Overview

Paraguay has a small but rapidly growing open economy (13.6 percent GDP growth in 2013), with strong demand for U.S. manufactured products, and the potential for continued growth over the next decade. U.S.-Paraguay goods trade surpassed $2.2 billion in 2013, with the United States enjoying a $1.6 billion surplus. U.S. goods exports of $1.9 billion included machinery, video games, perfumes and cosmetics, vehicles, and agricultural products. Imports from Paraguay, totaling $277 million, were primarily soybeans, sugar, wood, gold, and corn. Paraguay generally has a strong macroeconomic position. Total foreign direct investment was $4.5 billion in 2012, with the majority directed to the services sector. The United States is the largest foreign investor in Paraguay, followed by Brazil, Argentina, and Spain. Foreign exchange reserves are USD 5.8 billion, about twice the amount of its external debt. The country's debt-to-GDP ratio is 12.6 percent, the lowest in the region. Inflation was 3.7 percent at the end of 2013, one of the lowest of the region. Financing, real estate and business services; trade, communication and restaurant and hotels, household and government services account for 39 percent of the GDP. Industry and mining create 25 percent of the wealth, with agriculture, forestry, fishing and cattle ranching constituting another 21 percent. Construction and water and gas distribution accounts for the remaining 15 percent of the GDP. Agriculture commodities dominate Paraguay's exports, accounting for roughly 90 percent of USD 7.4 billion exports in 2013, 46 higher than in 2012. Paraguay is the world's largest exporter of organic sugar, second largest producer and exporter of stevia, sixth largest soy producer, and eighth largest beef exporter. Paraguay's large pool of young workers roughly 70 percent of Paraguay's population is under 35 years of age is an untapped resource and favors labor intensive industry sectors.

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9781502346469

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