Textile Sector in 2020: Optimism in Nicaragua

Despite global threats, such as the possibility of a global economic slowdown, businessmen in the sector are confident that their sales will continue to rise.

Friday, January 10, 2020

Companies operating under the free zone regime in the country, estimate that their sales abroad during 2019 amounted to about $ 1.7 billion, an amount that exceeds by 5% what was recorded in 2018.

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By 2020, the sector expects to continue with the good numbers, despite strong fears that the industry will be affected by an international crisis, which would be explained by conflicts worldwide.

Dean Garcia, executive director of the Nicaraguan Association of the Textile and Clothing Industry (Anitec), told Laprensa.com.ni that by 2020 "... I would expect us to have the same situation as last year, we must also take into account that this year there are other elements such as the international crisis, the slowdown in the world economy ... I would say that ending with the same positive figures as last year would be satisfactory."

In relation to new projects, García explained that "... because of the same uncertainty that exists at the international and national level at the moment, companies in the sector are not contemplating making new direct investments during 2020. The only project that is currently underway is the Los Brasiles textile company, which would employ some 600 workers."

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Nicaragua: Outlook for the Textile Sector

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According to businessmen in the country's textile sector, as a result of the covid-19 pandemic, a reduction in work orders is expected during the second half of the year.

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The sector expects to close the year with a decline in the value of exports due to low international prices, but with an increase of about 10% in total production.

Textile entrepreneurs estimate that they may end the year with close to the planned target of 500 million square meters of production, but below the $1.5 billion in export value. 

Nicaragua: Optimism in Textile Industry

February 2016

Despite the challenges facing the Central American textile industry with the coming into force of the TPP and Asian competition, projections are that there will be growth of 8% in 2016.

The main reason is the decision of the US government to extend for ten years the tariff advantages enjoyed by Nicaraguan exports to the northern country, supporting them against the entry into force of the Trans-Pacific Economic Partnership Agreement (TPP).

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The sector expects to create 6.000 jobs this year, as well as increased orders from international markets.

Dean García is the president of the Nicaraguan Textile Industry Association (Anitec). He identifies two key elements in this recovery: improvement in the U.S. economy and new markets like the European Union and Canada.

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