A Central American country sharing its borders with Mexico to the north, Belize to its northeast, Honduras to its east, and El Salvador to its southeast, the Republic of Guatemala exported US$14.2 billion worth of products around the globe in 2023.

That dollar amount reflects a 26.9% advance from the $11.2 billion worth of Guatemalan exports in 2019.

Year over year, Guatemala’s global exports shrank by -10.2% compared to $15.8 billion during 2022.

Guatemala’s Best Customers for its Exports

The latest available country-specific data shows that 84.7% of products exported from Guatemala was bought by importers in: United States of America (31.3% of the global total), El Salvador (13.2%), Honduras (11.5%), Nicaragua (7%), Mexico (4.7%), Costa Rica (4.5%), Netherlands (4.3%), Panama (2.3%), Spain (2.1%), Dominican Republic (1.6%), Belize (1.1%) and Japan (1%).

From a continental perspective, 45.5% of Guatemala’s exports by value was delivered to Latin America excluding Mexico but including the Caribbean countries while 37.1% was sold to importers in North America. Guatemala shipped another 11% worth of goods to Europe.

Smaller percentages went to customers in Asia (5.8%), Africa (0.4%), then Oceania (0.2%) led by Australia and New Zealand.

A population of 19 million people in 2023 makes Guatemala the most highly populated country in Central America. Guatemala’s $14.2 billion in exported goods translates to roughly $750 worth of exports per resident. That dollar metric lags the average $850 per capita one year earlier in 2022.

Guatemala’s Top 10 Exports

The following export product groups represent the highest dollar value in Guatemalan global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Guatemala.

1. Fruits, nuts: US$1.6 billion (11% of total exports)
2. Knit or crochet clothing, accessories: $1.38 billion (9.7%)
3. Coffee, tea, spices: $1.32 billion (9.3%)
4. Animal/vegetable fats, oils, waxes: $1.1 billion (7.5%)
5. Sugar, sugar confectionery: $775.2 million (5.5%)
6. Plastics, plastic articles: $547.9 million (3.9%)
7. Paper, paper items: $449 million (3.2%)
8. Vegetables: $409.3 million (2.9%)
9. Beverages, spirits, vinegar: $402.6 million (2.8%)
10. Pharmaceuticals: $397.5 million (2.8%)

Guatemala’s top 10 exports generated almost three-fifths (58.6%) of the overall value of its global shipments.

Pharmaceuticals was the fastest grower among the top 10 export categories, up by 15.6% from 2022 to 2023.

In second place for improving export sales was paper including items made from paper via an 8% upturn.

Guatemala’s shipments of fruits and nuts recorded the only other appreciation, up by 6.5%.

Posting the severest declines among Guatemala’s top 10 export categories was sugar including sugar confectionery (down -18.8% from 2022), knitted or crocheted clothing and accessories (down -16.7%), coffee, tea and spices (down -14.2%).

At the more granular four-digit Harmonized Tariff System code level, bananas and plantains represent Guatemala’s most valuable exported products at 8.1% of the country’s total. Close behind in second place was coffee (6.7%), trailed by palm oil (6%), sugar (4.2%), knitted or crocheted jerseys and pullovers (3%), medication mixes in dosage (2.7%), knitted or crocheted men’s t-shirts and vests (2.6%), spices like cardamoms and nutmeg (2.5%), knitted or crocheted men’s shirts (1.9%), then melons, watermelons and papayas (1.7%).

Products Generating Guatemala’s Largest Trade Surpluses

The following types of Guatemalan product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports reflect the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

1. Fruits, nuts: US$1.4 billion (Up by 5.8% since 2022)
2. Coffee, tea, spices: $1.3 billion (Down by -14.5%)
3. Knit or crochet clothing, accessories: $1.2 billion (Down by -18.3%)
4. Animal/vegetable fats, oils, waxes: $741.6 million (Down by -7.2%)
5. Sugar, sugar confectionery: $647.4 million (Down by -22.8%)
6. Vegetables: $330.9 million (Down by -0.3%)
7. Soaps, washing preparations, lubricants, waxes: $134.5 million (Up by 25%)
8. Live trees, plants, cut flowers: $104.1 million (Down by -7.8%)
9. Beverages, spirits, vinegar: $75.6 million (Down by -30%)
10. Tobacco, manufactured substitutes: $40.4 million (Up by 89.6%)

Guatemala has notably positive net exports in the international trade of bananas and melons, as well as coffee and the spice cardamom. In turn, these cashflows indicate Guatemala’s strong competitive advantages under the related product categories.

Products Causing Guatemala’s Worst Trade Deficits

Guatemala incurred an overall -US$16.1 billion trade deficit during 2023, reducing by -1% from the -$16.3 billion in red ink one year earlier in 2022.

Below are exports from Guatemala that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Guatemala’s goods trail Guatemalan importer spending on foreign products.

1. Mineral fuels including oil: -US$4.8 billion (Down by -8.5% since 2022)
2. Vehicles: -$2.6 billion (Up by 23.6%)
3. Electrical machinery, equipment: -$2.3 billion (Up by 2.1%)
4. Machinery including computers: -$2.2 billion (Up by 6.2%)
5. Plastics, plastic articles: -$953.8 million (Down by -25%)
6. Iron, steel: -$881.5 million (Up by 40.4%)
7. Cereals: -$832.2 million (Down by -14.3%)
8. Pharmaceuticals: -$594.8 million (Down by -21.3%)
9. Organic chemicals: -$428.6 million (Down by -21.1%)
10. Meat: -$407.9 million (Up by 12.2%)

Guatemala has highly negative net exports and therefore deep international trade deficits for fossil fuels related products notably refined petroleum oils, petroleum gases and coal.

These cashflow deficiencies clearly indicate Guatemala’s competitive disadvantages in the international fossil fuels-related market, but also represent key opportunities for Guatemala to improve its position in the global economy through focused innovations particularly on alternative energy sources.

Guatemalan Export Companies

Wikipedia lists exporting businesses from Guatemala. Selected examples are shown below.

• Claro Americas (telecommunications)
• Corporación Multi Inversiones (agro-industrial conglomerate)
• Malher (food, beverages)
• Ron Zacapa Centenario (premium rum)
• Trama Textiles (hand-made woven goods)

 
In macroeconomic terms, Guatemala’s total exported goods represent 7% of its overall Gross Domestic Product for 2023 ($201.4 billion valued in Purchasing Power Parity US dollars). That 7% for exports to overall GDP in PPP for 2023 compares to 8.4% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Guatemala’s total economic performance, albeit based on a relatively short timeframe.

Another key indicator of a country’s economic performance is its unemployment rate. Guatemala’s unemployment rate averaged 3.15% in 2023, down from an average 3.05% for 2022 according to metrics portal Statista.

Guatemala’s capital is Guatemala City.

See also Guatemala’s Top Trading Partners, Costa Rica’s Top 10 Exports, El Salvador’s Top 10 Exports and Belize’s Top 10 Exports, Dominican Republic’s Top 10 Exports and Cuba’s Top 10 Exports

Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on April 24, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 24, 2024

International Trade Centre, Trade Map. Accessed on April 24, 2024

Investopedia, Net Exports Definition. Accessed on April 24, 2024

Wikipedia, Gross domestic product. Accessed on April 24, 2024

Wikipedia, List of Companies of Guatemala. Accessed on April 24, 2024

Wikipedia, Purchasing power parity. Accessed on April 24, 2024