That dollar metric results from 22.3% advance compared to $8.9 billion 5 years earlier for 2019.
Year over year, the latest overall total for Bolivian exports retreated by -20.1% from $13.7 billion starting from 2022.
Adopting a continental lens, 44.8% of Bolivia’s exports by value was delivered to Asian countries while 42.8% was sold to importers in Latin America excluding Mexico but including the Caribbean.
Bolivia exported another 7.2% worth of products to customers in Europe.
Lesser percentages went to buyers in North America (4.3%), Oceania (0.9%) mainly Australia, then Africa (0.05%).
Bolivia’s Top Trading Partners
Below is a list showcasing 15 of Bolivia’s top trading partners, countries that imported the most Bolivian shipments by dollar value during 2023. Also shown is each import country’s percentage of total Bolivian exports.
- Brazil: US$1.6 billion (14.4% of total Bolivian exports)
- India: $1.3 billion (12.1%)
- mainland China: $1.2 billion (10.8%)
- Argentina: $996.7 million (9.1%)
- Colombia: $957.9 million (8.8%)
- United Arab Emirates: $891.3 million (8.2%)
- Japan: $671.3 million (6.2%)
- Peru: $589.4 million (5.4%)
- South Korea: $403.7 million (3.7%)
- Hong Kong: $318.2 million (2.9%)
- Ecuador: $257.3 million (2.4%)
- United States of America: $251.5 million (2.3%)
- Netherlands: $246 million (2.3%)
- Belgium: $200.3 million (1.8%)
- Chile: $179 million (1.6%)
More than nine-tenths (91.9%) of Bolivian exports in 2023 was delivered to the above 15 trade partners.
Hong Kong increased its import purchases of Bolivia’s exported goods at the highest percentage, up 131.3% from 2022 to 2023. In second place was the United Arab Emirates (up 75.7%) followed by mainland China (up 49.4%).
The severest decliners among the listed customers for Bolivian exports were Argentina (down -43%), India (down -41.7%), Ecuador (down -38.7%), United States of America (down -32.5%) then Peru (down -30.8%).
Countries Causing Bolivia’s Worst Trade Deficits
Bolivia racked up an overall -US$584.7 million trade deficit in 2023, reversing the $603.4 million surplus one year earlier for 2022.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
In 2023, Bolivia incurred the highest trade deficits with the following countries.
- mainland China: -US$1.2 billion (country-specific trade deficit in 2022)
- Chile: -$835.9 million
- United States of America: -$531.6 million
- Brazil: -$337.4 million
- Paraguay: -$272.7 million
- Switzerland: -$224.5 million
- Mexico: -$206 million
- Germany: -$172.6 million
- Peru: -$147.3 million
- Sweden: -$133.7 million
Among Bolivia’s trading partners that cause the greatest negative trade balances, Bolivian deficits with Brazil (up 361.8%), Paraguay (up 141.6%) and Sweden (up 59.8%) grew from 2022 to 2023.
These cashflow deficiencies clearly indicate Bolivia’s competitive disadvantages with the above countries, but also represent key opportunities for Bolivia to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Bolivia’s Best Trade Surpluses
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
In 2023, Bolivia earned the highest trade surpluses with the following countries.
- India: US$1.1 billion (country-specific trade surplus in 2022)
- United Arab Emirates: $881.2 million
- Colombia: $788.4 million
- Japan: $397.7 million
- South Korea: $336 million
- Hong Kong: $303.1 million
- Ecuador: $214.4 million
- Canada: $136.7 million
- Netherlands: $128.5 million
- Australia: $88.1 million
Among Bolivia’s trading partners that cause the greatest positive trade balances, Bolivian deficits with Hong Kong (up 148.5%) and the United Arab Emirates (up 78.6%) grew from 2022 to 2023.
These positive cashflow streams indicate Bolivia’s competitive advantages with the above countries, but also represent key opportunities for Bolivia to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing Bolivian Trading Partners
Not one Bolivian corporation ranks among Forbes Global 2000.
Wikipedia lists some exporting companies from Bolivia. Selected examples are shown below:
- Banco Mercantil Santa Cruz (financial services)
- Banco Nacional de Bolivia (financial services)
- Boliviana de Aviación (airlines)
- Línea Aérea Amaszonas (airlines)
- Transportes Aéreos Bolivianos (air cargo)
- YPFB (oil, gas)
See also Bolivia’s Top 10 Exports, Bolivia’s Top 10 Imports and Top South American Export Countries
Research Sources:
Central Intelligence Agency, Field Listing: Imports – Commodities, The World Factbook. Accessed on November 29, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on November 29, 2024
Investopedia, Net Exports Definition. Accessed on November 29, 2024
Trade Map, International Trade Centre. Accessed on November 29, 2024
Wikipedia, Bolivia. Accessed on November 29, 2024
Wikipedia, Airlines of Bolivia. Accessed on November 29, 2024
Wikipedia, Category: Banks of Bolivia. Accessed on November 29, 2024
Wikipedia, Oil and Gas Companies of Bolivia. Accessed on November 29, 2024