Guatemala is the largest economy in Central America. Therefore, it is worth knowing the largest industries in Guatemala for those looking for business opportunities in this country.
In this article, we will mention some of Guatemala’s largest industries.
Private Sector in Guatemala
The private sector is the driving force of the Guatemalan economy. In fact, the private sector is responsible for about 85% of the national GDP. The majority of this sector is active in the following fields: industry, agriculture and tourism.
As one of the largest industries in Guatemala, this sector is constantly growing and has even acquired some traditionally public services in recent years. In fact, companies like bid invest have made this more possible due to the investments they have done in this sector.
This increase in the private sector has led to a decrease in the size of government. Services such as airports, banking institutions and even public utilities are now managed by private companies.
Private investors have recently planned a new highway in Guatemala as a private investment project.
Manufacturing and Agriculture Sector
The industrial, manufacturing, and agricultural sectors are part of Guatemala’s largest industries. These sectors are mainly focused on the production of the following products:
The most common crops grown in Guatemala are coffee, plantain, nutmeg, and cane sugar. The agricultural sector employs approximately 50% of the country’s labor force and produces some of Guatemala’s largest export products.
In fact, the country exports approximately US$1.02 billion worth of bananas annually, representing approximately 8.6% of all exports.
In addition, Guatemala exports raw sugar worth US$ 999 million (8.5% of exports) and coffee worth US$ 753 million (6.4% of exports). These three goods represent the largest exports.
Services sector in Guatemala
The services sector is another of the largest industries in Guatemala and includes specific industries such as tourism, healthcare, customer service, financial services, banking, hospitality, communication, and retail. This sector alone accounts for about 60% of Guatemala’s economy.
Tourism is one of the most influential industries in this group generating $1.8 billion in 2008.
Guatemala is a popular stop for cruise ships and the country receives an average of two million tourists annually. Visitors explore Guatemala’s beaches and pre-Hispanic ruins.
You may also be interested in: Typical food and dishes of Guatemala
As mentioned above, one of Guatemala’s largest industries is the import industry. The country imports more goods than it exports with an annual value of approximately US$17.4 billion. Although the country imports goods from other nations its main import partners are:
The largest category of products imported into Guatemala is technology representing US $ 3.08 billion annually. The main products imported within this category are transmission equipment (US $ 422 million), computers (US $ 212 million) and telephones (US $ 130 million).
The second largest import category consists of chemical products. Within this category, the main products are packaged drugs (US$ 529 million), fragrant mixtures (US$ 157 million) and pesticides (US$ 138 million).
In short, guatemala is the largest economy in Central America and has the largest industries. So, if your are looking for business opportunities in this country, you are doing good.