Imports Feel Effects of the Crisis

Purchases abroad by Nicaraguan companies during May were 5% lower than those reported in the same month last year.

Wednesday, July 25, 2018

Three months after the social and political crisis broke out, various economic sectors now feeling the impact. From January to April of this year, imports were growing at a monthly average of 10%, however, with the advance of the crisis that trend has been reversed, registering a 5% year-on-year fall in purchases made abroad, falling in May from $529 million to $502 million.

Economist Luis Murillo explained to Elnuevodiario.com that " ... the fall in imports last May is linked to the socio-political crisis in the country, taking into account that the statistics reflect a greater fall in consumer durables, than in the non-durables. 'What happens is that people are prioritizing the purchase of food, of perishables.'" 

In line with what Murillo explained, the Foreign Trade report of the Central Bank of Nicaragua details that " ... imports of durable consumer goods showed a negative trend during the period January-May 2018, leaving as a result a negative cumulative variation 3.9 percent. This behavior was mainly driven by lower tire imports (-11.6%), as well as household appliances (- 2.0%) for household consumption, including telephones (including mobile phones), and refrigerators and freezers." 

See report and statistics by the Central Bank. (In Spanish)

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More on this topic

Panamanian Exports Up 12%

July 2018

From January to May of this year, sales abroad totaled $309 million, which is equivalent to an increase of 11.7% compared to the same period in 2017.

According to the most recent figures from the Office of the Comptroller General of the Republic, between the first five months of 2017 and the same period in 2018, exports rose from $276 million to $309 million, an increase that is explained in part by the behavior of banana and sugar sales.

Nicaragua: Exports Stagnate

July 2018

During the first five months of the year exports totaled $1.219 billion, without registering significant variations compared to the same period last year.

At the end of the first five months of the year, the value of FOB exports totaled $1.219 million, an amount that only exceeded by $289 thousand the $1.2189 billion exported in the same period in 2017, informed the Central Bank of Nicaragua.

Gloomy Prospects for Exports

June 2018

Nicaraguan business leaders estimate that in the months of June and July there will be drastic drops in exports.

In the first five months of the year, the country sold $1.282 billion worth of goods abroad, which is 2% more than what was reported in the same period in 2017. However, the business sector says that this increase was due to the fact that many exporters decided to liquidate most of their inventory at the beginning of the crisis. 

Nicaragua: Exports Up 15% in 2017

March 2018

In 2017, sales abroad totaled $2.548 billion, 15% more than in 2016, and the increase was explained by exports of agricultural, fishery and manufactured products.

The Central Bank of Nicaragua (BCN) reported that " ...At the end of 2017, the merchandise trade deficit registered a decrease of 3.5 percent, totaling 3,113.1 million dollars, which represents a fall of 114.5 million dollars in relation to the deficit generated in 2016."

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