After decreases were reported in 2015 and 2016, last year the country raised $11 billion in sales abroad, 5% more than in 2016.
In 2017, sales abroad improved significantly compared to the previous year, rising from $10.449 billion in 2016 to $11 billion in 2017, which represents an increase of 5.3%.
The president of the Bank of Guatemala (Banguat), Sergio Recinos, explained to Elperiodico.com.gt that "... the recovery is associated with improvements in products such as clothing, cardamom, bananas, coffee, fats and oils, iron and oils, rubber, cereals, paper manufactures, petrol and aluminum, among other things."
According to projections by the export sector, last year about $11.2 billion will have been sold abroad, an amount that could exceed by 7% what was exported in 2016.
From a statement issued by Agexport:
Guatemala to register an increase in its exports of US $743 million
The Guatemalan export sector will close 2017 with good news, as following two years of decline exports of Guatemalan products and services will generate foreign currency worth an estimated US $11,208.3 million this year.The growth rate is 7.1% higher than the 2016 figure (projection based ondata from October), this is a record number in the history of Guatemalan exports.
Mangosteen, pitahaya, guanabana, passion fruit, uchuva, ipecacuana, pejibaye and carambola are some of the agricultural products with potential to export to markets such as Europe and America.
From a report by Procomer of Costa Rica entitled "Opportunities for commercialization of incipient agricultural products":
PROCOMER has carried out an analysis of agricultural products that have possibilities for production and expansion at the national and international level, but whose exports are few or none at all.Through the support of PROCOMER's Trade Promotion Offices, state agencies and research centers, 8 products with the highest potential for international marketing were selected: Mangosteen, pitahaya, guanabana, passion fruit, uchuva, ipecac, pejibaye and carambola.
New consumption habits in developed markets are creating new opportunities for fruits such as mangosteen, dragon fruit, soursop, passion fruit, gooseberry, ipecac, pejibaye and starfruit.
From a report by PROCOMER, Costa Rica entitled "Emerging opportunities in sales of agricultural products"
Between 2007 and 2014 Guatemalan exports to Chile grew by 15%, led by sales of sugar, equivalent to 70% of the total, followed by natural rubber, paints, varnishes and prepared foods.
In total exports from Guatemala to Chile increased from $43.4 million in 2007 to $112.7 million in 2014. Sugar reported an annual growth rate of 13%, reaching $79 million in exports in 2014.
Processed foods, fuels, pharmaceuticals and chemicals are some of the nontraditional exports which grew by 7% in the first nine months of the year compared with the same period in 2013.
From a statement issued by the Guatemalan Exporters Association (Agexport):
In September 2014, Guatemala's total exports reported an increase of 7% compared to the same date in 2013.
The country sold $4,578 million worth of goods abroad in the first 5 months of the year, 26.8% more than in the same period in 2010.
According to officials from the Bank of Guatemala, the increase is mainly explained by the increase in the price of commodities, especially sugar, bananas, coffee and cardamom oil.
In general, higher export volumes were also reported, sugar being the main exception, due to lower production.
Foreign sales grew by 28% in the first quarter compared to the same period of 2010.
The high prices of commodities in international markets is one reason behind the increase in exports in Guatemala.
In total, the country exported more than $2700 million in the first three months of the year. In the case of traditional products such as sugar, bananas, coffee and cardamom, the increase was 33%, making total sales more than $954.9 million.
Exports of nontraditional products are growing at a faster pace than exports of traditional ones (coffee, banana, cardamom and sugar).
In 2009 total exports summed $7.23 billion. Of them, $5.41 billion corresponded to nontraditional goods (74.9%).
“Data from Banguat shows that in 1980 the country exported $1.52 billion, of which $633 million were traditional goods and $886.4 million were nontraditional ones (58.3%)”, reported Sigloxxi.com.
The non-traditional products sector closed 2008 with $2.9 billion in exports.
According to the article published by the Prensa Libre daily, "...the chemical subsector is in first place with $900 million in exports, followed by food at $275 million, and construction materials at $208 million and then plastics at $138.4 million."
It is expected that in 2009 Guatemala will have many opportunities to get low volume order in specialized markets, especially in Mexico and the United States.