Paraguay Plans to Boost Exports to the UK

Paraguay is planning an ambitious project to significantly boost its exports to the UK, aiming to reach an export bill of approximately US$ 900 million annually in the coming years. This ambitious forecast was revealed in the report “Opportunities UK – Paraguay,” released this month by the Export and Investment Network (Rediex) during an event organized with the Paraguayan-British Chamber of Commerce[1].

Currently, trade between Paraguay and the UK is uneven, with Paraguay exporting products worth US$ 51 million annually to the UK, compared to imports of US$ 141 million. Paraguayan exports to the UK mainly consist of soy derivatives, beef, rice, and other commodities. Between 2021 and 2023, Paraguay’s main exports included soybean-meal cakes for animal feed (76.8% of the total), followed by charcoal (8.2%), veneer (4%), rice (3.4%), and other products such as sesame, chia seeds, and frozen beef[1].

On the other hand, Paraguay’s main imports from the UK include alcoholic beverages (40% of imports), automobiles, phones, physiological serums, and vaccines[1]. Federico Silva, director of the Paraguayan-British Chamber of Commerce, highlighted the growth potential for Paraguayan exports to the UK, pointing out that fresh or chilled beef, rice, and soybean oil have significant opportunities to set new export records[1].

Silva emphasized that Paraguay offers many opportunities due to its macroeconomic stability, geographical location, tax incentives, and other factors that can facilitate the establishment of UK companies intending to invest in Paraguay[1]