In the midst of Nicaragua's political and economic crisis, the National Assembly approved a tax reform that increases the income tax of large taxpayers from 1% to 3%.
On the morning of February 27th, the reform of the Tax Concentration Law was approved, which also contemplates raising from 1% to 2% the income tax for medium sized companies with higher incomes.
With the trade agreement exports to Mexico rose from $51 million in 2010 to $519 million five years later, and sales to US under CAFTA grew at a rate of 34% annually over the same period.
In the period 2010-2015 exports to Mexico under the free trade agreement signed in 1997 grew at a rate of 59% annually. Businessmen have pointed out that from a business perspective, the Nicaraguan FTAs with Mexico,the United States, Panama, Taiwan and the Dominican Republic have been the most successful.
The online participation of 60 international buyers has been confirmed in business meetings which will take place in the ExpoApen 2014 fair on September 26th and 27th.
The Association of Producers and Exporters of Nicaragua (APEN) reported that the majority of international buyers participating virtually are interested mainly in tropical fruits, vegetables, tubers, bananas and cashews.
The South American country is the second biggest destination for Nicaraguan exports.
Exporters to Venezuela "must be prepared" to diversify their market, due to the current situation taking place in the South American nation, said Azucena Castillo, general manager of the Association of Producers and Exporters of Nicaragua. Venezuela is the second biggest destination for Nicaraguan exports.
Nutritional labels on food exported to Mexico detailing sugar, fat and salt on exports to Ecuador are part of the changes.
The Association of Producers and Exporters of Nicaragua (APEN) confirmed that from this and next year Mexico and Ecuador will implement new labeling rules for foods and beverages. Exporters will have to take into account those rules if they want to place their products in those markets.
The South American country has sent its own ships to carry food in short supply in this nation such as sugar, coffee, black beans, oil, meat and live cattle.
Last weekend, 1,500 tons of sugar were loaded up in the Port of Corinto, the first shipment of three which will transport 45,000 tonnes of products between May and June. According to the director of the National Port Company, Virgilio Silva, on May 24 another ship docked in Arlen Siu, in the Pacific, to load up 980 heifers with the same destination.
Up to March 30, 2013, raw or unroasted coffee sales had fallen by 32%, which means a loss of $45.1 million.
Furthermore, the have been fewer sales of beef, sugar and peanuts, among other products, resulting in total export revenues diminishing by 8%, according to the Center for Export Procedures (Cetrex).
The export sector in 2013 estimated sales of $ 3 billion, a growth of 10 to 12% compared to 2012.
According to Azucena Castillo, general manager of the Association of Producers and Exporters of Nicaragua (APEN), growth will be driven by an increase in export volumes, since on the subject of prices, there are threats to commodities such as coffee and sugar.
In the as yet unquantified number of meetings held, organizers estimate that sales achieved in the year 2012 exceeds $29 million.
Azucena Castillo, general manager of the Association of Producers and Exporters of Nicaragua (APEN), when talking about the issue added that this means a new record in terms of purchase intentions on the part of participants.
The twelfth edition of the ExpoApen Fair that will begin on September 28 in Nicaragua, is expected to attract more than 75 international buyers and close deals worth $27 million.
Azucena Castillo, general manager of the Association of Producers and Exporters in Nicaragua (APEN), organizer of the event told the media that the registered companies "are direct representatives of supermarket chains and convenience stores in Central America, Europe, the United States, the Caribbean and Asia. "
In the two days of meetings representatives from 247 companies negotiated sales of $25 million, surpassing previous figures.
The product which made the most sales was coffee at 55%, followed by fruits and vegetables with 22%, said Azucena Castillo, general manager of the Association of Producers and Exporters of Nicaragua (APEN).
The country's livestock sector expects to have exported $500 million worth by the end of 2011, $100 million more than in 2010.
The increase would be driven by the export of meat, currently the country’s second largest export, cattle and cheese, are also among the top 20 selling products abroad.
In the coming months, 50 cattle farms will implement a cattle traceability system.
With an investment of $15,200 from the Association of Producers and Exporters of Nicaragua (APEN) and the Village Community Action (APAC) and contributions from producers, unique export codes will be managed by the Ministry of Agriculture and Forestry (MAGFOR) and investment will be made in the acquisition of livestock identification tags.
Exporters project an increase of $ 300 million for this year compared to 2010.
The director of the Export Procedures Center (CETREX), Jorge Molina, said the projected increase for this year is based on the average growth of the past seven years, which was 15%.
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