El Salvador increases its exports to China by 536%
Photo: Tovima.
El Salvador’s exports to China have experienced remarkable growth so far this year, registering an increase of 536% through July, according to data from the Central Reserve Bank. During this period, the value of Salvadoran exports increased from US$7.4 million in 2023 to US$47.1 million in the same period of 2024.
In terms of volume, the increase was even more striking, with an increase of 13,486 %. By July this year, El Salvador exported 82.3 million kilograms to China, compared to 0.6 million kilograms the previous year.
This growth has established China as the ninth most significant destination for Salvadoran exports, representing 1.2% of total Salvadoran shipments abroad.
The main product exported was cane sugar, which generated US$38.5 million and represented 81.8 million kilograms in exports. Other products that stood out were sweaters, pullovers and similar articles, which totaled US$4.9 million, as well as aluminum scrap, which reached US$1.4 million.
China and El Salvador are currently negotiating a Free Trade Agreement (FTA), the first phase of which concluded recently. The FTA seeks to facilitate the exchange of products and improve trade conditions for both countries. During the first round of negotiations, issues such as intellectual property protection and improved access of Salvadoran products to the Chinese market were discussed.
The FTA has been positively received by several Salvadoran business sectors. Silvia Cuéllar, president of the Salvadoran Exporters Corporation (Coexport), highlighted the potential of the agreement, while Mario Salaverría, president of the Sugar Association of El Salvador, pointed out that an FTA would allow El Salvador to increase sugar exports, one of the products most sought-after products by China, a country that imports between 4 and 5 million metric tons of sugar per year.
The FTA with China seeks to open new opportunities for the growth of Salvadoran exports, especially in products that have already shown strong potential in the Asian market.
Main source:
Exportaciones de El Salvador hacia China crecieron 536.4 % hasta julio – Diario El Salvador.
Other related sources:
El Salvador aumentó exportaciones a China aún sin un TLC – Prensa Latina.