Guatemala’s Exports Continue to Increase

by Astrid Luna
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Guatemala City, by Brenda Larios -AGN- According to the latest report of the Bank of Guatemala -Banguat-, Guatemala’s sales in the international market closed at USD 11.1 million just in the first seven months of the year.

Guatemala City, by Brenda Larios -AGN- According to the latest report of the Bank of Guatemala -Banguat-, Guatemala’s sales in the international market closed at USD 11.1 million just in the first seven months of the year.

According to statistics of the institution, the banana sector registered USD 588.2 million, which is 6.7 % of the total value, and the sugar industry, USD 482.6 million, equivalent to 5.5 %. These products represented 38.7% of the total amount exported, according to the Central Bank.

Trends continue

In recent years, the leading destination for sales is Central America, with USD 2,999.7 million (34.3 %), and the United States, USD 2,745.4 million (31.4 %).

The Eurozone sales were USD 854.7 million (9.8%); Mexico, USD 383.5 million (4.4%); and Panama, USD 188.5 million (2.2%).

The data provided by Banguat indicated that these nations and regions represented 82.1% of the total final destination of Guatemalan merchandise.

Exports closed last year at USD 15,684.2 million, USD 2,644.4 million more than in 2021 (USD 13,619.8 million).

Products

The leading products, according to the market share in the total value of exports, were:

  • Apparel, with USD 917.1 million (10.5 %).
  • Coffee, US$773.9 million (8.9 %)
  • Edible fats and oils, USD 624.1 million (7.1 %).

According to Banguat, the import increase was influenced by the positive growth in purchasing raw materials and intermediate products for industry.

Importations 

For the export sector 2023, the Central Bank projected that imports will grow between 6.5 % and 9.5 %, with an average value of 8.0 %.

Although influenced by fuel prices and less suppressed consumption and private investment, it is estimated that growth is stable at around 6.0 % for the following years.

Exports are expected to grow between 4.5 % and 7.5 % by 2023, and in the mid-term, it is foreseen that it could be located in the low scenario, around 4.0 % until 2027.

These projections are subject to the recovery of the country’s primary trading partners and the performance of agricultural products.

These actions strengthen the country’s macroeconomy and influence the attraction of domestic and foreign investment.

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