The Central Bank notes that 86.4 % of the goods produced by Salvadorans have three destinations: the United States. The U.S., Central America and Mexico.
Goods made by Salvadoran hands have been exported to 122 countries around the world, although three markets account for 86.4 per cent of shipments, according to the Central Reserve Bank (BCR).
From January to July,$3,783.8 million were exported,equivalent to $224.2 million less (5.6 per cent) over the same period of 2023. However, the volume grew by 1.8 percent with 2,153.2 million kilograms accumulated, which means that companies have exported more goods, but at a lower price.
In the international trade analytical report, the Central Bank noted that the United States is the main trading partner, with $1.298.7 million purchased in the first seven months of the year, equivalent to 34.5 percent.
If Central America is considered, then the region is the main buyer with 47.9 percent of exports in July, for more than $1,811.2 million.
Of these, Guatemala accounted for $735.7 million (19.2 % share), Honduras $582.3 million (15.4 percent), Nicaragua $327.2 million (8.6 percent), and Costa Rica $175.7 million (4.6 percent).
Then there is Mexico, with $157.9 million exported to July and with a share of 4.2 %.
The list of the main 49 buyers includes European destinations, as well as Latin Americans and Asians. The goods are shipped from countries such as Switzerland to the United Arab Emirates, the Czech Republic, South Africa or Cuba.
Top export destinations:
Data from January to July.
- United States: $1,298.7 million (34.5 percent)
- Central America: $1,811.2 million (47.9 percent). It includes Guatemala, Honduras, Nicaragua and Costa Rica.
- Mexico: $157.9 million (4.2 %)
Commercial dynamics
Exports to the United States accumulate a contraction of $160.3 million, 11 percent compared to the first seven months of 2023.
In the analysis, the BCR recalled that analysts agree that the U.S. economy has lost strength, even though it remains resilient to inflation and high interest rates on the part of the Federal Reserve (Fed).
The unemployment rate in the U.S. The U.S. in July was the highest in the last two years, at 4.3 percent, which directly impacts on a decrease in consumer spending, thus affecting the demand for imported products, among which are those produced by El Salvador.
The Central Bank highlights some destinations with positive results, such as China with a growth of 534 % due to higher purchases of sugar, textile materials and others. Also, Italy, with 25 % of higher demand, mainly in tuna and coffee.
Peru demanded more Salvadoran goods – sugar, textile garments and cardboard – with a growth of 21.3 percent, while Puerto Rico recorded a growth of 20.2 percent with purchases of cane molasses, steel tubes for construction and toilet paper.
This article has been translated after first appearing in Diario El Mundo