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2023
Economic Complexity
Trade -0.21Rank 73 of 132
2022
Economic Complexity
Research 0.2Rank 47 of 140
2023
Product
Exports | Imports $15.4B | $30.5B86 of 226 |  71 of 226
2023
Per Capita Product
Exports | Imports $850 | $1.68k129 of 220 |  132 of 220

About

Overview In 2023, Guatemala was the number 68 economy in the world in terms of GDP (current US$), the number 86 in total exports, the number 71 in total imports, the number 117 economy in terms of GDP per capita (current US$) and the number 73 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Guatemala are Bananas ($1.55B), Coffee ($1.08B), Palm Oil ($824M), Raw Sugar ($756M), and Knit Sweaters ($614M), exporting mostly to United States ($5.16B), El Salvador ($1.73B), Honduras ($1.42B), Nicaragua ($939M), and Mexico ($663M).

In 2023, Guatemala was the world's biggest exporter of Nutmeg, mace and cardamons ($387M)

Imports The top imports of Guatemala are Refined Petroleum ($4.12B), Video Displays ($1.03B), Cars ($1.02B), Delivery Trucks ($799M), and Packaged Medicaments ($782M), importing mostly from United States ($9.18B), China ($5.63B), Mexico ($3.2B), El Salvador ($1.15B), and Costa Rica ($846M).

In 2023, Guatemala was the world's biggest importer of Cotton Sewing Thread ($18.2M)

Location Guatemala borders Belize, El Salvador, Honduras, and Mexico 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 Guatemala.

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)Bananas$1.55B
Top Destination (2023)United States$5.16B

In 2023, Guatemala exported a total of $15.4B, making it the number 86 exporter in the world. During the last five reported years the exports of Guatemala have changed by $3.26B from $12.1B in 2018 to $15.4B in 2023.

The most recent exports are led by Bananas ($1.55B), Coffee ($1.08B), Palm Oil ($824M), Raw Sugar ($756M), and Knit Sweaters ($614M). The most common destination for the exports of Guatemala are United States ($5.16B), El Salvador ($1.73B), Honduras ($1.42B), Nicaragua ($939M), and Mexico ($663M).

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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)
Costa Rica$33.6M (+ 5.68%)
United Kingdom$28.2M (+ 26.3%)
Poland$22.1M (+ 48.3%)
Fastest Growing Import Markets (2022 - 2023)
Canada$172M (+ 57.7%)
Japan$121M (+ 17.8%)
Germany$118M (+ 23.2%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

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).

Service Exports (2019)

Service Imports (2019)

Economic Complexity

Overview

Economic Complexity (Trade)-0.21Rank 73 of 132
Economic Complexity (Research)0.2Rank 47 of 140

Most Specialized Products by RCA Index

Guatemala has a high level of specialization in Nutmeg, mace and cardamons (522), Legumes (173), Bananas (144), Melons (122), and Molasses (69.1). Specialization is measured using RCA, an index that takes the ratio between Guatemala observed and expected exports in each product.

Most Complex Products by PCI

The highest complexity exports of Guatemala according to the product complexity index (PCI) are Machinery, auxiliary; for use with machines of heading no. 8444 to 8447... (1.4), Tools, hand; two or more of heading no. 8202 to 8205, put... (1.03), Polymers of vinyl acetate or of other vinyl esters, in primary forms;... (0.92), Medicaments; (not goods of heading no. 3002, 3005 or 3006) consisting of... (0.88), and Works trucks, self-propelled, (not fitted with lifting or handling equipment), for factories,... (0.81). 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 Guatemala according to the relatedness index, were Cassava (0.35), Bran (0.32), Spices (0.32), Non-Knit Men's Shirts (0.32), and Non-Knit Active Wear (0.32). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Guatemala 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 Guatemala. These are products that tend to be co-exported with the products that Guatemala 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 Guatemala's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨76th to the 73rd⁩ 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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