1M)
Location Guatemala borders Belize, El Salvador, Honduras, and Mexico by land.
Top Export (2019): Bananas, $1.16B
Top Destination (2019): United States, $3.92B
In 2019, Guatemala exported a total of $11.8B, making it the number 85 exporter in the world. During the last five reported years the exports of Guatemala have changed by -$61.3M from $11.8B in 2014 to $11.8B in 2019.
The most recent exports are led by Bananas ($1.16B), Raw Sugar ($707M), Coffee ($692M), Nutmeg, mace and cardamons ($653M), and Palm Oil ($399M). The most common destination for the exports of Guatemala are United States ($3.92B), El Salvador ($1.38B), Honduras ($987M), Mexico ($571M), and Nicaragua ($552M).
Top Import (2019): Refined Petroleum, $2.34B
Top Origin (2019): United States, $6.77B
In 2019 Guatemala imported $19.1B, making it the number 79 trade destination in the world. During the last five reported years the imports of Guatemala changed by $1.6B from $17.5B in 2014 to $19.1B in 2019.
The most recent imports of Guatemala are led by Refined Petroleum ($2.34B), Broadcasting Equipment ($579M), Packaged Medicaments ($488M), Cars ($483M), and Delivery Trucks ($332M). The most common import partners for Guatemala are United States ($6.77B), China ($2.34B), Mexico ($2.15B), El Salvador ($965M), and Panama ($667M).
Fastest Growing Export Markets (2018 - 2019)
Fastest Growing Import Markets (2018 - 2019)
Guatemala Exports Services (2019): $2.98B
Guatemala Imports Services (2019): $3.65B
In 2019, Guatemala exported $2.98B worth of services. The top services exported by Guatemala in 2019 were Personal travel ($989M), Computer and information services ($645M), Transportation ($479M), Other business services ($376M), and Business travel ($232M).
The top services imported by Guatemala in 2019 were Transportation ($1.58B), Personal travel ($640M), Computer and information services ($320M), Insurance services ($283M), and Royalties and license fees ($242M).
The top product import tariffs by their MFN Ad Valorem value for Guatemala are Beer made from malt (40%) and Ethyl alcohol and other spirits, denatured (40%).
Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.
*The tariffs applied to imports for Guatemala are:
Guatemala has a high level of specialization in Nutmeg, mace and cardamons (837), Legumes (168), Bananas (125), Molasses (92.9), and Knit Women's Shirts (82.2). Specialization is measured using RCA, an index that takes the ratio between Guatemala observed and expected exports in each product.
The highest complexity exports of Guatemala according to the product complexity index (PCI) are Vinyl polymers in primary forms (0.99), Textile felt (0.68), Composite paper and board, not coated or impregnated (0.66), Synth monofilament >67dtex <1mm, strip, straw<5mm wide (0.65), and Refractory cements, mortars, concretes except graphite (0.62). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Guatemala according to the relatedness index, are Wheat Flours (0.3), Cement (0.3), Spices (0.29), Non-Knit Men's Shirts (0.29), and Gold (0.29). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Guatemala is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.
During the last 20 years Guatemala's economy has become relatively less complex, moving from the 66th to the 82nd position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.