Guatemala is in Central America, south of Mexico. It is home to roughly 16 million people. Nearby countries include Mexico, Belize, Honduras, and El Salvador. It is lovely to travel to and also a nice place to grow your business.
Guatemala city is the capital. It is also where most economic activity takes place. Some other major cities include Mixco, Villa, and Nueva.
Guatemala has rich volcanic landscapes and ancient stone buildings. The country’s Mayan history has a lot to do with how it is today. The country’s culture comes from the Mayan tradition. The people still recognize ancient cultural events today.
New trends continue to rise in the market. For example, the country’s communication sector has strong growth potential across the market.
Guatemala has also been on the rise in economic growth. Despite the recent virus, the country has been doing well. Sadly, the income gap remains wide, with high rates of poverty among the Mayan people. Guatemala is now the top country of origin for asylum-seekers and migrants at the US southern border.
The government is giving out vaccines in light of the COVID-19 virus, and despite the challenges, things seem to be looking up for this small nation. It is on the path to being one of the largest markets in Central America.
Guatemala has a large economy: one of the largest in Central America. Over half of the country’s economic life takes place in the private sector.
Some of the key industries are paper, coffee, and tourism. The people also engage in small-scale mining. Precious stones and metals are exports. Although this is a recent thing, it has been growing fast. The country also exports manufactured goods. The export system aids the economy’s wealth.
Guatemala’s primary sector is agriculture, and the main crops include nutmeg, cane sugar, bananas, and coffee. The industry also provides many people with jobs. Still, the country is at risk for climate change. It feels the effect more than its closest neighbors. Lack of rain is one of the main issues. Dry seasons can last as long as four months in many parts of the country. This phenomenon also happens in El Salvador and Honduras, which certainly doesn’t help the industry. Investing in Guatemala’s agricultural sector is risky because of the frequent droughts. Although this is the case, the small country has been doing well.
The primary export market is the United States of America. Its other trading partners include El Salvador, Mexico, and Honduras.
The country’s main exports are capital goods, consumer goods, and oil. Most of its imports come from the US. Despite these imports, citizens live off their agricultural produce. They depend on their fields of corn and other local fruits and vegetables.
Reasons to Grow Your Business in the Market
The main reason to grow your business is the country’s location. It is a bridge to a market with over 68 million people. Also, Guatemala offers perks like free trading with the US and Europe.
Some other pros include:
- Low taxation Rate
- Low crime rates compared to other countries
- A skilled labor force.
About Market Research in Guatemala
Are you looking to invest in Guatemala? Do you want to expand your business to new places? We have given you all the details about the country’s economy and profit potential. SIS Research gathers Quantitative and Qualitative data, and we also offer Strategy Research. We use interviews, surveys, and focus groups to help you decide your market strategy. Contact us today for more insights!