Analysis and Studies - Country Analysis
Bolivia: a look at the market
February 16th 2023
Bolivia is a country with many diversified landscapes and people, that have been living in this land for thousands of years.
Its name comes from Simón Bolívar, the leader of the revolt that made it possible for Bolivia to become an independent country. In fact, Spanish conquistadors took control of the country in 1538 and ruled until 1825, overpowering the Reign of the Incas.
Bolivia is the home of some record-breaking sites, such as Lake Titicaca, the highest lake of the world, Salar de Uyuni, the largest salt flat, and the world’s highest forest in Bolivia’s Sajama National Park, which perfectly symbolize the wealth of resources of this land.
The economy of Bolivia
Between the products that Bolivia produces the most, the top exports are petroleum gas ($2.02B), gold ($1.23B), zinc ore ($566M), precious metal ore ($517M), and soybean meal ($503M), exporting mostly to Brazil ($1.12B), Argentina ($1.03B), India ($719M), Peru ($477M), and China ($388M).
On the contrary, Bolivia imports refined petroleum ($510M), cars ($233M), pesticides ($173M), delivery trucks ($168M), and raw iron bars ($147M), mostly from China ($1.26B), Brazil ($1.1B), Chile ($791M), Peru ($535M), and Argentina ($516M).
In 2020, the country was the 94th economy in the world in terms of GDP. Despite having many resources, Bolivia remains one of the poorest regions in South America, due to its limited economic development, high production costs, lack of investments, and its landlocked position.
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