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Overview of Import and Export Regulations in Bolivia

Overview of Import and Export Regulations in Bolivia

When your business expands, you may consider importing and exporting goods as the next step. Bolivia is a resource rich country, benefitting from its geographical location within the Andean Community. Its gross domestic product (GDP) was US$39 billion in 2019 according to the World Bank. Before expanding, understanding import and export regulations in Bolivia is necessary to ensure legal compliance and positive economic returns. Bolivia’s economy has been growing in the last few years, mainly due to its exports of commodities such as natural gas, silver, zinc and soy. Another important sector is the manufacturing industry which corresponds to 14-15% of Bolivia’s gross domestic product annually. Imports and exports in Bolivia Bolivia has signed regional, sub-regional and bilateral trade agreements with the goal of opening the country to foreign investors. These agreements create new and favourable regional import and export regulations for Bolivia, making it more investor friendly. Bolivia's exports represent 26% of its GDP and imports represent 31.1%. This legal framework sparks the interest of new investors to Bolivia, a country with manageable risk levels. According to the World Integrated Trade Solution, Bolivia's openness to foreign trade generates export volumes that represent 26% of its GDP and imports representing 31.1% of its GDP. Major Bolivian exports are petroleum gas and other gaseous hydrocarbons (US$2.59 billion); zinc ores and concentrates (US$1.34 billion); gold, including gold plated with platinum, in bulk, semi-manufactured or in powdered form (US$1.04...

Benefits of Doing Business in the Dominican Republic

Benefits of Doing Business in the Dominican Republic

The benefits of doing business in the Dominican Republic attract prospective businesses from all over the world. The country is located in the heart of the Caribbean, in the Hispaniola island, where Eastern and Western values meet. It creates an ideal climate for business development.  As a country with a unique culture, history, and business climate, the Dominican Republic has a lot to offer. As part of the Caribbean Community (CARICOM), the Central American Free Trade Agreement (CAFTA), and other treaties with North America and the European Union, the country has opened its market to foreign businesses and new development opportunities. The Dominican Republic receives one of the largest pools of European funding for infrastructure and development which shows great potential for facilitating future business. Find out the benefits of doing business in the Dominican Republic, and why you should consider expanding to the developing Caribbean region. Doing business in the Dominican Republic: strategic geographical location Located on the crossroads between Eastern and Western Caribbean, the Dominican Republic is a trade link between the large markets of Central, South, and North America for trade and transport. The country shares only the border with Haiti, is close to US hub Miami and developing Central American economies, offering wide trade opportunities. The Dominican Republic also benefits from a free flow of goods and services as a member of CARICOM and DR-CAFTA. The CARICOM is made up of 15 Member countries and an additional 5 Associate Members based in the...

How to Import Goods from Paraguay to Argentina

How to Import Goods from Paraguay to Argentina

Paraguay is an attractive destination for multinationals and foreign executives. For those who already have a business in the country, exporting products to Argentina is a very attractive option to expand in the region. For years, many Argentines, as well as other business owners in the region, decided to create companies in Paraguay thanks to the combination of tax incentives, legal certainty and macroeconomic stability that the country offers. According to the Organization for Economic Cooperation and Development (OECD), Paraguay is the country with the least tax burden in South America (only 15% of GDP), making the country an attractive focus for those interested in importing from Paraguay to Argentina. Background: Imports and Exports of Paraguay Total exports of Paraguayan origin reached a value of US$12,386.1 million in 2019 according to the Foreign Trade report of the Central Bank of Paraguay (BCP) while all Paraguayan imports in 2019 reached US$12,250.9 million.According to the BCP Foreign Trade Bulletin, in 2019 Paraguay has exported in FOB value of US$1.688 million to Argentina. Paraguay has exported in FOB value of USD $ 1.688 million to Argentina. Among the main products that are most imported from Paraguay to Argentina are: Soybeans and corn (Represented with approximately 70%)FuelsElectric powerMineral oilsMachineryRed meatsLeather Despite having a series of trade agreements and having the option of using the Paraguay-Paraná Waterway, the majority of imports from Paraguay to Argentina are made by land and air, due to time and flexibility of processes....

