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 elsalvador.com "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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Representatives of the Costa Rican Union of Chambers and Associations of the Private Business Sector (UCCAEP), predict that if urgent actions are delayed, unemployment could rise from 12% to 19%.

ILO expects more unemployment in the region

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According to the latest report from the International Labour Organisation (ILO) less jobs will be created in 2009 due to the economic crisis.

Elnuevodiario.com.ni 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".

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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

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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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