Guatemala2021 Economic Complexity Trade : -0.24, Rank 76 of 131
2021 Economic Complexity Research : -0.97, Rank 118 of 140
2021 Product Exports | Imports: $14.2B | $25.2B, 82 of 226 | 73 of 226
2021 Per Capita Product Exports | Imports: $829 | $1.47k, 139 of 219 | 135 of 219
Overview In 2021, Guatemala was the number 63 economy in the world in terms of GDP (current US$), the number 82 in total exports, the number 73 in total imports, the number 100 economy in terms of GDP per capita (current US$) and the number 76 most complex economy according to the Economic Complexity Index (ECI) .
Exports The top exports of Guatemala are Bananas ($1.01B), Coffee ($956M), Palm Oil ($715M), Nutmeg, mace and cardamons ($615M), and Raw Sugar ($520M), exporting mostly to United States ($4.47B), El Salvador ($1.73B), Honduras ($1.37B), Nicaragua ($841M), and Mexico ($584M).
In 2021, Guatemala was the world's biggest exporter of Nutmeg, mace and cardamons ($615M)
Imports The top imports of Guatemala are Refined Petroleum ($2.97B), Broadcasting Equipment ($704M), Cars ($618M), Packaged Medicaments ($574M), and Delivery Trucks ($555M), importing mostly from United States ($8.18B), China ($4.24B), Mexico ($2.35B), El Salvador ($1.16B), and Costa Rica ($727M).
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.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2021): Bananas, $1.01B
Top Destination (2021): United States, $4.47B
In 2021, Guatemala exported a total of $14.2B, making it the number 82 exporter in the world. During the last five reported years the exports of Guatemala have changed by $2.57B from $11.6B in 2016 to $14.2B in 2021.
The most recent exports are led by Bananas ($1.01B), Coffee ($956M), Palm Oil ($715M), Nutmeg, mace and cardamons ($615M), and Raw Sugar ($520M). The most common destination for the exports of Guatemala are United States ($4.47B), El Salvador ($1.73B), Honduras ($1.37B), Nicaragua ($841M), and Mexico ($584M).
Fastest Growing Export Markets (2020 - 2021)
Fastest Growing Import Markets (2020 - 2021)
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 (589), Legumes (172), Bananas (109), Knit Women's Shirts (81.8), and Molasses (81.1). 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 Newspapers, journals and periodicals, whether or not illustrated or containing advertising material (1.07), Tin; bars, rods, profiles and wire (1.05), Plates, sheets, strip, rods and profile shapes, of vulcanised rubber other than... (0.89), Polymers of vinyl acetate or of other vinyl esters, in primary forms;... (0.83), and Synthetic organic colouring matter and preparations based thereon; synthetic organic products used... (0.7). 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, were Spices (0.31), Non-Knit Active Wear (0.3), Non-Knit Men's Undergarments (0.3), Cocoa Beans (0.3), and Locust beans, seaweed, sugar beet, cane, for food (0.3). 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 68th to the 76th 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.
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