Brazil and Paraguay
Itaipu is shared infrastructure and a shared institution with significant effects on both electricity systems. Its treaty and financial rules have their own schedules. Trade, borders and businesses add other connections that cannot be reduced to energy or negotiation of Annex C.
Analysis reviewed: 2026-10-07 · Indicators updated: 2026-10-07A binational institution
Itaipu's financial statements explain its legal architecture and annexes: organization, facilities, and financial and electricity service foundations.
The treaty and Annex C
The notes indicate the treaty's indefinite duration and the need for agreement between the parties to modify it.
Energy versus general trade
The plant is a long-term physical connection, while the 2025 goods data show broader activity.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 7,499.03 M USD | 2025 · UN Comtrade / BRA |
| Goods: Brazil to Paraguay | 4,012.93 M USD | 2025 · UN Comtrade / BRA |
| Goods: Paraguay to Brazil | 3,486.09 M USD | 2025 · UN Comtrade / BRA |
| Services trade | ||
| Export share: Brazil to Paraguay | 1.15 % | 2025 · UN Comtrade / BRA |
| Export share: Paraguay to Brazil | ||
| Investment stock: Brazil in Paraguay | ||
| Investment stock: Paraguay in Brazil |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade / BRA · Goods; full year; reporting country BRA. Exports normally FOB and imports CIF according to the reporter's coverage. Mirror reports are not added together.
- Goods: Brazil to Paraguay
- 2025 · UN Comtrade / BRA · Goods; full year; reporting country BRA. Exports normally FOB and imports CIF according to the reporter's coverage. Mirror reports are not added together.
- Goods: Paraguay to Brazil
- 2025 · UN Comtrade / BRA · Goods; full year; reporting country BRA. Exports normally FOB and imports CIF according to the reporter's coverage. Mirror reports are not added together.
- Export share: Brazil to Paraguay
- 2025 · UN Comtrade / BRA · Goods share: BRA exports to the partner / exports by the same reporting country to the world, same year.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Brazil | Paraguay |
|---|---|---|
| Nominal GDP | 2.28 trillion USD2025 · WB | 49.28 billion USD2025 · WB |
| GDP per capita | 10,713.29 USD2025 · WB | 7,026.62 USD2025 · WB |
| GDP growth | 2.29 %2025 · WB | 6.64 %2025 · WB |
| Policy interest rate | 13.75 %2026-10-07 · Banco Central do Brasil | |
| Inflation · annual average | 5.02 %Annual average · 2025 · WB | 4.04 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 4.22 %Headline CPI · 2026-08 · year-on-year · Ministério da Fazenda / IBGE | |
| Unemployment | 5.97 %ILO est.2025 · WB | 4.8 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -8.1 %IMF est.2025 · IMF | -1.7 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 93.3 %IMF est.2025 · IMF | 38.1 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -2.93 %2025 · WB | -3.18 %2025 · WB |
| Population | 212,812,4052025 · WB | 7,013,0782025 · WB |
| Area | 8,510,420 km²2023 · WB | 406,752 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDBrazil: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Paraguay: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP per capita
- Current USD per personBrazil: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Paraguay: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP growth
- Annual real change (%)Brazil: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Paraguay: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Policy interest rate
- Central bank instrument (%)Brazil: 2026-10-07 · Target for the Selic rate, annual percentage · Banco Central do Brasil · Official monetary-policy target, not the effective daily interbank rate.
- Inflation · annual average
- Average annual change in headline CPI (%)Brazil: 2025 · Annual average change in the CPI (%) · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Paraguay: 2025 · Annual average CPI change (%) · World Bank · Official World Bank series. Observation year, not download date.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedBrazil: 2026-08 · Headline IPCA; urban coverage of the SNIPC system · Ministério da Fazenda / IBGE · Official monthly data. Not mixed with the annual average. · Alternative official source; verified 2026-10-07
- Unemployment
- % of the labour force; definition used by the stated institutionBrazil: 2025 · ILO modelled estimate, % of the labour force · World Bank · ILO est. · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Paraguay: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Official World Bank series. Observation year, not download date.
