Exporting to Guatemala
Consistent economic growth
Guatemala’s GDP has consistently grown in recent years, and is projected to continue growing at an average rate of 3.5% each year until 2024 at least (ONS, 2019). This should increase the spending power of the consumer which UK exporters could benefit from.
Demand for UK goods and services
Of all UK exports to Guatemala in the year to June 2019, exports of goods increased by 20.6% compared to the previous year, while UK exports of services to Guatemala increased by 33.3% (ONS, 2019). Out of the total exports, 77.4% were goods, which were valued at £41 million, and 22.6% were services, which were valued at another £12 million (ONS, 2019). This shows a demand for UK goods and services which exporters could benefit from.