Nicaraguan exports surpass 2009 mark

Oct. 13, 2010 - PRLog -- Nicaragua’s Center for Export Procedures (CETREX, for its acronym in Spanish) recently reported the country has exported over US$1,451 million during the first nine months of 2010, surpassing the US$1,434 million reached by the end of 2009.

The results achieved during this period represent a 28.2 percent growth in value and 16.2 percent in volume if compared to the same nine month period last year, due mainly to an increase in agricultural production and a rise in the international prices of products such as coffee, meat, gold, sugar cane and beans.

CETREX also informed that the United States continues to be Nicaragua’s main buyer abroad, followed by Venezuela, which displaced El Salvador unto the third position. Together, these countries account for more than half of Nicaragua’s exports.

In addition, Nicaragua continues to look for opportunities to further develop the exporting sector. The Inter-American Development Bank (IDB), with the support of the Nicaraguan Ministry of Agriculture and Forestry (MAGFOR, for its acronym is Spanish), recently announced a program aimed at helping small producers in the country gain access to international markets. The program will donate up to US$250,000 and provide technical support to projects that add value to national products and that will have a significant economic impact in the communities where they will be implemented.

In terms of expanding the country’s market access, Nicaraguan government officials have expressed an interest in developing trade relations with China through a free trade agreement (FTA) with this Asian giant. The intention has already been communicated to the Chinese government and Nicaraguan officials are waiting for a response. This may represent a great opportunity for Nicaragua to export renowned products such as rum, coffee and cigars, and also to import Chinese products at more competitive prices.

Currently, Nicaragua has FTAs with the United States, the Dominican Republic, Mexico, Central America, Panamá and Taiwan; furthermore, negotiations for the FTA with the European Union have concluded and the agreement is currently under legal revision. Along with other preferential and cooperation agreements, Nicaragua has an estimated market access of over 1 billion people.

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