Business in Paraguay Paraguayan economy International trade

Course summary (Doing business in Paraguay):

Paraguayan economy and foreign trade

The Paraguayan economy can be characterized as small and open, with wide dependence on international trade and commerce. Its economy is based on the production and export of only a few primary agricultural products and meat, as well as on commerce associated with the import and re-export of consumer products, much of which occurs in the informal economic sector. The services sector contributed 49% of GDP during the year 2006, reflecting this area’s growing importance.

The Gross domestic product (GDP) in 2009, presented a growth rate of -3.8% over the previous year. Exports decreased 26.4% from USD 4463.3 million to USD 3284.0 million. Among the main items: soybeans (47.5%), vegetable oils (52.5%) and meat (5.7%).

Paraguay is located at the center of the confluence of an important river system, the Rio de la Plata river, one of the most important of the planet. The Waterway Paraguay-Parana , which includes the construction of ports and improvements to the navigability of the Paraguayan river that is designed to make the transportation of economic products from the heart of Brazil and Paraguay easier and safer.

Paraguay, together with Argentina, Brazil and Uruguay, form the major commercial block in the region, MERCOSUR, an integrated market. MERCOSUR has as its near term goal achieving the free movement of goods, services, and production inputs throughout the four-country area.

Borders of Paraguay, Brazil, Bolivia and Argentina. Paraguay has two official Languages, Spanish and Guarani.

SOFIA System. It is a computerized customs clearance system that interacts directly with its users: Customs Brokers, Transport Companies, Custodians, Customs officials and the organizations linked to Foreign trade.

International Economic Relations. Paraguay is member of: Southern Common Market (MERCOSUR), Andean Community (CAN) (Partner Country), Latin American Integration Association (ALADI), Union of South American Nations (UNASUR), Latin American and Caribbean economic System (SELA), Inter-American Development Bank (IDB), Economic Commission for Latin America (ECLAC), Forum for East Asia-Latin America Cooperation (FEALAC), Summit of South American Arab Countries (ASPA), Organization of American States (OEA), World Bank,  International Monetary Fund, World Trade Organization (WTO), United Nations ...

Paraguay has bilateral Free Trade Agreements FTA with European Union, India, Gulf Cooperation Council (GCC)

Business, Paraguay, Economy, foreign, International, Trade, Paraguayan, exports, imports, FDI, sectors, economic, Waterway, Paraguay-Parana