As of May 2009, registered exports were $1.6 Billion, $306 million less than the same period in 2008.
2008 was a year of record growth in the export sector in El Salvador, with an increase of 14%. However, the Central Reserve Bank (BCR, acronym in Spanish) forecasts a contraction of 15% in exports by the end of 2009.
According to preliminary data from BCR published in an article by Irene Valiente on Laprensagrafica.com, “The traditional products (coffee, sugar, shrimp) have felt a decline of 10.9% annually, equivalent to $194.7 million. The reductions were in both value and in volume.”
Having ratified constitutional reforms in compliance with ILO conventions, tariff benefits with the EU will remain.
Vilma de Calderón, president of the Corporation of Exporters of El Salvador (COEXPORT), said the export sector, which is negotiating with the European Union, regained its tranquility with the ratification of Articles 47 and 48 of the Constitution.