At the end of the first quarter of this year, exports had a mixed behavior, grew in value, but fell in volume, according to preliminary data from the Center for Export Procedures (Cetrex), this situation is due to a decrease in production caused by a fertilization due to the higher cost of agricultural inputs due to the tax reform and the impact of hurricanes Eta and Iota.
Between January and March 2021, Nicaragua exported 703.53 million kilograms of products, lower than the 759.36 million kilograms exported at the same time last year, that is, there was a 7.4 percent drop.
While in value the placement of products in the international market generated 928.36 million dollars in the first quarter, that is, 12.2 percent more compared to the 827.44 million dollars raised in the same period of last year. That represents an increase of $ 100.92 million, which is positive.
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International price has improved
The performance of income continues to be influenced by the increase in the price of Nicaragua’s main export products.
In fact, for each kilogram exported Nicaragua received 1.32 dollars, higher than the 1.09 dollars in the same period last year. However, in the prices of the twenty main products, the increase was slight, going from 1.90 dollars per kilogram last year to 1.94 dollars this year.
Regarding the prices of the twenty main products, five showed declines: coffee, beef, beans, tobacco, and processed coffee.
In the first quarter of 2021, the main ten export products in order of importance were: raw gold, golden coffee, beef, cane sugar, peanuts, beans, farmed shrimp, Morolique cheese, lobsters and beverages, alcoholic liquids and vinegars.
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Gold keeps shining
The Cetrex report, which must then be made official by the Central Bank of Nicaragua, indicates that gold continues to be the main export product, with growth in volume and value of 22.5 and 42.6 percent, respectively.
The president of the Association of Producers and Exporters of Nicaragua (APEN), Guillermo Jacoby, explained that at a time when the economy of the main countries worldwide is affected by the pandemic, investors seek refuge in gold, that is, Instead of investing in stocks in companies, because companies are bad, then they invest in gold.
Coffee was the second export product. This contributed 154.26 million dollars, slightly higher than the 154.15 million dollars compared to the same time last year.
In the case of beef, foreign sales generated $ 148.50 million, $ 5.89 million less than in 2020.
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While sugar exports grew in volume and value 17.1 and 25.8 percent, respectively. This product generated 73.96 million dollars.
Main business partners
Cetrex data indicate that the main export destination was the United States. 103.96 million kilograms of products were sent to this destination, a figure higher than the 88.21 million exported in the same period of 2020.
From that country, 419.26 million dollars were received, a figure higher than 370.28 million dollars in the same period of 2020. Shipments to the United States accounted for 45.14 percent of exports under the traditional regime.
After the United States, El Salvador is the second largest export destination. Nicaragua exported 90.66 million dollars worth of products to that market. In third place is Costa Rica, with 41.52 million dollars in merchandise. In fourth place, Mexico with 33.36 million dollars; and in fifth, Guatemala, with 32.41 million dollars.
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