Nearshore Americas

Nicaragua Experiences Strong Recovery in Exports

SOURCE: LAPRENSA

The Nicaragua export sector began to show good signs this year as foreign sales in January surpassed those in the same month of 2009.

A preliminary report of the Center for Export Procedures (CETREX) indicates that exports last month increased by 33.01 percent in value, from 96.7 million dollars in January 2009 at 128.6 million dollars in January just past.

In January last year the exports by 96.7 million dollars had meant a decrease of 27.75 percent in the value of foreign sales, versus 2008.  In volume terms during the first month of this year it had to export a 48.6 percent increase in January last year, from 87.1 million kilograms in 2009 to 129.4 million kg last month.

The executive director of the Center for Export Procedures Jorge Molina told reporters that while there was a recovery in January, “the situation is still unclear.  “It’s premature to say he crossed the river, we are still a mere river, and right now there is a pool, but we still continue paddling to reach the other side,” he said.

He stressed that the goal for this year is to reach export levels of 2008, or overcome them. In 2008 exports accounted for 1.532 million dollars, but last year contributed only 1.434 million to the economy.

In reviewing sales by destination, the U.S. remains the leader. The U.S. is the main market for Nicaraguan products, absorbing 32.42 percent of total country’s export products.

In January last year exports to China totaled $ 23.6 million, while this year was 41.7 million dollars. This represents a growth of 76.6 percent in the value of their purchases from Nicaragua.

In the first month of this year’s top five export destinations in Nicaragua are: USA, El Salvador (13.64 per cent of exports), Venezuela (9.67 percent), Guatemala (5.84 percent) and Costa Rica (5.45 percent).

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Honduras ceased to be one of the largest buyers of domestic products this year, reflecting a fall of 28.78 percent in the value of their purchases from the country. In January 2009, products exported to Honduras by the order of 8.86 million dollars, while this year just was sent a product equivalent to about 6.31 million dollars.

Kirk Laughlin

Kirk Laughlin is an award-winning editor and subject expert in information technology and offshore BPO/ contact center strategies.

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