Trade

Guatemala: a country of opportunities

We are the country with the largest economy in Central America, representing a third of the region’s GDP. Our economic stability results from a sensible fiscal management, policies directed to control inflation, and a managed floating exchange rate. The Guatemalan economy has shown a solid performance, with moderate growth rates of 3.5% in average, for the last five years.

The largest sector in the Guatemalan economy has traditionally been agriculture, making it the world’s first cardamom exporter, the second banana world exporter, the fifth sugar exporter and the seventh coffee producer worldwide.

The tourism sector in Guatemala is the second source of foreign currency, after remittances. Industry is a significant branch of the Guatemalan economy, and the service sector keeps growing in importance.

The data provided by the International Monetary Fund (IMF) confirms that Guatemala is the country less affected by the negative effects of the COVID-19 pandemic.  It is estimated that it will have an economic growth of 3.5% in 2021, with approximate tax revenues of close to Q63,468 millions.  According to a report from World Economic Perspectives from the World Bank, a 3.8% growth is projected for 2022.

We are a trustworthy partner for Italy because, additionally, our business sector is dynamic and modern, ready to meet the quality demands of the European market.

Furthermore, the customs union between Guatemala, El Salvador and Honduras make our country the perfect business hub to expand operations in this region.  Also, it has a remarkable potential as it connects to the Mexican market, given the free trade agreement in place between Guatemala and Mexico.

ECONOMIC INDICATORS

Capital:

Guatemala City

Population:

17,613,000

Area:

108,890 km2

Currency:

Quetzal
(Exchange rate US$1 x Q7.75)

Religion:

primarily, Christianism

Form of government:

Democracy

Member of:

IMF, OAS, UN, SICA

TRADE BETWEEN GUATEMALA AND ITALY

Exports from Guatemala to Italy:

US$ 203,869 thousands (2019)

 

Imports from Italy to Guatemala:

US$ 133,713 thousands (2019)

 

HISTORIC TRADE BALANCE GUATEMALA-ITALY

YEARS 2014-2019

2014 2015 2016 2017 2018 2019

TOTAL:

216,609,000
227,568,300
265,490,100
307,858,800
299,042,10
193,716,200

EXPORTS:

73,591,100
108,607,600
132,938,500
153,023,300
146,421,800
120,102,200

IMPORTS:

143,017,900
118,960,700
132,551,600
154,835,500
152,620,300
73,614,000

BALANCE:

- 69,426,800

- 10,353,100

386,900.00

- 1,812,200

- 6,198,500

46,488,200

Source: POLEC with information from the Bank of Guatemala

EXPORTS from Guatemala to Italy / Thousands of US$

2017 2018 2019 GROWTH

Smelting, iron, and steel

56.958
70.608
84.438
19,50%

Fats and oils

5.273

5.520

42.640

672%

Coffee, tea, mate, and spices

32.016
36.381
30.232
-17%

Fruits and edible fruits

17.814

17.856

19.105

7%

Sugars and confectionary goods

1.423

5.096

14.240

179%

Garments and accessories

3.226
2.826
3.894
38%

Wood and charcoal

3.226
2.826
3.894
38%

Alcoholic liquids and vinegar

3.360
3.069
2.039
-33,50%

Paper and carton

 

1.349
1.114
1.067
-4%

Machinery

461

113

797

605%

IMPORTS from Italy to Guatemala / Products

Address:

Via Giambattista Vico, 20 00196 Roma

Business hours:
(by appointment only)

Monday - Friday

9:30 a.m. to  1:00 p.m.

Telephone assistance:

Monday - Friday

9:30 a.m. to 4:00 p.m.

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