Trinidad and Tobago finished bottom of Group B after Brent Sancho's first-half own goal helped Paraguay win 2-0 in Kaiserslautern.
The South Americans took control of the game early on, with Kelvin Jack pulling off a fine save to deny Roque Santa Cruz's flicked header.
Santaz Cruz then headed a chance wide before the deadlock was broken on 25 minutes from a set-piece.
Roberto Acuna's free-kick was flicked goalwards by Julio Dos Santos but Sancho got the last touch as the ball nestled in the back of the net.
Dwight Yorke's free-kick set up a header for Cornell Glen but Albo Bobadilla palmed the ball to safety, and Aurtis Whitley's long-range half-volley whistled over the bar.
But T&T keeper Jack kept the scoreline respectable, denying Nelson Valdez with two good saves before Denis Caniza's goal on 37 was ruled out for offside.
The second half was played at a canter but it was Jack who was again the busier of the two stoppers, pulling off saves to keep Carlos Paredes and Edgar Barreto at bay.
But he was beaten on 86 minutes when Nelson Cuevas played a one-two with Santa Cruz and drilled home a low shot.