Bolivia in 2020 has attained real-time growth in export of goods worth 9 billion USD including natural gas, silver, zinc, lead, etc. however, Bolivia’s trade balance encounters a deficit of 2 billion USD as its imports expand up to 11 billion in 2021. Bolivia import data with Cybex shows up to 12% imports of Mineral Fuels and Oils, 11.4% of Machinery (largely from China), and Plastic, Iron & steel, and such products from its other trading partners.
In the past few years, Bolivia’s GDP has encountered a countable percentage of fluctuations. For example, in 2018, Bolivia’s Gross Domestic Product GDP was approximately 40 million. According to new sources, this GDP was an improvement of 4.2% as compared to the GDP of 2017. Later in 2019, it encountered up to 2.2% growth. However, in 2020 (due to COVID-19 potentially), the GDP decreased by 5.9%. This also created a greater impact on Bolivia trade data. For further information, read the following facts ahead:
10 largest import sources of Bolivia
When it comes to the logical knowledge of import export data and the transitioning process, the country that faces a deficit is seen as weak economically. The reason being, such a country is considered highly dependent on its importers to achieve products and services of use. For example, Bolivia is highly dependent on China for machinery and electric equipment. Top 10 largest import sources of Bolivia are:
- China - Up to 20% portion of Bolivia’s import come from China
- Brazil - Hides and Skin, Animals, Minerals, Fuel, Footwear, Vegetables, Stones and Glass, etc.
- Argentina - Cereal, Plastic, Railway vehicles, Starch, Milk, Pharmaceuticals, nuclear reactor, iron & steel.
- Peru - distillation products, soap, waxes, lubricants, staple fibres, cosmetics, perfumes, and toiletries.
- USA - Aircrafts, Fruits, Nuts, Vehicles, hospital equipment, etc.
- Chile - Food products, raw material, textiles and clothing, footwear, metal, vegetables.
Other than these six major trading partners, Japan, Mexico, Spain, and Germany also export to Bolivia at large.
Bolivia Importers data reveal the answers to majorly asked questions by exporters:
Who does Bolivia Trade with?
Bolivia is in South America. In general, it is considered an “in-development” process for now with GDP equivalent to 9 billion USD. If we focus on Bolivia’s GDP, it indeed trades with some high-end players in the market such as China, Brazil, Chile, Peru, Argentina, USA, Germany, Mexico, Spain, and Japan.
What are Bolivia’s major exports?
Since, Bolivia’s trade balance is only 2 billion USD in deficit. It means that Bolivia is also active in exporting products to other countries at a profitable rate and quantity. Bolivia’s major exports are: Soy products, natural gas, silver, zinc, lead, tin, and gold. It exports these products to its export trade partners: Brazil, Japan, USA, Colombia, South Korea, UAE, India, China, and Argentina.
For the most part, Bolivia-Brazil import data percentage is only 16.1%. On the other hand, Bolivia-Brazil Export data is 17.9% which puts Bolivia at the profitable side of the deal.
Whereas China is responsible for 20% exports to Bolivia but only 5.1% import from Bolivia. Similarly, Japan’s export is only 3%. But, its import is 7% approximately.
Above all, there are countries like Spain and Mexico which are hardly dependent on Bolivia for any imported goods.
What are two major exports of Bolivia?
You will be surprised to acknowledge that as compared to American countries, Bolivia is highly indulge in the production of agricultural products. Its one of the top exports is soybean and soy products. According to the economy of Bolivia, it consists of 1.21 million hectares of Soy. Now, here’s a shocking fact: 95% of soybean or soy products produced in Bolivia are exported to Japan and Peru. India is also dependent on the country for soy products like soy milk. It is rather more shocking because India is highly dependent on agriculture for building GDP as well.
Another Bolivia's major export is Natural Gases. Do you know? The country is accountable for 8% of the world's GDP. Its major trade partners are Argentina and Brazil to which the natural gasses are exported via pipelines. Here’s a shocking fact: Bolivia’s natural gas reserve is 10 trillion cubic feet.
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