Bolivia Export Trade Data: $10.92B in 2023, Down 20.0%

Bolivia's Exports Pull Back After a Record Year

Bolivia shipped $10.92 billion worth of goods abroad in 2023, the latest year with verified trade data in this dataset. That total marks a decline of 20.0% from the $13.65 billion recorded in 2022, the sharpest annual pullback in the five-year span this dataset covers. Brazil was the largest buyer, absorbing 14.4% of the total, worth $1.58 billion.

India ranked second at 12.1% ($1.32 billion), just ahead of China at 10.7% ($1.17 billion) and Argentina at 9.1% ($996.72 million). Colombia took fifth place at 8.8% ($957.94 million), followed by the United Arab Emirates at 8.2% ($893.58 million) and Japan at 6.1% ($671.26 million). Peru took eighth place at 5.4% ($590.33 million), South Korea added 3.7% ($403.68 million), and Hong Kong SAR China rounded out the top ten at 2.9% ($318.22 million). Together, the top three destinations made up 37.3% of total export value.

That level of diversification stands out compared to many smaller economies, where a single buyer can absorb the large majority of exports. Brazil and Argentina's presence near the top of the list lines up with Bolivia's role as a natural gas supplier to both neighbors, piped directly across the border rather than shipped. India and China's strong showing points to demand for Bolivia's metals and minerals, while the United Arab Emirates' sixth-place position reflects the country's growing role as a hub for gold trading, a pattern that has become more common across several South American gold-producing economies in recent years. Peru, South Korea, and Hong Kong close out a top ten spread across four continents, underscoring how little of Bolivia's export revenue depends on any single relationship. That mix of neighboring markets, Asian manufacturing economies, and regional trading partners gives Bolivia more room to absorb a downturn in any one relationship than smaller, more concentrated exporters would have.

Gold, Ores, and Natural Gas Anchor Export Categories

Natural, cultured pearls, precious and semi-precious stones, precious metals and jewellery led all export categories in 2023, worth $2.61 billion and accounting for 23.9% of total export value. Ores, slag and ash followed closely at 23.1% ($2.52 billion), and mineral fuels, mineral oils and related distillation products ranked third at 19.5% ($2.13 billion).

Food industry residues and prepared animal fodder added 8.8% ($960.22 million), while animal and vegetable fats and oils contributed 6.4% ($693.67 million). Tin and articles thereof brought in 3.6% ($394.67 million), and oil seeds and other oleaginous fruits added 3.0% ($331.91 million). Meat and edible meat offal contributed 1.7% ($189.23 million), fruit and nuts added 1.5% ($160.25 million), and fertilizers closed out the top ten at 0.9% ($97.94 million).

The top three categories, precious metals and jewellery, ores, and mineral fuels, together account for the large majority of Bolivia's export value, reflecting an economy still heavily oriented toward mining and energy extraction despite a diversified buyer base. The mineral fuels figure lines up closely with what Wood Mackenzie has reported about Bolivia's natural gas sector, noting that exports to Brazil and Argentina alone represent roughly 20% of the country's total exports, a figure the research firm expects to shrink as Bolivian gas production declines through the rest of the decade. Ores, slag and ash and tin articles further down the list reflect Bolivia's long-standing position as a producer of zinc, tin, and silver concentrate, an industry with roots going back centuries. Food industry residues, animal fats and oils, and oil seeds point to a smaller but meaningful agricultural export base layered on top of the mining and energy core, one built mostly around soybean processing and related products from the country's eastern lowlands rather than the highland mining regions that dominate the top three categories.

A Volatile Five-Year Path

Bolivia's exports followed a volatile path over the past five years. Exports fell from $8.93 billion in 2019 to $7.03 billion in 2020, likely reflecting disrupted shipping and softer commodity demand during the early stages of the global pandemic, then climbed for two straight years to $11.08 billion in 2021 and further to a five-year high of $13.65 billion in 2022, before declining 20.0% to $10.92 billion in 2023.

Even with the 2023 pullback, the current total remains well above every year before 2021, leaving the broader five-year trajectory higher than where it started despite the recent decline. For a closer look at how individual partner countries or product categories break down year over year, the data panels above provide the full detail behind these figures.