Guatemala flag Guatemala: Economic and Political Overview

Foreign trade figures of Guatemala

Foreign Trade in Figures

Regional integration is a priority of Guatemalan foreign policy, and trade represents 49.9% of GDP. However, poverty, violence, and political uncertainty remain the greatest obstacles to increased trade. Guatemala is the 92nd largest exporter and the 75th largest importer in the world. The country mainly exports bananas (6.8%), coffee (6.8%), palm oil (5.1%), nutmeg (4.8%), and cane or beet sugar (3.7%); while imports include petroleum oils (11.6%), motor vehicles (4.7%), telephone sets (3.1%), and medicaments (2.5%).

Guatemala's main trade partners are the United States, El Salvador, Mexico, China, Honduras, Nicaragua, and Costa Rica. Guatemala is one of five countries in the Central American Common Market (CACM) along with Costa Rica, El Salvador, Honduras, and Nicaragua. The country is also a member of Central American Integration System (SICA). The European Union supports this integration process, which was one of the conditions of an agreement between the two regions. Guatemala is, after Nicaragua, the second largest recipient of European cooperation aid in Central America and benefits from the Generalised Scheme of Preferences.

In 2021, exports of goods reached USD 13.7 billion, while imports stood at USD 26.6 billion. As for services, Guatemala imported USD 4.2 billion, while exported USD 2.9 billion. Overall imports registered a 22.1% increase from the previous year, and exports grew by 11.7% over the same period. As a result, Guatemala had trade deficit of USD 10.8 billion concerning the trade of goods, which is slightly lower than the overall trade deficit including services, which amounted to USD 12 billion.

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 19,69919,88218,20526,60732,116
Exports of Goods (million USD) 10,76911,17511,52113,75315,695
Imports of Services (million USD) 3,5413,6412,8264,0885,455
Exports of Services (million USD) 3,7073,6792,5862,9043,900

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 47.045.541.149.554.7
Trade Balance (million USD) -7,985-7,967-6,314-10,887-14,186
Trade Balance (Including Service) (million USD) -7,819-7,929-6,554-12,070-15,789
Imports of Goods and Services (Annual % Change) 3.94.9-5.819.54.4
Exports of Goods and Services (Annual % Change) -0.40.2-7.510.37.0
Imports of Goods and Services (in % of GDP) 28.827.924.831.835.7
Exports of Goods and Services (in % of GDP) 18.217.616.317.719.0

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -1.53.33.53.43.3
Volume of imports of goods and services (Annual % change) 2.74.24.34.44.6

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Guatemala is part of the FTAA: Free Trade Area of the Americas, as well as the Central-American Common Market 
 

Main Partner Countries

Main Customers
(% of Exports)
2022
United States 32.3%
El Salvador 13.0%
Honduras 10.0%
Nicaragua 6.3%
Mexico 4.4%
See More Countries 34.0%
Main Suppliers
(% of Imports)
2022
United States 32.0%
China 18.2%
Mexico 10.1%
El Salvador 3.3%
Costa Rica 2.5%
See More Countries 33.8%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

15.8 bn USD of products exported in 2022
Coffee, whether or not roasted or decaffeinated;...Coffee, whether or not roasted or decaffeinated; coffee husks and skins; coffee substitutes containing coffee in any proportion 7.1%
Bananas, incl. plantains, fresh or driedBananas, incl. plantains, fresh or dried 6.8%
Palm oil and its fractions, whether or not refined...Palm oil and its fractions, whether or not refined (excl. chemically modified) 5.8%
Cane or beet sugar and chemically pure sucrose, in...Cane or beet sugar and chemically pure sucrose, in solid form 5.1%
Jerseys, pullovers, cardigans, waistcoats and...Jerseys, pullovers, cardigans, waistcoats and similar articles, knitted or crocheted (excl. wadded waistcoats) 3.3%
See More Products 72.0%
32.1 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 13.9%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 3.1%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.4%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.4%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 2.0%
See More Products 76.2%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

Return to top

Any Comment About This Content? Report It to Us.

 

© eexpand, All Rights Reserved.
Latest Update: December 2023