The iron and steel sector of Nicaragua has recorded a reduction of at least 50% in sales from the last two months, a situation that has forced them to reduce imports.
Entrepreneurs in the sector reported that as a result of the political crisis that has affected the country since April 18, in May and June they have seen a considerable drop in their sales, which has resulted in the interruption of their purchases abroad.
The union of hardware stores reported a 12% increase in sales in 2016, in a sector where competition is growing with the arrival of foreign franchises and the opening of new branches.
After a very successful 2015, the hardware sector had projected sales growth of 20% in 2016, however, a slowdown in the construction of buildings suffered from midyear prevented the goal from being reached.Despite this, an overall increase of 12% was achieved due mostly to "... maintenance in businesses and homes, agreed the sources."
From 8 to April 10, suppliers of building materials and hardware will be meeting in Managua to participate in conferences and develop business partnerships.
The Association of Hardware businesses in Nicaragua (Afenic) through its president Edgard Lugo is convening Expo Ferretera 2016, to be held in Managua on the 8th, 9th and 10th of April and will feature about 85 exhibitors.
The dynamism of the construction sector is driving growth in the hardware sector which consists of about 1,000 companies that generate annual sales of between $300 and $350 million.
The strong and sustained growth of the construction sector in recent years has been the engine of the hardware store business in the country, major suppliers of materials and equipment to construction companies. Data from the Hardware Association of Nicaragua (Afenic) indicates that the the number of companies engaged in the activity amounts to 1000, which as of August reported they had 28,098 insured workers.
In the first three months of the year, the construction industry registered 31% less activity than in the same period of 2009.
The best performing subsectors were residential and industrial construction, with a combined drop of -20.3% in the first quarter of the year, and -5.3% when compared to the last quarter of 2009.
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