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 48% of GDP (World Bank, latest data available). The country is a member of the Central American Integration System (SICA), which promotes regional economic cooperation. Guatemala is also part of the Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) with the United States and other regional partners, facilitating tariff-free access to a significant market. Additionally, Guatemala has trade agreements with the European Union, Mexico, and other Latin American countries, aiming to increase exports, particularly in agricultural and manufactured goods. According to figures from the Ministry of Economy, in 2023, the manufacturing sector accounted for 67.8% of total exports, the agricultural sector for 26.7%, and the extractive sector for 5.5% of the total. The main export products included clothing items, which made up 10.8% of total exports. Within this category, the leading sub-item was cotton knit sweaters and similar garments. Edible fats and oils accounted for 7.5%, driven mainly by crude palm oil. Fresh bananas represented 7% of total exports, with coffee accounting for 6.7%. On the other hand, the main imports were mechanical machinery and equipment for electrotechnical use (10.4%), transport vehicles (9.7%), petrol (6.2%), and diesel (5.8%). In terms of trade in services, travel services were the top export, making up 32.1%, followed by transport services at 14.5%. On the import side, transport was the main service imported, representing 43.5%, while travel services made up 22%.

In 2023, Exports to Central America account for 36.2% of the total (mainly to El Salvador, Honduras and Nicaragua), followed by the United States with 30.8%, and the European Union with 10%, while Mexico accounted for 4.7% and Panama for 2.3%. Of total imports, the United States was the leading supplier, accounting for 33.6%, followed by Central America with 11.4% and Mexico with 11.1% (data Ministry of Economy).

The country’s trade balance is structurally in deficit. According to data by the WTO, in 2023, exports of goods reached USD 14.2 billion, while imports stood at USD 30.3 billion (-9.5% and -5.6% y-o-y, respectively). According to the World Bank, the country’s trade deficit reached 15.1% of its GDP in 2023 (from 16.5% one year earlier). Figures from the Banco de Guatemala show that, in 2024, exports reached USD 14.57 billion, while imports totalled USD 32.45 billion.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 19,88218,20526,60732,11630,318
Exports of Goods (million USD) 11,17511,52113,75315,69514,199
Imports of Services (million USD) 3,6412,8264,0545,4150
Exports of Services (million USD) 3,6792,5862,8853,8610

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

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 45.541.149.254.448.2
Trade Balance (million USD) -7,967-6,314-10,928-14,300-14,359
Trade Balance (Including Service) (million USD) -7,929-6,554-12,097-15,799-15,696
Imports of Goods and Services (Annual % Change) 4.9-5.819.54.85.9
Exports of Goods and Services (Annual % Change) 0.2-7.510.27.5-2.5
Imports of Goods and Services (in % of GDP) 27.924.831.635.531.6
Exports of Goods and Services (in % of GDP) 17.616.317.618.916.6

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 2.83.33.53.43.2
Volume of imports of goods and services (Annual % change) 7.65.85.45.35.9

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)
2023
United States 32.3%
El Salvador 13.1%
Honduras 11.4%
Nicaragua 6.9%
Mexico 4.7%
See More Countries 31.5%
Main Suppliers
(% of Imports)
2023
United States 30.3%
China 18.5%
Mexico 10.7%
El Salvador 3.4%
Japan 2.7%
See More Countries 34.5%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

14.3 bn USD of products exported in 2023
Bananas, incl. plantains, fresh or driedBananas, incl. plantains, fresh or dried 7.9%
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 6.7%
Palm oil and its fractions, whether or not refined...Palm oil and its fractions, whether or not refined (excl. chemically modified) 5.9%
Cane or beet sugar and chemically pure sucrose, in...Cane or beet sugar and chemically pure sucrose, in solid form 4.2%
Jerseys, pullovers, cardigans, waistcoats and...Jerseys, pullovers, cardigans, waistcoats and similar articles, knitted or crocheted (excl. wadded waistcoats) 3.0%
See More Products 72.4%
30.3 bn USD of products imported in 2023
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 13.6%
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) 3.4%
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) 3.2%
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) 2.7%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 2.7%
See More Products 74.5%

Source: Comtrade, 2024. 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

3.9 bn USD of services exported in 2022
25.56%
19.14%
16.29%
15.27%
15.09%
3.61%
2.26%
1.23%
0.58%
0.51%
0.45%
0.01%
5.4 bn USD of services imported in 2022
50.20%
17.76%
7.51%
7.03%
5.67%
3.98%
3.52%
2.36%
1.58%
0.27%
0.12%

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: May 2025