Furniture and Wood Experiencing Low Sales

Businessmen in Nicaragua reported that from January to September sales of furniture and wood showed a decrease of 60% compared to the same period in 2017.

Thursday, November 8, 2018

According to the second Monitoring of Economic Activities in Nicaragua, of the Superior Council of Private Enterprise (Cosep) and the Nicaraguan Foundation for Economic and Social Development (Funides), under the political and social crisis that has affected the country for more than six months, sales of the furniture sector have reported negative results.

Magdalena Cerda, Coordinator of the Center for Business and Assistance to Micro, Small and Medium Enterprises (CENAMI-CADIN), said to Elnuevodiario.com.ni that "... The wood furniture sector has a negative impact of 60%, small companies associated with CADIN have lowered their productivity up to 50%, because the market is quite sensitive, no market opening for this sector, access to precious wood is very high. Currently in Nicaragua, because of the crisis, growth is at a standstill for this sector."

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"... On the other hand, Pedro Gomez, first vice president of the confederation of this sector, said that production has decreased, because they are selling with frozen prices and therefore exports have been affected mainly by the wood ban and its high cost."

Regarding furniture imports, CentralAmericaData reports that in the first six months of 2018 the main importer of furniture in Central America was Panama, with $53 million, followed by Costa Rica, with $41 million, Guatemala, with $27 million, Honduras with $20 million, and Nicaragua and El Salvador with $17 million each.

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According to the Second Monitoring of Economic Activities in Nicaragua, prepared by the Superior Council of Private Enterprise (Cosep) and the Nicaraguan Foundation for Economic and Social Development (Funides), during September sales of advertising agencies fell 48%, those of distributors of medical equipment 40% and those of restaurants 35%, compared to the ninth month of 2017.

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Furniture manufacturers in Nicaragua are complaining about not having enough raw material while teak is being exported without any added value.

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