A new bilateral trade agreement between the United States and Paraguay has reduced tariffs on vehicles and parts under HS Code Chapter 87, leading to a significant increase in US exports of automobiles to Paraguay.
2023-10-15
Impact: This agreement is expected to increase US exports of vehicles and parts to Paraguay by 15% over the next year, strengthening economic ties.
Paraguay Increases Imports of US Agricultural Machinery
Paraguay has ramped up imports of US-made agricultural machinery (classified under Chapter 87) to support its growing agribusiness sector, facilitated by favorable trade terms.
2023-09-22
Impact: The surge in imports could create a $50 million market for US manufacturers of tractors and related equipment in Paraguay.
Supply Chain Delays Affect US-Paraguay Auto Parts Trade
Global supply chain disruptions have temporarily slowed the trade of auto parts under HS Code Chapter 87 between the US and Paraguay, impacting assembly operations in Paraguayan plants.
2023-08-30
Impact: Delays may reduce trade volume by 10% in the short term, though recovery is expected as supply chains stabilize.
Policy Updates
US-Paraguay Tariff Reduction on Chapter 87 Goods
A new policy reduces tariffs by 5% on vehicles and parts under HS Code Chapter 87, aiming to encourage trade and investment in the automotive sector between the two nations.
Date: 2023-10-10
Paraguay Implements Stricter Import Standards for Vehicles
Paraguay has introduced new safety and emissions standards for imported vehicles under Chapter 87, which may require US exporters to adapt their products to meet compliance.
