Guatemala2020 Economic Complexity : -0.4, Rank 78 of 127
2020 Product Exports | Imports: $12.2B | $17.9B, 81 of 226 | 78 of 226
2020 Per Capita Product Exports | Imports: $724 | $1.06k, 133 of 219 | 141 of 219
2019 Service Exports | Imports : $2.98B | $3.65B, 51 of 76 | 46 of 76
Overview In 2020 Guatemala was the number 69 economy in the world in terms of GDP (current US$), the number 81 in total exports, the number 78 in total imports, the number 107 economy in terms of GDP per capita (current US$) and the number 78 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Guatemala are Bananas ($1.16B), Nutmeg, mace and cardamons ($1.14B), Coffee ($684M), Raw Sugar ($598M), and Palm Oil ($466M), exporting mostly to United States ($3.87B), El Salvador ($1.32B), Honduras ($1.02B), Nicaragua ($660M), and Mexico ($466M).
In 2020, Guatemala was the world's biggest exporter of Nutmeg, mace and cardamons ($1.14B)
Imports The top imports of Guatemala are Refined Petroleum ($1.57B), Broadcasting Equipment ($647M), Packaged Medicaments ($538M), Cars ($383M), and Delivery Trucks ($341M), importing mostly from United States ($6.01B), China ($2.43B), Mexico ($2.08B), El Salvador ($876M), and Costa Rica ($633M).
In 2020, Guatemala was the world's biggest importer of Iron Ingots ($54.4M)
Location Guatemala borders Belize, El Salvador, Honduras, and Mexico by land.
The following section uses the most recent trade data from partners of Guatemala.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2020): Bananas, $1.16B
Top Destination (2020): United States, $6.01B
In 2020, Guatemala exported a total of $12.2B, making it the number 81 exporter in the world. During the last five reported years the exports of Guatemala have changed by $389M from $11.8B in 2015 to $12.2B in 2020.
The most recent exports are led by Bananas ($1.16B), Nutmeg, mace and cardamons ($1.14B), Coffee ($684M), Raw Sugar ($598M), and Palm Oil ($466M). The most common destination for the exports of Guatemala are United States ($3.87B), El Salvador ($1.32B), Honduras ($1.02B), Nicaragua ($660M), and Mexico ($466M).
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).
Guatemala has a high level of specialization in Nutmeg, mace and cardamons (814), Legumes (150), Bananas (114), Molasses (88.7), and Knit Women's Shirts (82.4). 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 Polymers of vinyl acetate or of other vinyl esters, in primary forms; other vinyl polymers in primary forms (0.87), Wires, rods, tubes, plates, electrodes of base metal or metal carbides; of a kind used for soldering, brazing, welding; wires and rods for metal spraying (0.76), Hydraulic brake fluids and other prepared liquids for hydraulic transmission, not containing or containing less than 70% by weight of petroleum oils or oils obtained from bituminous minerals (0.7), Felt; whether or not impregnated, coated, covered or laminated (0.66), and Refrigerators, freezers and other refrigerating or freezing equipment, electric or other; heat pumps other than air conditioning machines of heading no. 8415 (0.65). 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 Non-Knit Men's Shirts (0.32), Cocoa Beans (0.31), Spices (0.31), Non-Knit Men's Undergarments (0.3), and Non-Knit Women's Shirts (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 a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
During the last 20 years Guatemala's economy has become relatively less complex, moving from the 60th to the 78th 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.
Have questions, comments, or concerns?
Send us an e-mail: [email protected]
v5.1.11 fox