flag Bolivia Bolivia: Trade Profile

Foreign Trade in Figures

Bolivia is open to foreign trade, on which the country's economy strongly depends: according to the latest available data by the World Bank, Bolivia's trade to GDP ratio stands at 68%. Bolivia has been a member of the WTO for almost three decades. Bolivian exports remain relatively concentrated, with mineral products and hydrocarbons leading the pack, although their proportion of total export value has declined gradually over the past two decades. Gold, zinc and silver rank prominently among the main mineral exports. Additionally, Bolivia exports soybeans, soy products, and various other agricultural goods. According to data by Comtrade, in 2022, the country’s main exports comprised petroleum gas and other gaseous hydrocarbons (22.3%), gold (22.0%), zinc ores and concentrates (13.3%), oilcake and other solid residues (7.2%), soya-bean oil (6.3%), whereas imports were led by petroleum oils (33.3%), motor cars and other motor vehicles (3.4%), insecticides et sim. (2.8%), bars and rods of iron or non-alloy steel (1.8%), motor vehicles for the transport of goods (1.5%).

Bolivia’s main export partners are India (16.5%), Brazil (13.9%), Argentina (12.8%), Colombia (7.8%), Japan (7.1%), and Peru (6.2%), as imports come chiefly from China (19.4%), Brazil (15.1%), Argentina (12.5%), Chile (10.9%), the United States (8.6%), and Peru (8.1% - data Comtrade for 2022). Bolivia is a member of the Andean Community, along with Peru, Ecuador and Colombia, and became a member of Mercosur (Southern America Common Market) in late 2023, after being an associate for many years.

Bolivia’s trade balance has been fluctuating in recent years. According to data from WTO, in 2022, the country exported USD 13.6 billion worth of goods (+23.7% y-o-y, the highest level since 1992) while importing USD 13 billion (+36.5%). Concerning services, exports reached USD 941 million, well below the USD 2.7 billion recorded in imports. The World Bank estimated the country’s trade deficit to account for 2.5% of its GDP in 2022 (from 3.4% one year earlier). Preliminary governmental figures show that, in 2023, exports contracted by 20.6%, to USD 10.8 billion, while imports decreased at a slower pace (-3.2%), totaling USD 11.5 billion.

 
Foreign Trade Indicators 20192020202120222023
Imports of Goods (million USD) 9,7847,0809,12113,04911,120
Exports of Goods (million USD) 8,7577,01511,03013,65311,018
Imports of Services (million USD) 2,8711,7291,9742,7372,591
Exports of Services (million USD) 1,4434254529221,232
Imports of Goods and Services (Annual % Change) 2-2516n/an/a
Exports of Goods and Services (Annual % Change) -2-1915n/an/a
Trade Balance (million USD) -2586792,2261,695n/a
Foreign Trade (in % of GDP) 564659n/an/a
Imports of Goods and Services (in % of GDP) 312531n/an/a
Exports of Goods and Services (in % of GDP) 252028n/an/a

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

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Main Partner Countries

Main Customers
(% of Exports)
2022
India 16.5%
Brazil 13.9%
Argentina 12.8%
Colombia 7.8%
Japan 7.1%
See More Countries 41.9%
Main Suppliers
(% of Imports)
2022
China 19.4%
Brazil 15.1%
Argentina 12.5%
Chile 10.9%
United States 8.6%
See More Countries 33.5%

Source: Comtrade, Latest Available Data

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Main Products

13.7 bn USD of products exported in 2022
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 22.3%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 22.0%
Zinc ores and concentratesZinc ores and concentrates 13.3%
Oilcake and other solid residues, whether or not...Oilcake and other solid residues, whether or not ground or in the form of pellets, resulting from the extraction of soya-bean oil 7.2%
Soya-bean oil and its fractions, whether or not...Soya-bean oil and its fractions, whether or not refined (excl. chemically modified) 6.3%
See More Products 28.9%
13.1 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 33.3%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 3.4%
Insecticides, rodenticides, fungicides, herbicides...Insecticides, rodenticides, fungicides, herbicides, anti-sprouting products and plant-growth regulators, disinfectants and similar products, put up for retail sale or as preparations or articles, e.g. sulphur-treated bands, wicks and candles, and fly-papers 2.8%
Bars and rods, of iron or non-alloy steel, not...Bars and rods, of iron or non-alloy steel, not further worked than forged, hot-rolled, hot-drawn or hot-extruded, but incl. those twisted after rolling (excl. in irregularly wound coils) 1.8%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 1.5%
See More Products 57.2%

Source: Comtrade, Latest Available Data

 

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Main Services

Source: United Nations Statistics Division, Latest Available Data

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List of tariffs and local taxes that apply to your product on our service Customs Duties

 

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
International Economic Cooperation
Member of Andean Community

Member of Asociación latinoamericana de integración

Member of MERCOSUR (Associate member)

Member of Organization of American States - OAS

Useful Resources
National Customs (in Spanish)
National Organisation of Intellectual Property
The SENAPI, National Industrial Property Center.
 
 
 

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Latest Update: May 2024

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