Paraguay closed the first quarter of 2026 with a trade surplus of US$83.5 million, reflecting a steady recovery in export performance. The figures highlight a growing reliance on primary goods and maquila manufacturing to sustain external balance. According to the Central Bank of Paraguay (BCP), total exports reached US$4,615.2 million by the end of March. This represents a 12.8% increase compared to the same period in 2025.
Export growth led by soy and industrial output
Much of the export expansion has been driven by agricultural commodities, particularly soybeans. Strong international demand and improved production conditions contributed to a sharp increase in shipments during the first quarter. Industrial exports also played a significant role. Data shows that manufactured goods, especially those linked to maquila operations, recorded notable growth alongside primary products.
Overall, export categories experienced broad-based increases. Agricultural products, industrial goods, and primary commodities all expanded, reinforcing Paraguay’s export-led growth pattern in early 2026.
Maquila sector strengthens its position
The maquila industry continues to consolidate its importance within Paraguay’s external sector. Shipments under this regime reached US$368.5 million by March, marking a 36.1% increase year-on-year. This growth reflects both diversification and stronger regional demand. Brazil remains the primary destination for maquila exports, particularly in sectors such as auto parts, food products, and textiles. As a result, maquila has emerged as a key driver of industrialisation. It also contributes to employment generation and export diversification, which are central to Paraguay’s long-term economic strategy.
Imports rise but remain below export levels
Imports also increased during the same period, reaching US$4,531.8 million. This represents an 11.7% rise compared to March 2025, reflecting stronger domestic demand and investment activity. Despite this growth, exports continued to outpace imports. This allowed Paraguay to maintain a positive trade balance, albeit a relatively modest one. On a monthly basis, trade dynamics appear even more robust. In March alone, Paraguay recorded a significantly larger surplus, supported by a sharp rise in exports across multiple sectors.
Outlook remains tied to external demand
Looking ahead, Paraguay’s trade surplus performance will likely remain closely linked to global commodity markets. Soybean exports, in particular, will continue to shape overall results. Meanwhile, the maquila sector is expected to maintain its upward trajectory. Continued regional integration and demand from Mercosur partners could further strengthen industrial exports.
However, the sustainability of the surplus will depend on external conditions. Fluctuations in commodity prices, demand from key partners, and import growth could all influence the balance in the coming months.
