Imports of raw materials for industry and agriculture have reported growth for a second year, according to the Bank of Guatemala (Banguat).
“Ramón Parellada, an analyst at the Center for Economic and Social Studies (CEES) believes that, at that time, the amount of imports was low because prices had fallen. 'Another reason is that they were using the products already in stock and buying less because of the economic crisis’” he said in an article in Siglo21.com.gt.
Despite the increase, the figures last seen in 2008 have still not been achieved, said Javier Zepeda, executive director of the Chamber of Industry.
Everything about commodities imports in Guatemala.
Top importers - Quantities, amounts and prices.
More on this topic
During the first 10 months of 2010 foreign purchases of raw materials amounted to $ 4,037 million.
According to information from Bank of Guatemala, this represents an increase of 24.4% over the same period of 2009, which reported $ 3,246 million.
"In the case of volume it also reported an increase of 24.3% to 3,480.2 million kilos.
As a result of the the contagious effect of the financial crisis in Europe, along with slow U.S. recovery, commodity prices have reversed their upward trend and started to decline.
The IMF's report last September on expectations about the global economic situation indicated a slow recovery for the more advanced economies.
Nicaragua will eliminate the 35% tax on Colombian imports, which created a a disadvantage to local businesses compared to the rest of the region.
The abolition of the tax will be effective in a few weeks and follows an agreement between businesses and the government.
Jose Adan Aguerri, president of the Superior Council of Private Enterprise (COSEP), said that the tariff be suspended by way of a reform initiative to be adopted in Parliament after 9th April.
The total value of Chinese products entering the country could be triple that amount, due to triangulation in global trade.
Guatemala imported goods from the People's Republic of China (PRC) worth $1.14 billion in 2011, reported the Bank of Guatemala (Banguat).
In January this year, purchases amounted to $103.2 million, demonstrating an upward trend, as this figure is 44.9% more than in the corresponding period in 2011 ($71.2 million).