- Budget balance
- General government (% of GDP)Brazil: 2025 · IMF · IMF est. · IMF WEO estimate, not a monthly observation. Retains the country's fiscal year where it differs from the calendar year.Paraguay: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)Brazil: 2025 · IMF · IMF est. · IMF WEO estimate, not a monthly observation. Retains the country's fiscal year where it differs from the calendar year.Paraguay: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPBrazil: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Paraguay: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Population
- PeopleBrazil: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Paraguay: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Area
- Total area in km²; territorial coverage of the sourceBrazil: 2023 · World Bank / FAO · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Paraguay: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Brazil to Paraguay
| Product or sector | Value / share |
|---|---|
| Machinery and mechanical appliances | 571.7 M USD2025 · Source |
| Land vehicles and components | 396 M USD2025 · Source |
| Electrical and electronic equipment | 232.3 M USD2025 · Source |
| Mineral fuels and oils | 66.2 M USD2025 · Source |
| Pharmaceutical products | 26.9 M USD2025 · Source |
Paraguay to Brazil
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 900.3 M USD2025 · Source |
| Electrical and electronic equipment | 295.6 M USD2025 · Source |
| Pharmaceutical products | 12.2 M USD2025 · Source |
| Machinery and mechanical appliances | 5.9 M USD2025 · Source |
| Land vehicles and components | 3.5 M USD2025 · Source |
Connections between people
Education, work, visits and community connections have their own records and procedures. Residents are not equivalent to annual arrivals, and visits may be repeated. The tables retain dates, definitions and sources to distinguish these connections from business contracts and government decisions. [2]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Brazil living in Paraguay | ||
| Residents from Paraguay living in Brazil | ||
| Study and training: Brazil in Paraguay | ||
| Study and training: Paraguay in Brazil | ||
| Academic stays: Brazil in Paraguay | ||
| Academic stays: Paraguay in Brazil | ||
| Travel: Brazil to Paraguay | ||
| Travel: Paraguay to Brazil |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
A binational institution
Itaipu's financial statements explain its legal architecture and annexes: organization, facilities, and financial and electricity service foundations. The entity is not an ordinary private subsidiary, nor is all its financing direct investment from one country in the other. Generation, energy transfers and financial obligations have their own measures and procedures, different from customs and goods trade. [1]
The treaty and Annex C
The notes indicate the treaty's indefinite duration and the need for agreement between the parties to modify it. Annex C contains financial rules subject to review after fifty years under its original provision. An announced negotiating deadline is not interpreted as a reform already approved. Energy rights and actual supplies require different documents and records. [1]
The March 2026 talks
On March 19, Itaipu reported progress highlighted by the foreign ministers in the Annex C review. This is a communication about negotiation, not proof that the final text is already in force. The authorities' position is distinguished from audited financial statements, which describe another period and may retain earlier precedents and commitments. [2]
The scale of the two economies
Brazil recorded nominal GDP of 2279.9 billion USD in 2025, compared with 49.3 in 2025 for Paraguay. The reference populations were 212.81 million (2025) and 7.01 million (2025), respectively. In the same year, Brazil's nominal GDP was 46.27 times that of Paraguay. The figures contextualize market size; they do not in themselves describe well-being, individual wealth or political influence. IMF estimates or demographic extrapolations retain their markings in the table. A ratio is not calculated when the periods do not match. [4] [5] [6] [7]
Recent developments
Recent developments and latest available data · Reviewed: 2026-10-07
Energy versus general trade
The plant is a long-term physical connection, while the 2025 goods data show broader activity. An electricity amount or service cost is not added to customs trade without checking coverage. Border communities, transport and businesses have other ties; one institution's accounts do not represent all bilateral operations. [2]
Observed economic exchange
In 2025, goods recorded between Brazil and Paraguay totaled 7499 million USD. Brazil's shipments to Paraguay were USD 4012.9 million; shipments in the opposite direction were USD 3486.1 million. Brazil's shipments to the partner represented 1.15% of its goods exports to the world, using the same year and reporting country. A single customs declaration is used for both directions. This annual flow does not include all services activity or subsidiaries' local sales and is not added to accumulated investment capital. [3]
Milestones and consequences
Sources and data
Periods and scope of the figures
Each figure retains its period, unit, definition and source. Announcements, contracts and results are not interchangeable. Empty cells do not mean zero. Customs data for 2025 are not presented as activity observed during later crises.
- Itaipu financial statements for 2025 and treaty notes
Itaipu Binacional · Institutional source · Document: 2026-03-12 · Accessed: 2026-10-07
- Negotiations on the Annex C review
Itaipu Binacional · Institutional source · Document: 2026-03-19 · Accessed: 2026-10-07
- Annual TOTAL X/M; 2025; reporter 76; partners 0,600
UN Comtrade / BRA · Institutional source · Accessed: 2026-10-07
- NY.GDP.MKTP.CD; 2023–2025; country and period preserved; no military series
World Bank · Institutional source · Accessed: 2026-10-07
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; 2023–2025; country and period preserved; no military series
World Bank · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- HS2 27; 2025; reporter 76; partners 600; X/M; annual goods
UN Comtrade / BRA · Institutional source · Accessed: 2026-10-07
- HS2 30; 2025; reporter 76; partners 600; X/M; annual goods
UN Comtrade / BRA · Institutional source · Accessed: 2026-10-07
- HS2 84; 2025; reporter 76; partners 600; X/M; annual goods
UN Comtrade / BRA · Institutional source · Accessed: 2026-10-07
- HS2 85; 2025; reporter 76; partners 600; X/M; annual goods
UN Comtrade / BRA · Institutional source · Accessed: 2026-10-07
- HS2 87; 2025; reporter 76; partners 600; X/M; annual goods
UN Comtrade / BRA · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade / BRA
2026-10-07 · Accessed: 2026-10-07 · HS2 27; 2025; reporter 76; partners 600; X/M; annual goods.
- UN Comtrade / BRA
2026-10-07 · Accessed: 2026-10-07 · HS2 84; 2025; reporter 76; partners 600; X/M; annual goods.
- UN Comtrade / BRA
2026-10-07 · Accessed: 2026-10-07 · HS2 87; 2025; reporter 76; partners 600; X/M; annual goods.
- UN Comtrade / BRA
2026-10-07 · Accessed: 2026-10-07 · HS2 85; 2025; reporter 76; partners 600; X/M; annual goods.
- UN Comtrade / BRA
2026-10-07 · Accessed: 2026-10-07 · HS2 30; 2025; reporter 76; partners 600; X/M; annual goods.