Bolivian Economy Facts
The Bolivian Economy has been growing at a steady rate due to the countries decision to Privatize many of its industries. Bolivia has had the highest growth rate in South America since the global recession.
Top Industries : Mining; Smelting; Petroleum; Food and Beverages
Top 3 Trade Partners (2014): Brazil, Argentina, and United States
Top 3 Exported Goods (2014): Oil & Mineral Fuels, Ores, and Precious Stones & Metals
Bolivia’s estimated GDP in 2008 totaled $18.94 billion and the nation’s growth can be attributed to privatization of various public sector enterprises, and growth in the hydrocarbon and mining sectors. Bolivia has the second largest natural gas reserves in South America. The Bolivian state oil corporation, has signed contracts with Brazil and Argentina to steadily increase the country’s gas exports in the next ten years.
Bolivia’s primary import commodities include petroleum products, plastics, paper, aircrafts, automobiles
Bolivia is the 88th largest export economy in the world and the 93rd most complex economy according to the Economic Complexity Index (ECI). In 2013, Bolivia exported $11.8B and imported $10.8B, resulting in a positive trade balance of $996M. In 2013 the GDP of Bolivia was $30.6B and its GDP per capita was $6.13k.
Bolivia’s trade with neighboring countries is growing due to its participation in several regional trade agreements. Bolivia is a member of the Andean Community, along with Peru, Ecuador and Colombia. Bolivia is also an associate member of the Mercosur, and is focused on developing its market through membership in the Bolivarian Alliance for the Americas (ALBA), whose members include Venezuela, Cuba and Nicaragua.
Bolivia Imports increased to 957.80 USD Million in December from 753.10 USD Million in November of 2015. Imports in Bolivia averaged 347.16 USD Million from 1994 until 2015, reaching an all time high of 1065.60 USD Million in October of 2014 and a record low of 98.20 USD Million in January of 1996. Imports in Bolivia is reported by the Banco Central de Bolivia.
Bolivian exports were approximately $4.8 billion in 2009, up from $652 million in 1991. Imports stood at $4.1 billion in 2009.
Bolivia’s primary export commodities include natural gas, soybeans, crude petroleum, zinc ore and tin. The country’s main export partners are Brazil, the US and Japan. The chart below shows the imports in Bolivia in 2008 and 2009.
Bolivia has become one of the largest importers of Renewable energy systems . The Renewable Energy Project for Bolivia is to expand access to electricity in un-served areas of Bolivia under a model of electricity access expansion that supports the implementation of the national decentralized. Energy Solutions have become an important focus of the Bolivian Economy