Why should imports in Guatemala interest you?

Guatemala has an economy that feeds on import processes. In the first half of 2019, imports for $ 8 million USD were made, mainly from the United States (US $ 3,121 million), Central America (US $ 932 million), Mexico (US $ 901 million) and China (US $ 895 million), according to the Bank of Guatemala.

Now this is not a topic today, the first signs of trade were in prehistory. The men made the decision to exchange products: what a tribe or a family did not need or left over, exchanged it for products that another family had and did not require. That was the origin of commercialization and bartering.

From there, this commercial practice has been present at different times in history, but over time new economics techniques evolved and gave rise to the theory of international trade.

This theory had its origin in the work of Good Finance who stated that the products produced in a nation where production costs are lower, must be sold to be imported into the world.

What are imports?

What are imports?

In economic terms, imports are part of the goods and services acquired by a country and that come from abroad for commercialization in national territory. A country pays an amount of money previously established in a negotiation to receive goods and services that are not easily accessible in the nation.

Imports are so relevant worldwide that today virtually no nation is exempt from this commercial practice.

What are the requirements to import products in Guatemala?

In order for a company or natural person to import any product, it must first meet some fundamental requirements so that everything is in order and must be registered as an importer in the SAT. They must comply with the following:

  1. Obtain prerequisites (license, registration and product patent)
  2. Buy product (you will receive the proforma invoice)
  3. Hire shipping company (you will receive cargo manifest)
  4. Obtain non-tariff permits (non-tariff permit)
  5. Hire a customs agent (you will receive a single customs declaration)
  6. Hire transport company
  7. File delivery (you will receive notification of the file received)
  8. Get product in port
  9. Remove imported product
  10. Get product (you will receive a single tariff document)

What are the benefits of imports for a country?

What are the benefits of imports for a country?

  • Get goods and services that cannot be easily obtained in the country.
  • Get goods and services of the latest technological generation.
  • The inhabitants of a country have the possibility of acquiring last generation products.
  • National companies are forced to improve the quality of their products to compete with goods and services from abroad.
  • Countries that have a free trade agreement (FTA) will lower the cost of international purchase.
  • The import of raw materials generates advantages for companies in the country.

What are the disadvantages of imports for a country?

What are the disadvantages of imports for a country?

  • Acquiring goods and services from abroad reduces the profits of entrepreneurs.
  • When importing products from abroad there is a risk of price increases due to the increase in the international currency.
  • Entrepreneurs become dependent on imports for their businesses to function.

In 2017, the import figures in Guatemala amounted to $ 13.5 billion dollars, which made it the 80th largest importing country in the world.

The countries where most imported products come from are:

United States ($ 5.44 billion)

China ($ 1,965 billion)

Mexico ($ 1.63 billion)

El Salvador ($ 791 million)

Germany ($ 328 million)

Imports from Guatemala in the first half of 2018 grew 9.1% compared to the same period of 2017, according to data revealed by the Banco de Guatemala (Banguat).

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