Nicaragua: 19 thousand jobs lost in 2008

The Free Zone industry lost 19000 jobs, but there is some hope that some will be recovered as a Mexican Consortium could replace at least 9600 jobs.

Thursday, November 27, 2008

The figures were estimated by Dean Garcia, a representative of the Nicaraguan Textile Manufacture Industry, Anitex.

He said that the C&C Mexican investors bought three of the companies from Nien Hsing, that are set up in the Las Mercedes free zone. The plan was for these plants to operating in December, however this was not so due to logical problems, and now it is expected that these will not resolved until January, when it is expected that a higher percentage of jobs lost this year will be replaces.

More on this topic

Record Employment at Nicaraguan Free Trade Zones

March 2011

Companies operating under the free zone regime reported a total of 89.927 employees to December 3, 2010.

According to the Central Bank of Nicaragua, this is the highest number of jobs for the sector, since February 2008 when 89.198 persons were employed.

Representatives of the textile sector, which own the majority of the 148 companies operating under the free zone regime, state there are 2 factors leading to employment recovery,"... tripartite working arrangements and the U.S. market recovery, Nicaragua's largest trading partner," reported Laprensa.com.ni.

Crisis affects textile industry in Central America

December 2008

The financial crisis in the US, a vital market for Central American exports, has reduced the demand for textiles, causing a lot of companies to close.

In CA the industry is also facing strong competition from China since 2005 when the textiles quotas in accordance with the World Trade Organization came into effect.

$25.5 million in investment for Nicaragua free zones

August 2008

A total of 10 companies with Mexican, American and Central American capital will start operations in the free zones.

Mexican manufacturing companies C&C Apparel, C&C Industries and C&C Las Mercedes were authorized to operate under the free zone system. Said companies will take over the operations of Nien Hsing, which is in the process of closing operations in Nicaragua, reports said.

Grow stagnates in Nicaraguan Free zone.

August 2008

The Free Zone industry is going through a grave crisis that is causing businesses to close.

In its annual reports, the Central Bank of Nicaragua (BCN), the Free Zone sector always appeared as the most dynamic, with exports growing at more than 20%, and as the greatest generator of employment in the industry. However, this situation has drastically changed with the lowest growth on record and a huge loss of jobs.

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