That dollar amount results from a 26.8% increase compared to $8.5 billion five years earlier during 2020.
Year over year, the overall value of Paraguay’s exports fell by -9% from $11.9 billion in 2023.
Based on the average exchange rate for 2024, the Paraguayan guaraní depreciated by -10.7% against the US dollar since 2020 and diluted by -3.5% from 2023 to 2024. Paraguay’s weaker local currency make Paraguayan exports paid for in stronger US dollars relatively less expensive for international buyers starting from American dollars.
Best International Customers for Paraguayan Exports
The latest available country-specific data shows that 87.7% of products exported from Paraguay were bought by importers in: Brazil (32.2% of the Paraguayan total), Argentina (31%), Chile (8.6%), United States of America (3.8%), Taiwan (2.1%), Russia (1.9%), Peru (1.7%), Netherlands (1.54%), Israel (1.53%), Uruguay (1.52%), India (0.9%) and Bolivia (0.8%).
From a continental perspective, 77.3% of Paraguay exports by value was delivered to Latin America excluding Mexico but including the Caribbean countries while 9.7% was sold to Asian importers. Paraguay shipped another 7.1% worth of goods to buyers in Europe.
Smaller percentages went to customers in North America (4.5%), Africa (1.3%) then Oceania’s Australia and New Zealand only (0.07%).
Given Paraguay’s population of 6.9 million people, its total $10.8 billion in 2024 exports translates to about $1,550 for every resident in the South American nation. That per-capita dollar amount lags the average $1,600 one year earlier in 2023.
Paraguay’s Top 10 Exports
The following export product groups categorize the highest dollar value in Paraguayan global shipments during 2024 at the 2-digit Harmonized Tariff System (HTS) code level. Also shown is the percentage share each export category represents in terms of overall exports from Paraguay.
- Oil seeds: US$3.4 billion (31.5% of total exports)
- Meat: $1.83 billion (17%)
- Mineral fuels including oil: $1.15 billion (10.7%)
- Cereals: $897 million (8.3%)
- Food industry waste, animal fodder: $674 million (6.2%)
- Animal/vegetable fats, oils, waxes: $515.3 million (4.8%)
- Electrical machinery, equipment: $375 million (3.5%)
- Aluminum: $165.2 million (1.5%)
- Other chemical goods: $150.5 million (1.4%)
- Beverages, spirits, vinegar: $126 million (1.2%)
Paraguay’s top 10 exports accounted for 86% of the overall value of Paraguayan shipments.
Aluminum was the fastest grower among the top 10 export categories, up by 67.9% from 2023 to 2024.
In second place for improving export sales was miscellaneous chemical goods via a 15.5% advance.
Paraguay’s shipments of meat posted the third-fastest gain in value, up by 12.6% year over year.
The leading decliner among Paraguay’s top 10 export categories was food industry waste and animal fodder, recording -32% setback versus 2023.
Drilling down to the more detailed 4-digit Harmonized Tariff System (HTS) code level, Paraguay’s most lucrative exports are soya beans (29.4% of total Paraguayan exports), electrical energy (10.7%), frozen beef (8.8%), fresh or chilled beef (7.1%), soya-bean oil-cake and other solid residues (5.5%), rice (4.1%), soya-bean oil (3.8%), insulated wire or cable (3.2%), corn (3%), then oil seeds (1.9%).
Products Generating Paraguay’s Greatest Trade Surpluses
The following types of Paraguayan product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Oil seeds: US$3.4 billion (Down by -6.6% since 2023)
- Meat: $1.8 billion (Up by 13.1%)
- Cereals: $809.7 million (Down by -27.7%)
- Food industry waste, animal fodder: $588 million (Down by -35.3%)
- Animal/vegetable fats, oils, waxes: $483.5 million (Down by -20.1%)
- Wood: $66 million (Up by 6.7%)
- Miscellaneous textiles, worn clothing: $58.5 million (Up by 26.8%)
- Raw hides, skins not furskins, leather: $41.4 million (Up by 22.6%)
- Gems, precious metals: $28 million (Up by 748.1%)
- Fruits, nuts: $21.7 million (Down by -11.5%)
Paraguay has highly positive net exports in the international trade of oil seeds, meat and cereals. Oil seeds represent products used for making edible oils and producing biodiesel. It also serves as high protein animal feed. Positive cashflows indicate Paraguay’s strong competitive advantages under the related product categories.
Products Causing Paraguay’s Greatest Trade Deficits
Paraguay incurred a total -US$5.8 billion trade deficit for 2024, a 35.1% expansion from the -$4.3 billion in red ink one year earlier during 2023.
Below are exports from Paraguay that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Paraguay’s goods trail Paraguayan importer spending on foreign products.
- Electrical machinery, equipment: -US$2.6 billion (Down by -11.8% since 2023)
- Machinery including computers: -$2.1 billion (Up by 9.2%)
- Vehicles: -$1.6 billion (Up by 22.3%)
- Mineral fuels including oil: -$1.1 billion (Up by 103.3%)
- Fertilizers: -$678.4 million (Down by -5.7%)
- Other chemical goods: -$507.5 million (Up by 20.1%)
- Plastics, plastic articles: -$485.3 million (Up by 18.9%)
- Rubber, rubber articles: -$425.7 million (Up by 4.8%)
- Pharmaceuticals: -$403.6 million (Down by -2.1%)
- Organic chemicals: -$341.5 million (Up by 16%)
Paraguay has highly negative net exports and therefore deep international trade deficits for electronics-related goods including consumer electronics.
These cashflow deficiencies clearly indicate Paraguay’s competitive disadvantages in the international electronics market, but also represent key opportunities for Paraguay to improve its position in the global economy through focused innovations.
Paraguay’s Exports Companies
According to Wikipedia, the following companies are examples of leading Paraguayan companies.
- Banco Amambay (bank)
- Funcionale (electronics company)
- Itaú Unibanco (bank)
- Petróleos Paraguayos (oil and gas company)
- TAM Airlines (airliner)
In macroeconomic terms, Paraguay’s total exported goods represent 8.4% of its overall Gross Domestic Product for 2024 ($128 billion valued in Purchasing Power Parity US dollars). That 8.4% for exports to overall GDP in PPP for 2024 compares to 10.1% for 2023. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Paraguay’s total economic performance, albeit based on a very short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Paraguay’s unemployment rate averaged 5.807% in 2024, down from an average 5.886% for 2023 according to International Monetary Fund statistics.
Domestically, Paraguay’s inflation rate averaged 3.835% in 2024 down from an average 4.632% one year earlier.
Paraguay’s capital city is Asunción, of which the metropolitan area is home to nearly a third of the country’s population.
See also Brazil’s Top 10 Imports, Brazil’s Top Trading Partners, Argentina’s Top 10 Imports and Top South American Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on July 18, 2025
EXCHANGE-RATES.org, Paraguay Guarani (PYG) To US Dollar (USD) Exchange Rates History. Accessed on July 18, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on July 18, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on July 18, 2025
International Trade Centre, Trade Map. Accessed on July 18, 2025
Investopedia, Net Exports Definition. Accessed on July 18, 2025
Wikipedia, Companies of Paraguay by industry. Accessed on July 18, 2025
Wikipedia, Gross domestic product. Accessed on July 18, 2025
Wikipedia, Purchasing power parity. Accessed on July 18, 2025