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2023
Economic Complexity
Trade -0.42Rank 81 of 132
2022
Economic Complexity
Research -0.22Rank 71 of 140
2023
Product
Exports | Imports $12.2B | $16.3B94 of 226 |  96 of 226
2023
Per Capita Product
Exports | Imports $1.78k | $2.39k102 of 220 |  125 of 220

About

Overview In 2023, Paraguay was the number 98 economy in the world in terms of GDP (current US$), the number 94 in total exports, the number 96 in total imports, the number 111 economy in terms of GDP per capita (current US$) and the number 81 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Paraguay are Soybeans ($3.26B), Electricity ($1.51B), Corn ($876M), Soybean Meal ($827M), and Bovine Meat ($814M), exporting mostly to Argentina ($4B), Brazil ($3B), Chile ($1.26B), United States ($300M), and Uruguay ($274M).

Imports The top imports of Paraguay are Broadcasting Equipment ($2.04B), Refined Petroleum ($1.99B), Cars ($561M), Pesticides ($427M), and Mixed Mineral or Chemical Fertilizers ($341M), importing mostly from China ($5.41B), Brazil ($3.9B), United States ($1.28B), Argentina ($1.17B), and Germany ($341M).

Location Paraguay borders Argentina, Bolivia, and Brazil by land.

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

The following section uses the most recent trade data from partners of Paraguay.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

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.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Soybeans$3.26B
Top Destination (2023)Argentina$4B

In 2023, Paraguay exported a total of $12.2B, making it the number 94 exporter in the world. During the last five reported years the exports of Paraguay have changed by $2.77B from $9.44B in 2018 to $12.2B in 2023.

The most recent exports are led by Soybeans ($3.26B), Electricity ($1.51B), Corn ($876M), Soybean Meal ($827M), and Bovine Meat ($814M). The most common destination for the exports of Paraguay are Argentina ($4B), Brazil ($3B), Chile ($1.26B), United States ($300M), and Uruguay ($274M).

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Exports (2023)
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Destinations (2023)
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Market Growth

Flow
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Growth
Fastest Growing Export Markets (2022 - 2023)
Argentina$2.05B (+ 106%)
Netherlands$158M (+ 171%)
United Arab Emirates$109M (+ 253%)
Fastest Growing Import Markets (2022 - 2023)
China$721M (+ 15.4%)
Brazil$245M (+ 6.71%)
Germany$72M (+ 26.8%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

Paraguay Exports Services (2015)$542M
Paraguay Imports Services (2015)$802M

In 2015, Paraguay exported $542M worth of services. The top services exported by Paraguay in 2015 were Other transport ($305M), Government services, n.i.e. ($171M), Air transport ($18M), Communications services ($16M), and Auxiliary services ($12M).

The top services imported by Paraguay in 2015 were Air transport ($294M), Other transport ($267M), Sea transport ($104M), Financial services ($47.3M), and Government services, n.i.e. ($33.3M).

Service Exports (2015)

Service Imports (2015)

Economic Complexity

Overview

Economic Complexity (Trade)-0.42Rank 81 of 132
Economic Complexity (Research)-0.22Rank 71 of 140

Most Specialized Products by RCA Index

Paraguay has a high level of specialization in Soybean Oil (68.8), Soybeans (64.9), Wood Charcoal (61), Bovine Meat (50.8), and Other Oily Seeds (47). Specialization is measured using RCA, an index that takes the ratio between Paraguay observed and expected exports in each product.

Most Complex Products by PCI

The highest complexity exports of Paraguay according to the product complexity index (PCI) are Aluminium; tube or pipe fittings (e.g. couplings, elbows, sleeves) (0.82), Machinery, apparatus and equipment (excluding machines of headings 8456 to 8465) for... (0.8), Nonwovens; whether or not impregnated, coated, covered or laminated (0.79), Alcohols; cyclic, and their halogenated, sulphonated, nitrated or nitrosated derivatives (0.7), and Carbon electrodes, carbon brushes, lamp carbons, battery carbons and other articles of... (0.65). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Paraguay according to the relatedness index, were Gold (0.13), Dried Legumes (0.13), Crustaceans (0.12), Cement (0.12), and Cassava (0.12). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Paraguay is not specialized in.

Product Space

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.

Relatedness Space

This network shows the products most related to the production structure of Paraguay. These are products that tend to be co-exported with the products that Paraguay exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2023)

Diversification Frontier

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Depth

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Paraguay's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨73rd to the 81st⁩ 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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ECI (Trade) Ranking by Country

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