Guatemala lowers agricultural export forecast due to US trade policy

Published 2025년 5월 8일

Tridge summary

The Bank of Guatemala has revised its agricultural export growth forecast from 1.1% to 0.8% due to economic and trade issues. The country's economic growth forecast has also been reduced from 4% to 3.8%. The Guatemalan Exporters Association (Agexport) points out that the US's 10% base tariff on Guatemalan goods, in contrast to Mexican goods, and poor infrastructure, high logistics costs, and trade friction with the US are harming the competitiveness of Guatemalan agricultural products, especially vegetable products. Agexport suggests that Guatemala should focus on reducing tariffs through dialogue with the US and improving agricultural infrastructure to increase competitiveness.

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Original content

Cuba's Latin American News Agency reported on the 6th that after reassessment, the Monetary Policy Committee of the Bank of Guatemala has lowered its forecast for agricultural export growth from the initial forecast of 1.1% to 0.8%. As one of the three pillar industries of the national economy, agriculture accounts for 9.5% of the gross domestic product (GDP). In addition, Guatemala's economic growth forecast this year has also been lowered from 4% to 3.8%. Fernando Zuroga, agricultural department manager of the Guatemalan Exporters Association (Agexport) Zuloaga pointed out that the current situation puts Guatemala at a disadvantage, with Guatemalan goods subject to a 10% "minimum base tariff" by the US government, while Mexican goods are not. Zuloaga also said that vegetable products may suffer the most severe impact, which is particularly severe for agricultural producers and exporters, because many of them are small and medium-sized enterprises that rely on the industrial ...

Source: Foodmate