Study reveals 6 new markets with opportunities for Guatemalan products and services
AGEXPORT launched the sixth edition of the study Best Markets, Products & Services 2022, which takes into consideration the new international landscape for international business for Guatemalan products and services.
“We did extensive analysis of various economic, commercial, politic, and regulatory elements, including tariffs, new consumer trends, economic complexity, economic growth, and international supply and demand. This allowed us to understand how to expand Guatemala’s international supply, including the use of an economic complexity index to compare countries with similar resources in the search of new products for diversification” expressed Paola Álvarez Manager of the Market Development and Promotion Department.
When compared to the last edition, this research shows 56 new products including herbicides, ethylic alcohol, crushed cardamom, celery, and additives for cement among others. Also, there is market diversification as six new markets have been unveiled, which include: Chile, Colombia, France, United Kingdom, Michigan, and Ohio.
This year’s research incorporated potential for products that are not, yet part of the supply offered by the country, such as Hemp, cheese, stove burners, rugs, starch, and coaxial cables. These new products require additional efforts including tariffs, regulations, logistics, treaties, regulations, and negotiations.
“This new edition of the Best Markets, Products and Services validated the fact that the United States of America continues to be our main business partner for both, Guatemalan goods, and services. According to Guatemala’s Central Bank (BANGUAT) in 2021 the exported value to the United States represented 31% of the total value exported by Guatemala. Also, inside this research the United States accounts for a total of 318 opportunities which could bring US$220.6 million more in exported value for goods. When we speak about services, the US market showed capacity to absorb up to US$1000 million” stated Jacobo Pieters, Head of Market Intelligence.
More than fifteen markets with potential for the commercialization of services from Guatemala were identified in this edition of the study, including Canada, Mexico, The United States, Germany, United Kingdom, El Salvador, Panama, Chile, and Colombia. Opportunities were found for the industries of Sustainable Tourism, Logistics, Information Technology Outsourcing, Orange Economy, Health Tourism and Laboratories.
A Benchmark study for the development of new export business
In 2020 the opportunities identified in the study represented the 20% of the total value exported by the best products, in 2021 the opportunities that were identified were accountable for 8% of the countries exported value. Also the opportunities stated brought in more than US$127 million between 2020 and 2021.
During these years there has been constant evolution that has allowed us to notice big improvements for the different industries that Guatemala shares with the world. As an example, Guatemala has recently turned into one of the countries that supplies the world with chicory, providing it to North and Central America. Another example is the inclusion of insect protein as substitute of traditional protein. Both opportunities were shared and identified in January 2020, which means business do engage with the research and its results” added Pieters.
This new edition allows AGEXPORT to maintain its status through 2022 as a provider of key information and global trends, leading the evolution of products and services in the international market.
To access the documents and interactive tools developed in this research, go to Connecting Best Markets, the virtual marketplace of AGEXPORT, in which businessmen can access a digital ecosystem to carry out international business, through the following link: http://connecting.export.com.gt/