MercoPress. South Atlantic News Agency

Paraguay trade deficit reached US$ 1,3billion in 2022 speared by a 16,1% increase in imports

Primary products, soybeans and sesame, had the greatest negative impact on exports, while corn had the greatest positive impact

Mercosur junior member Paraguay ended 2022 with a negative trade balance of US$ 1,288.9 million, as a result of a 16,1% increase in total imports according to the country's Central Bank, BCP.

 During 2022 Paraguayan total exports reached US$ 13,875 million (1.5% less than in 2021), and imports jumped to US$ 15,191.4 million (16.1% increase).

The primary products, soybeans and sesame, had the greatest negative impact on exports, while corn had the greatest positive impact. These products’ registered exports totaled $2.990 million, a 24.9% decrease from the previous year.

Another significant Paraguayan export item was beef, with levels similar to those of the last five year term, but with a significant increase in international prices.

On the other hand, manufactured goods of agricultural origin (MOA) registered an increase of 2.1% compared to the year-to-date value in 2021, reaching US$ 3,745.7 million.

This increase was mainly due to higher shipments of insecticides, fungicides and herbicides, scraps of pig iron, foundry, iron or steel and wires, cables, and other insulated electrical energy conductors with connections.

Finally, fuel and energy exports increased by 3.0% year-on-year, reaching USD 1,679.0 million with an impact of 0.5% on the total.

At the other end imports of goods for domestic use totaled USD 12,233.9 million in 2022, an increase of 17.5% compared to the previous year. Imports of goods under the Tourism regime (re-exports) showed an increase of 11.4%.

Comparing imports in 2022 by type of use, capital goods for re-export increased by 5.2%, while capital goods for domestic use increased by 8.4%. Under the Tourism Regime, consumer goods grew by 31.5%, while intermediate goods grew by 45.0%.