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Paraguay, officially known as the Republic of Paraguay, is a landlocked country in central South America, bordered by Argentina, Brazil, and Bolivia. The country‘s official languages are Spanish and Guarani, with English spoken by a minority of highly educated Paraguayans.
**Business Etiquette**
When engaging in business in Paraguay, conservative business suits are recommended. Meetings with government officials must be scheduled in advance, and it‘s advisable to carry bilingual business cards in English and Spanish. Sales materials should also include a Spanish translation.
Handshakes are customary during business meetings and farewells. Among friends, men often greet each other with hugs, and women greet by kissing on both cheeks. Close friends, regardless of gender, often walk arm-in-arm. If a woman extends her hand first, men are expected to shake hands, but men should not initiate handshakes with women.
Respect for others is highly important, even between employers and employees or supervisors and subordinates. A lack of respect is considered a major offense.
**Agriculture**
Agriculture is a pillar of Paraguay's economy, with major crops including soybeans, cotton, tobacco, wheat, and corn. Livestock farming also plays a significant role. In recent years, the global demand for meat has surged, leading to a notable increase in Paraguay's meat exports.
Key agricultural companies include the Favero Group, which specializes in farming, soybean production, and beef trade.
As of August 2024, Argentina was the primary destination for soybean exports, accounting for 84.4% of the total, followed by Brazil with 11.1%. In the same month, beef exports reached $1.0853 billion, marking a 2.8% increase compared to the previous year. Export volumes also grew by 2.0% compared to August 2023. Chile was the leading destination for Paraguayan beef, accounting for 40.9% of total exports, with a purchase value of $443.9 million and a volume of 86,800 tons. However, exports to Taiwan, the second-largest market, saw declines of 22.1% in value and 15.4% in volume. By August 2024, Paraguayan beef was exported to 55 countries.
**Industry**
Paraguay's industrial sector is underdeveloped, primarily consisting of light industries and agricultural processing. However, the country has seen growth in re-export manufacturing, attracting many foreign companies to establish production facilities. In 2020, industry contributed 33.7% to Paraguay's GDP, with manufacturing accounting for 18.5%, construction for 7%, and electricity for 8.2%. Key products include edible oils, sugar, cement, textiles, canned meats, flour, beverages, tobacco, diesel, naphtha, wood products, steel, and base metals.
**Electricity**
Paraguay generates around 58,600 GWh of electricity annually, making it a key electricity exporter in South America and globally. Electricity exports contribute between 3% to 5% of the country‘s GDP. In 2020, Paraguay exported approximately 28,002 GWh of electricity, generating $2.976 billion, with most of the exports going to Brazil and Argentina. By August 2024, the value of electricity exports stood at $823.6 million, a decline of 20.2%, while electricity production dropped by 49.1% to 9,968.4 MW/h.
**Foreign Trade**
Paraguay is a member of the Southern Common Market (MERCOSUR), enjoying zero tariffs with fellow member countries and a unified external tariff for non-member nations. MERCOSUR also negotiates free trade agreements with other regions.
As of August 2024, Paraguay's foreign trade totaled $22.2019 billion, reflecting a 4.0% year-on-year growth. Total exports by August 2024 amounted to $11.345 billion, a 0.1% decrease from the previous year. Paraguay exports to 138 countries, with Argentina and Brazil as its top trading partners.
Exports registered by August 2024 reached $11.3451 billion, a slight 0.1% decrease compared to the same period in 2023. Registered exports accounted for 69.6% of total exports, amounting to $7.8906 billion, which was a 1.1% drop from the previous year. Re-exports made up 23.5% of the total, with a recorded value of $2.6714 billion, reflecting a 1.3% decline. Other exports accounted for 6.9%, growing by 15.8% to $783 million.
Argentina was the primary destination for registered exports in August 2024, making up 36.2% of the total with $2.8535 billion, a 5.3% decrease from 2023. Key exports to Argentina included soybeans, electricity, and electrical cables. Brazil was the second-largest market, representing 30.2% of exports, with a value of $2.386 billion, a 21.8% increase. Major exports to Brazil included electricity, soybeans, and rice. Chile ranked third, accounting for 7.8% of exports, with $618.9 million, an 18.2% drop from August 2023. Paraguay's main exports to Chile included beef, soybean meal, and rice.
On the import side, Paraguay's total imports reached $10.8569 billion by August 2024, an 8.6% increase from $9.9951 billion in the previous year. Registered imports accounted for 96.9% of the total, reaching $10.5237 billion, a 9.7% increase from 2023, while other imports made up the remaining 3.1%, amounting to $333.2 million, down by 17.8%.
China was Paraguay's largest import source, accounting for 32.8% of imports, valued at $3.4562 billion, up by 8.5% year-on-year. The main imports from China included mobile phones, portable data processing machines, and new tires. Brazil followed with 24.3%, equating to $2.5548 billion, a 9.1% increase. Key imports from Brazil included mineral fertilizers, malt beer, and tractors. The United States ranked third, contributing 7.1% of total imports with $752.3 million, down by 4.1%, with significant imports including diesel, mineral fertilizers, and automobiles.
**Blooming Trade Data**
Paraguayan customs data is regularly updated, and the information is sourced from reliable channels. Detailed transaction data includes key information about importers (such as contact details), exporters, goods descriptions, shipment details, and key metrics such as trade volume, value, and unit prices. This data helps businesses easily track the latest trends in Paraguay's import and export markets.
Do you want to understand the market demand in Paraguay? Are you looking to expand your international market presence in Paraguay? Are you seeking more cooperation with clients and reliable suppliers in Paraguay?
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