Nicaraguan exports to China surge by 80% in first semester

Image of a commercial port. Photo credit: The Central American Group.

The export of Nicaraguan products to China reached US$52 million in the first semester of this year – an 80% increase compared to the same period last year.

Nicaragua’s Minister of Development, Industry and Commerce (MIFIC), Jesús Bermúdez, was optimistic about the country’s economic performance, noting that, if this rhythm is maintained, Nicaragua could close the year with record figures in its commercial exchanges with China and other countries, surpassing even the results obtained in previous years – including those achieved under the commercial agreement the Central American country holds with the United Kingdom. 

Sugar is Nicaragua’s main export product to China, representing 60% of total exports to the Chinese market. As of June of this year, more than 70,000 tons of sugar had been exported.

Other Nicaraguan products in high demand in China include beef, coffee, cocoa, and peanut and palm oils, many of which are exported without tariffs, which has facilitated their entry into the Chinese market.

At the beginning of the month, Nicaragua and China inaugurated a new direct maritime route designed to facilitate trade and maximize the benefits of the Free Trade Agreement between the two countries.

The minister described the current pace of exports to the Asian nation as “excellent” and expressed his confidence that this trend will continue to improve over the coming years.

Laureano Ortega Murillo, presidential advisor on investment, trade and international cooperation and son of long-time authoritarian President Daniel Ortega, announced that this month Nicaragua will host a business forum which will count with the participation of 30 Chinese businessmen. At this event, contracts are expected to be signed for the purchase of key products such as shrimp, lobster, oil and coffee.

Ortega Murillo also noted that during the forum Chinese businessmen will be encouraged to invest in the country’s agro-industry sector with the expectation of boosting trade between the two countries and generating employment.

Main source:

Exportaciones de Nicaragua a China alcanzan 52 millones de dólares – Prensa Latina.