ශ්රී ලංකා ප්රජාතාන්ත්රික සමාජවාදී ජනරජයේ තානාපති කාර්යාලය - බ්රසීලියාව, බ්රසීලය
இலங்கை ஜனநாயக சோஷலிசக் குடியரசின் தூதரகம் - பிரசீலியா, பிரேசில்
Embassy of the Democratic Socialist Republic of Sri Lanka - Brasilia, Brazil
Paraguay: Economic & Trade
Economic & Social Indicators – Paraguay and Sri Lanka
| Paraguay | Sri Lanka | |
|---|---|---|
| Official Name | Republic Of Paraguay | Democratic Socialist Republic of Sri Lanka |
| Area | 406,752 Sq. Km | 65,610 Sq. Km |
| Capital | Asuncion | Sri Jayewardenepura Kotte |
| Population | 7,522,549 (2024 est.) | 21,982,608 (2024 est.) |
| Life Expectancy | 78.8 years (2024 est.) | 76.8 years (2024 est.) |
| Literacy | 95% (2020) | 93.3% (2020) |
| Ethnic Groups | Mestizo (Mixed Spanish And Amerindian) 95%, Other 5% | Sinhalese 74.9%, Sri Lankan Tamil 11.2%, Sri Lankan Moors 9.3%, Indian Tamil 4.1%, Other 0.5% (2012) |
| Religions | Roman Catholic 80.4%, Protestant 7% (Evangelical (non-specific) 6.7%, Evangelical Pentecostal <0.1%, Adventist <0.1%, Protestant (non-specific) <0.1%), Believer (not belonging to the church) 5.7%, other 0.6%, agnostic <0.1%, none 0.2%, unspecified 6.2% (2023 est.) | Buddhist 70.1%, Hindu 12.6%, Muslim 9.7%, Christian and Roman Catholic 7.6% (2012) |
| GDP | US$ 44.458 billion (2024 est.) | US$ 84.36 billion (2023) Source World Bank |
| GDP - Rate | 4.2% (2024 est.) | -2.3% (2023) Source World Bank |
| GDP - Per Capita | US$ 6416.09 (2024 est.) | US$ 3,827.96 (2023) Source World Bank |
| GDP Composition by Sector | Agriculture: 10.7% (2024 est.)Industry: 32.5% (2024 est.)Services: 48.7% (2024 est.) | Agriculture: 8.3% (2023 est.)Industry: 25.6% (2023 est.)Services: 59.9% (2023 est.) |
| Labour Force | 3.502 million (2024 est.) | 8.707 million (2023 est.) |
| Unemployment Rate | 6.1% (2024 est.) | 6.36% (2023 est.) |
| Inflation Rate | 3.8% (2024 est.) | 16.54% (2023 est.) |
| Agriculture Products | Soybeans, Sugarcane, Maize, Cassava, Wheat, Rice, Milk, Beef, Oranges, Bananas (2023) | Rice, Coconuts, Plantains, Tea, Sugarcane, Milk, Cassava, Fiber crops, Maize, Chicken (2022) |
| Industries | Sugar processing, Cement, Textiles, beverages, Wood products, Steel, Base metals, Electric power | Processing of rubber, Tea, Coconuts, Tobacco and other agricultural commodities; Tourism; Clothing and textiles; Mining |
| Export – Merchandise | US$10.880 billion (2024 est.) | US$ 11.911 billion (2023) Source World Bank |
| Export – Merchandise & Services | US$16.539 billion (2024 est.) | US$17.327 billion (2023) Source World Bank |
| Exports Commodities | Soybeans, Beef, Electricity, Corn, Soybean meal (2023) | Garments, Tea, Precious stones, Used rubber tires, Rubber products (2023) |
| Exports Partners | Argentina 33%, Brazil 25%, Chile 10%, USA 2%, Uruguay 2% (2023) | USA 22%, India 7%, Germany 7%, UK 7%, Italy 5% (2023) |
| Imports | US$18.377 billion (2024 est.) | US$18.823 billion (2023 est.) |
| Imports Commodities | Broadcasting Equipment, Refined petroleum, Fertilizers, Cars, Pesticides (2023) | Refined petroleum, Fabric, Crude petroleum, Packaged medicine, Cotton fabric (2023) |
| Import partners | China 33%, Brazil 24%, USA 8%, Argentina 7%, Germany 2% (2023) | India 21%, China 19%, UAE 10%, Singapore 5%, Malaysia 4% (2023) |
Source: World Fact Book
1. Sri Lanka’s Exports, Imports, Total Trade & Balance of Trade with Paraguay
The total trade turnover between Sri Lanka and Paraguay, as shown in Table 1 below, has been rather erratic over the past five years.
