OVERVIEW
Guatemala, the most populous country in Central America, is a land of striking contrasts: volcanic landscapes, ancient Maya heritage, and vibrant highland cultures coexist with growing urban centers like Guatemala City. Its economy blends agriculture, manufacturing, and services, with strong regional trade ties and a strategic position connecting North and Central America.
Known for its coffee, sugar, textiles, and cardamom, Guatemala has built a diversified export base while relying heavily on imports of fuel, machinery, and consumer goods. Despite structural challenges, the country has maintained steady economic activity supported by remittances, manufacturing, and agricultural production.
In 2023 Guatemala ranked:
- 76th in total exports, valued at $15.2B
- 69th in total imports, worth $25.3B
- 118th in exports per capita
- 107th in imports per capita
- 0.86% export growth from 2022 to 2023 (+$130M)
ECONOMIC COMPLEXITY RATE
EXPORT
In 2023, Guatemala’s principal exports were:
- Bananas – $1.2B
- Coffee – $968M
- Palm Oil – $850M
- Raw Sugar – $696M
- Knit Sweaters – $674M
Top destinations for Guatemalan exports included:
- United States – $4.69B
- El Salvador – $1.86B
- Honduras – $1.6B
- Nicaragua – $996M
- Mexico – 674M
IMPORT
In 2023, Guatemala imported $25.3B in goods, reflecting its reliance on external markets for fuel, machinery, and consumer products.
Main imports included:
- Refined Petroleum – $4.18B
- Cars – $1.12B
- Delivery Trucks – $771M
- Packaged Medicaments – $662M
- Telephones – $590M
Key suppliers were:
- United States – $9.38B
- China – $5.13B
- Mexico – $3.26B
- El Salvador – $1.2B
- Costa Rica – $883M
YEARLY TRADE
Between 2022 and 2023, Guatemala’s exports increased from $15.1B to $15.2B, a modest rise of 0.86% (+$130M). Growth was driven primarily by:
- Higher shipments of insulated wire
- Increased demand for bananas and palm oil
- Stable performance in coffee and sugar exports
Imports continue to outpace exports significantly, resulting in a persistent trade deficit.
CURIOSITY CORNER
Guatemala is the world’s largest exporter of cardamom, a spice deeply rooted in its agricultural tradition and prized globally for its aroma and quality. The country is also famous for its Maya textiles, produced using traditional backstrap looms, an artisanal heritage that remains a cultural and economic asset, especially in the highland regions.
CONCLUSIONS
In 2023, Guatemala emerged as a key Central American economy with a diversified export base and strong regional trade links. Its economy balances agricultural strength (bananas, coffee, sugar, palm oil) with growing industrial capabilities such as insulated wire and apparel manufacturing.
Long‑term opportunities lie in infrastructure, renewable energy, and value‑added agro‑industry, while challenges include reducing dependence on imported fuel and improving logistics. Culturally and economically, Guatemala’s coffee, cardamom, and vibrant textile traditions continue to shape its global identity, blending heritage with modern economic development.
