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El Salvador reports negative trade balance in 2014Thursday, January 29, 2015 > 14:11:47
(FTSE Global Markets)
The Banco Central de Reserva (BCR) of El Salvador, the central bank, says the value of Salvadoran exports in 2014 reached $5,272.7m, a decrease of 4% compared to 2013. It is noteworthy that, non-traditional exports outstripped traditional exports, growing 1.3% over the year, worth $3960.3m, writes Ana Genover.
Countries outside the Central American region stepped up buying El Salvadorean goods. Exports to South Korea reached $25.5m, Netherlands $14.8m, New Zealand $13.1m, Australia $10m, and the Dominican Republic $9.4m.
Importers from Central America (including Panama) bought $2176.5m worth nontraditional products, with Honduras ($747.7m) and Guatemala ($708.1m) stand out. Exports to Panama, Nicaragua and Costa Rica showing the biggest increase, rising $20.5m, $12.2m, $13.2m, respectively.
The maquila sector closed the year 2014 with cumulative exports of $1024m, of which 98.2% are concentrated in five countries: United States, Honduras, Canada, Mexico and the Netherlands. The United States accounted for the bulk, with 92.4% ($946.4m); the second most important partner of the maquilas was Honduras with $29.8m.
Finally, according to the central bank, total imports were worth $10,512.9m, down $259.1m over the same period in 2013, representing a decrease of 2.4%Imports from Central American countries goods were worth $1857.2m in 2014, up $60.3m compared with the previous year; however, imports from other countries was down, totalling $7977.4m, $245.3m less than in 2013, which in part was influenced by a reduction in the country’s oil bill by some $220m as a result of the reduction in the price oil and its derivatives. Maquila imports were worth $678.3m.
The country’s trade balance showed a deficit of $5240.2m, with an annual variation of -0.8% compared with 2013.