Salvadoran maquila exported 25% less

Ricardo Esmahan, minister of Economy, estimates a 25% drop in the last two months of 2008.

Thursday, January 8, 2009

According to reports from "Ricardo Esmahan, minister of Economy, said yesterday that exports from the sector have been affected by the drop in textile consumption, not some much in value but in volume.

Regarding the number of orders, he explained that some business owners have experienced a decrease while others say they have remained constant.

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The bank announced that the measure is necessary in order to lower costs in the face of the difficult economic situation.

The institution bought Interfin Bank two years ago and, with it, a great number of branches, some of them less than two kilometers away from one another.

ILO expects more unemployment in the region

January 2009

According to the latest report from the International Labour Organisation (ILO) less jobs will be created in 2009 due to the economic crisis. reports: "With growth forecasts of between 2% and 3% compared to the 5% average for the last five years, "the generation of jobs will be not be enough to meet the demand for labor and, hence, the levels of unemployment will probably increase" in the region, according to the Labor Panorama 2008 report".

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.

More unemployment for Nicaragua

December 2008

Official figures show that in the Free Zone sector alone, Nicaragua lost some 19 thousand jobs.

This is a result of the closure of some factories that have decided to leave the country due to problems related to high operational costs.

Adolfo Acevedo, economist, said that the Nicaraguan economy is generating what is called informal jobs which only allows for poor quality of work.

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