Table 1: Trade with Paraguay
Value in Mn US$
| Year | Exports - Value | Exports - Growth(%) | Imports - Value | Imports - Growth(%) | Total Trade Turnover - Value | Total Trade Turnover - Growth(%) | Trade Balance | Import Coverage (%) |
| 2019 | 4.24 | 562.50 | 0.04 | - | 4.27 | 527.94 | 4.20 | 10600.00 |
| 2020 | 0.35 | -91.75 | 0.00 | -100.00 | 0.35 | -91.82 | 0.35 | - |
| 2021 | 0.51 | 45.71 | 0.10 | - | 0.61 | 74.29 | 0.41 | 510.00 |
| 2022 | 0.70 | 37.25 | 0.24 | 140.00 | 0.94 | 54.10 | 0.46 | 291.67 |
| 2023 | 0.56 | -20.00 | 0.15 | -37.50 | 0.71 | -24.47 | 0.41 | 373.33 |
| 2024 | 0.64 | 14.29 | - | -100.00 | 0.64 | -9.86 | 0.64 | - |
Source: Sri Lanka Customs
Both exports and imports over the last five years have remained at very low levels, while the trade balance has consistently been in favor of Sri Lanka during this period.
Sri Lanka’s Exports to Paraguay
- Paraguay was the 152nd export partner of Sri Lanka in 2024, accounting for a 0.01% share of total exports.
- As shown in Table 2 below, apparel has become the dominant export item, accounting for 65.63% of the total value of Sri Lanka‘s exports to Paraguay in 2024.
Table 2: Sri Lanka’s Exports to Paraguay (2020-2024)
Value in Mn. US$
| HS Code | Description | 2020 | 2021 | 2022 | 2023 | 2024 | Share in 2024 (%) | Change in 2024 over 2023 (%) |
|---|---|---|---|---|---|---|---|---|
| 61 & 62 | Apparel | 0.23 | 0.27 | 0.40 | 0.45 | 0.42 | 65.63 | -6.7 |
| 4011 | New pneumatic tyres, of rubber. | 0.07 | 0.11 | 0.06 | 0.03 | 0.12 | 18.75 | 300.0 |
| 400129 | Crepe rubber | 0.04 | - | - | 0.04 | 0.05 | 7.81 | 25.0 |
| 4015 | Articles of apparel and clothing accessories (including gloves), for all purposes, of vulcanised r.. | - | - | - | - | 0.03 | 4.69 | - |
| 401290 | Retreaded or used pneumatic tyres of rubber; solid or cushion tyres, inter-changeable tyre treads .. | - | 0.02 | 0.00 | - | 0.02 | 3.13 | - |
| 8422 | Dish washing machines; machinery for cleaning or drying bottles or other containers; machinery for.. | 0.00 | 0.00 | 0.14 | 0.02 | - | 0.00 | -100.0 |
| other | - | - | - | - | - 0.00 | 0.00 | -100.0 | |
| Total | 0.35 | 0.51 | 0.70 | 0.56 | 0.64 | 100 | 14.3 |
Source: Sri Lanka Customs
Sri Lanka’s Imports from Paraguay
- Paraguay was the 110th import partner of Sri Lanka in 2024, accounting for a 0.0008% share of total imports.
- As shown in Table 3 below, the sole import from Paraguay in 2023 was residues and waste from the food industry, representing 100% of Sri Lanka’s total imports from Paraguay.
Table 3: Sri Lanka’s Imports from Paraguay (2020-2024)
Value in Mn. US$
| HS Code | Description | 2020 | 2021 | 2022 | 2023 | 2024 | Share in 2023 (%) | Change in 2024 over 2023 (%) |
|---|---|---|---|---|---|---|---|---|
| 23 | Residues and waste from the food industries, prepared animal fodder. (Except Hs 23065010) | - | 0.10 | 0.08 | 0.15 | - | 100 | - |
| 17 | Suger & suger confectionery | - | - | 0.00002 | - | - | - | - |
| 0402 | Milk and cream, concentrated or containing added suger or other sweetening matter | - | - | 0.16 | - | - | - | - |
| 1211 | Plants and parts of plants (including seeds and fruit), of a kind used primarily in perfumery, in .. | - | 0.01 | - | - | - | - | - |
| 9999 | Other Imports | 0.00002 | 0.003 | - | - | - | - | - |
| Total | 0.00002 | 0.10 | 0.24 | 0.15 | - | 100 | - |
Source: Sri Lanka Customs
2. Scope for further expansion of Sri Lanka’s Exports to Paraguay
Considering growing demand in Paraguay and Sri Lanka´s sustainable supply capacities, the following products have potential for further expansion in Paraguay market.
