“Trade between these two countries and the U.S. has grown at a remarkable rate in recent years. U.S. imports from Nicaragua have been growing at a rate of 21 percent per year over the last two decades – 10 times faster than the latest IMF GDP growth forecast of the U.S. economy for 2012,” said Scott Aubuchon, UPS’s director of international air freight.
He added that “the growth we began to see after the 2006 Dominican Republic-Central America-U.S. Free Trade Agreement (CAFTA-DR) is now accelerating with the recent trends in near-sourcing. With well-established logistics operations in both Nicaragua and Honduras and as a world leader in international air freight, UPS is well-positioned to address the growing import and export needs of these countries and aid in their expansion to other global markets.”
Approximately 58 percent of Nicaragua export commodities are shipped to the U.S., including seafood, apparel and precious metals such as gold. Among the Latin American countries involved in CAFTA-DR, Nicaragua has become the fastest growing exporter to the U.S., while Nicaragua’s largest import partners include the U.S., Venezuela, Costa Rica and China.
“The combination of low labor costs and the geographic proximity to the U.S. market make Nicaragua and Honduras well-positioned to compete in today’s global marketplace,”
In 2011, Nicaragua exports reached US$4,293 million, a 25 percent increase compared to the US$3,425 million registered during 2010. The country’s main merchandise products include meat, coffee, gold, fish and sugar, while its free zones exports are composed mainly of autowire harnesses, apparel and agribusiness products.