Paraguay’s import of Aluminium Foil exhibits down-turn during 2018-20
The economy of Paraguay is a market-based economy that is heavily dependent on agriculture products. The COVID-19 pandemic hit Paraguay just as the country was embarking on a strong recovery path after growth had stalled in 2019. The global recession is likely to lead to a GDP decline of 1.2% in 2020. Thereafter, growth is expected to return to 4%, as the world economy recovers.
The Latin American nation’s import of aluminium foil during 2018-19 was recorded at 5182 tonnes and the expenditure accounted for the import during the phase remained at $25.28 million. The import for 2020 is expected to be at 2078 tonnes and the expenditure to stand at $13.08 million. However, when the import volume and expenditure for 2020 gets summed with the existing two years, it denotes 7260 tonnes and $38.36 million respectively.
Paraguay’s import of aluminium foil in 2018 stood at 3048 tonnes and expenditures remained at $13.38 million, whereas, in 2019 the import saw a decline by 29.98%, as the import dip to 2134 tonnes and expenditure stood at $11.90 million.
The import for 2020 is analysed with de-growth by 2.62%, as the import is expected to further drop at 2078 tonnes, while expenditures to climb at $13.08 million.
Paraguay’s major trading destinations for the importation of aluminium foil are Brazil, China, Germany, Italy, Uruguay, etc.