- Desiccated coconuts
- Gloves & mittens, ofvulcanised rubber
- Apperal
Additional Bilateral Trade Statistics
Value in MN US$
| Year | Rank (Export) position | Value US. MN. | % of total exports to the world | Export growth (Multiples) |
|---|---|---|---|---|
| 1977 | - | - | - | - |
| 2024 | 147 | 0.64 | 0.01 | - |
Source: Sri Lanka Customs
Note: Sri Lanka’s total exports to the world which stood at US$ 743 Mn. in 1977 have reached US$ 12,017.03 Mn. in 2024, registering a 16-fold growth.
Trade Statistics
Value in US$ Mn.
| Year | Export | Share of total exports to the world (%) | Import | Total Trade | Balance of Trade |
|---|---|---|---|---|---|
| 1995 | 0.07 | 0.00002 | - | 0.07 | 0.07 |
| 2000 | 0.18 | 0.00003 | 0.013 | 0.19 | 0.167 |
| 2001 | 0.10 | - | 0.02 | 0.12 | 0.08 |
| 2002 | 0.25 | 0.01 | 0.00 | 0.25 | 0.25 |
| 2003 | 0.14 | 0.01 | 0.00 | 0.14 | 0.14 |
| 2004 | 0.17 | 0.01 | 0.00 | 0.17 | 0.17 |
| 2005 | 0.12 | - | 0.00 | 0.12 | 0.12 |
| 2006 | 0.17 | 0.01 | 0.03 | 0.20 | 0.14 |
| 2007 | 0.18 | 0.01 | 0.00 | 0.18 | 0.18 |
| 2008 | 0.30 | 0.01 | 0.00 | 0.30 | 0.30 |
| 2009 | 0.11 | - | 0.00 | 0.11 | 0.11 |
| 2010 | 0.02 | - | 0.00 | 0.02 | 0.02 |
| 2011 | 0.49 | 0.01 | 10.23 | 10.72 | -9.74 |
| 2012 | 0.05 | - | 0.00 | 0.05 | 0.05 |
| 2013 | 0.10 | - | 0.00 | 0.10 | 0.10 |
| 2014 | 0.30 | 0.01 | 0.05 | 0.35 | 0.25 |
| 2015 | 0.17 | - | 0.08 | 0.25 | 0.09 |
| 2016 | 0.10 | - | 0.07 | 0.17 | 0.03 |
| 2017 | 0.23 | - | 0.04 | 0.27 | 0.19 |
| 2018 | 0.64 | 0.0001 | 0.04 | 0.68 | 0.60 |
| 2019 | 4.24 | 0.0004 | 0.04 | 4.28 | 4.20 |
| 2020 | 0.35 | 0.0036 | 0.00 | 0.35 | 0.35 |
| 2021 | 0.51 | 0.0041 | 0.10 | 0.61 | 0.40 |
| 2022 | 0.70 | 0.01 | 0.24 | 0.94 | 0.46 |
| 2023 | 0.56 | -20.00 | 0.15 | 0.71 | 0.41 |
| 2024 | 0.64 | 14.29 | - | 0.64 | 0.64 |
Source: Sri Lanka Customs / Trade Map
Paraguay: Investment in Sri Lanka
There is no significant FDI from Paraguay to Sri Lanka as of 2024.
Tourism
In 2024, Paraguay ranked as the 161st source country for tourist arrivals to Sri Lanka.
Tourist arrival from Paraguay to Sri Lanka
| Year | Tourists Arrivals | Change (%) |
|---|---|---|
| 2015 | - | - |
| 2016 | - | - |
| 2017 | - | - |
| 2018 | 22 | - |
| 2019 | 22 | 0.0 |
| 2020 | 13 | -40.9 |
| 2021 | 02 | -84.6 |
| 2022 | 10 | 400.0 |
| 2023 | 25 | 150.0 |
| 2024 | 19 | -24.0 |
| 2025 (Jan-May) | 18 | - |
Source: Sri Lanka Tourism Development Authority