Potential for Stronger Colombia-China Trade Relations

Potential for Stronger Colombia-China Trade Relations

In recent years, market observers have recognized a high potential for stronger Colombia-China trade relations. As many know, China is the second-largest economy in the world. Colombia is the fourth-largest economy in whole Latin America. A pairing like this offers strong potential trade channels for exporters and importers operating in Colombia.In the last decade, all of Latin America’s economies have grown more accustomed to receiving Chinese investment and commercial attention. China is the biggest trading partner for Brazil, Chile and Peru. As part of that, Brazil received US$66 billion in Chinese investment, Peru US$25 billion and Chile US$9 billion. Chinese trade with Latin America jumped to US$225 billion in 2016 from US$12 billion in 2000, according to Jason Marczak, Director at the Atlantic Council. We outline the potential for a stronger context for Colombia-China trade relations and opportunities for multinationals to enter the market. Overview: current Colombia-China trade relations With Colombia-China trade relations strengthening in recent years, China has become Colombia's second-largest trading partner. Colombia is now China's fifth-largest trading partner in Latin America. In 2018, Colombian imports from China reached US$4.06 billion. Top 10 imports from China in 2018 include (table adapted from TradingEconomics): Colombia imports from China in 2018ValueMineral fuels, oils, distillation products$3.48 billionIron and steel$297.79 millionCopper$171.67 millionCoffee, tea, mate and spices$16.66 millionOres slag and ash$15.46 millionRaw hides and skins (other...

Belize Strengthening International Trade Relations

Belize Strengthening International Trade Relations

Belize is making great efforts to strengthen its international trade relations and attract new business to its shores. The focus is on both existing and new trade relationships.The Belizean government undertook several country visits, meetings, and other engagements in order to strengthen its international ties with significant partners. We outline the most recent and most important international trade relationships developing in Belize.  Overview: Belize international trade relations Belize is focussed on furthering trade relationships with a number of key partners, including Mexico, Florida (US) and Taiwan. Trade relationship with Mexico in construction sector development  A delegation from the Belizean government visited Merida City in Mexico for technical exchange. The Ministry of Housing and Urban Development aims to strengthen Belize's trade relations with Mexico regarding construction sector development. The 2 countries are progressing through a Building Sector Reform Project in partnership with the Belizean Economic Development Council. The goal of that project is to improve and modernize the business climate and sustainability of planning and developing within the Belizean construction sector. As part of developing the Belize-Mexico trade relationship, a delegation from the Belizean government visited Merida City in Mexico for technical exchange. The delegation assembled with the Merida City Council and the Department of Urban Development. The purpose of this exchange was to strengthen the institutional capacity of key public agencies in the areas of...

Peru’s Exports Drive Trade Surplus in 2019

Peru’s Exports Drive Trade Surplus in 2019

Peru drove an export trade surplus in 2019, for the second year in a row. Peru's trade activity supports a healthy business environment with strong international commercial connections. Peru’s strong international ties support increased exports activities in Peru. Additionally, Peru is the world’s biggest exporter of blueberries, asparagus, and quinoa. Its non-traditional exports hit record levels and Peru aims to increase its agricultural exports to US$10 billion in 2021 from US$7.5 billion in 2019.  Find out how Peru’s export environment is growing and current trends behind its trade activity. Peru records export surplus in 2019 Peru is the world’s largest exporter of blueberries, asparagus, and quinoa. According to the forecast report published by FocusEconomics’ LatinFocus Consensus in December 2019, Peru’s trade balance recorded a surplus of US$1.2 billion.  This same number was recorded in 2018 as well, demonstrating a healthy trade environment in the Pacific Alliance member’s economy.  Exports rebounded 6.6% year-on-year in December 2019, boosted by rising foreign sales of agricultural products and mining, only partially offset by falling exports of oil and natural gas. In the meantime, imports also bounced back and increased by 8.5% in December, contrasting the fall of 5.2% in November. This is due to the back of a jump in purchases of consumer and capital goods imports. The trade surplus of the 12 months leading up to December 2019 was US$6.6 billion, matching November’s results. Panellists who participated in the LatinFocus Consensus Forecast...

Business Potential for British Companies in Latin America

Business Potential for British Companies in Latin America

In recent times, market observers have noted an increase in interest from British companies in Latin America. Since 31 January 2020, the United Kingdom has officially exited the European Union due to the referendum in 2016, which voted for the so-called Brexit. As a consequence, the UK cannot take advantage of the free-trade market and the non-tariff barriers of the EU.In order to keep their internationally strong economic status, they need to establish new trade relationships. A long history, tracing back to the 19th century, connects the United Kingdom and Latin America. In times of economic uncertainty, the British now rely on their ‘old friendship’. We outline trade opportunities for British companies in the Latin American market. International relations supporting British companies in Latin America British officials are regularly inviting leaders of Latin American countries and increasing diplomatic staff numbers across Latin America, as well as reopening British Embassies. The United Kingdom was one of the first countries to recognize the potential of Latin America in the 19th century. As a result, they played a key role in the independence movements in Latin America by providing military and financial support. As an example, thousands of British volunteers fought in the armies of the Colombian Liberator, Simon Bolivar. Due to these close links, the United Kingdom has contributed enormously to Latin America's early economic development. In the 20th century, the United Kingdom somewhat neglected the once-interwoven relationship with the Latin American nations and...

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