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• GDP: US$7.8 billion (2006).
• Main imports: Petroleum, machinery, road vehicles, tobacco and consumer goods.
• Main exports: Electricity, soyabeans, cotton, meat, leather and timber.
• Main trade partners: China, Brazil, Argentina, Russia and Uruguay.
• Main imports: Petroleum, machinery, road vehicles, tobacco and consumer goods.
• Main exports: Electricity, soyabeans, cotton, meat, leather and timber.
• Main trade partners: China, Brazil, Argentina, Russia and Uruguay.
Economy
Paraguay's agriculture plays an important part in its economy, supplying one-quarter of GNP and almost all the country's export earnings. Production of Paraguay's principal cash crops, cotton and soya, expanded rapidly during the late 1980s and continues to grow annually. Other crops such as sugar cane, maize and wheat are also grown on a commercial scale.
Hydroelectric projects, undertaken jointly with Brazil and including the world's largest hydroelectric dam at Itaipu, have made Paraguay self-sufficient in energy.
External factors, notably the economic crises in Argentina and Brazil, have also played an important role. Annual growth is at 4% (2006) with unemployment at 9.4% (2005). In July 2002, the IMF offered a US$200 million support package: the government was unable or unwilling to meet the loan conditions however, and relations with the IMF are now effectively frozen.
Paraguay is a member of the 11-strong Latin American Integration Association (Asociación Latinoamericana de Integración, ALADI), which seeks to promote free trade and economic development within Latin America.
Hydroelectric projects, undertaken jointly with Brazil and including the world's largest hydroelectric dam at Itaipu, have made Paraguay self-sufficient in energy.
External factors, notably the economic crises in Argentina and Brazil, have also played an important role. Annual growth is at 4% (2006) with unemployment at 9.4% (2005). In July 2002, the IMF offered a US$200 million support package: the government was unable or unwilling to meet the loan conditions however, and relations with the IMF are now effectively frozen.
Paraguay is a member of the 11-strong Latin American Integration Association (Asociación Latinoamericana de Integración, ALADI), which seeks to promote free trade and economic development within Latin America.
Business Etiquette
For formal occasions or business affairs, men should wear lightweight suits and ties or a dinner jacket in the evening; women a lightweight two-piece suit or equivalent. Most businesspeople are able to conduct a conversation in English, but a knowledge of Spanish will be useful. Appointments and normal business courtesies apply. The best time to visit is from May to September.
Office hours: Mon-Fri 0800-1200 and 1430-1900, Sat 0800-1200.
Office hours: Mon-Fri 0800-1200 and 1430-1900, Sat 0800-1200.
Business Contacts
Cámara Nacional de Comercio y Servicios de Paraguay
Estrella 540-550, Asunción, Paraguay
Tel: (21) 493 321.
Website: www.ccparaguay.com.py
Rediex (Ministry of Industry and Commerce)
Avenida López 3333, Villa Morra, Asunción, Paraguay
Tel: (21) 665 112.
Website: www.rediex.gov.py
British Paraguayan Chamber of Commerce
Gral Diaz 521, Edificio Internacional Faro, 2nd Floor, Office 2A, Asunción, Paraguay
Tel: (21) 498 274.
Estrella 540-550, Asunción, Paraguay
Tel: (21) 493 321.
Website: www.ccparaguay.com.py
Rediex (Ministry of Industry and Commerce)
Avenida López 3333, Villa Morra, Asunción, Paraguay
Tel: (21) 665 112.
Website: www.rediex.gov.py
British Paraguayan Chamber of Commerce
Gral Diaz 521, Edificio Internacional Faro, 2nd Floor, Office 2A, Asunción, Paraguay
Tel: (21) 498 274.
