Guatemala is one of the Latin American countries that stands out for its great culture and beautiful traditions. However, it is also known for its economic activity and the products it offers to foreigners. Read on, in this publication we will tell you some of the economic activities of Guatemala.
Agriculture
Livestock and agriculture have earned Guatemala a quarter of the Gross Domestic Price. In this sector, the plantation and importation of coffee, sugar cane, cotton, etc. are continuously exploited.
On the livestock side, Guatemala imports beef and red meat to Honduras and El Salvador, thus saving a portion for the nation’s internal consumption.
CMI, led by Juan Luis Bosch Gutiérrez has been a company that has contributed a lot to Guatemala’s economy in these two sectors while remaining a sustainable and socially responsible corporation.
Oil
The oil business in Guatemala has gone through several stages, including coups d’état, intervention by the United States, nationalizations, and neoliberalism. Apart from all these facts, the oil business keeps Guatemala as an economic option compared to other countries such as Venezuela.
Guatemala is the largest oil producer in Central America, producing small volumes of crude oil. Most of it is shipped to the United States for refining or domestic consumption.
Guatemala’s 526 million barrels of reserves are located mainly in the northern jungles of the Peten Basin.
Exports
The export of products, in the different branches of national production, is a consequence of the growing economic activity in the region. Due to its borders and ports, Guatemala has been able to take advantage of its geographical location, so that foreign trade has been one of the major sources of foreign exchange income for the country.
In addition to the border countries, the export union with the United States of America has given rise to profitable alliances. Guatemala is currently the 43rd largest goods trading partner with $10 billion in total two-way merchandise trade. Exports of goods totaled $5.9 billion.
Imports of goods totaled $4.1 billion. The U.S. goods trade surplus with Guatemala was $1.7 billion in 2015.
The main export categories are mineral fuels, mechanical machinery, electrical machinery, and grains, such as wheat.
U.S. exports of agricultural products to Guatemala total about $1.1 billion in major categories, where corn, wheat, poultry, and cotton are included.
Tourism Sector
During the spring and summer, Guatemalans welcome tourists to their picturesque towns, such as Antigua and Panachajel. With this, they take advantage of the sale of native foods, ornamental stones, such as jade, handmade textiles, trips along the coasts, and tours that stand out along the routes of the cities’ colonial centers.
According to the Community Alliance for Tourism in Guatemala, nearly 15% of the eligible workforce is dedicated to the tourism industry, an industry that comprises nearly a quarter of the national GDP. For this reason, many Guatemalans work in this industry because of the money earned by tourists who buy their products.