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El Salvador’s exports grow 30.7% in the last 12 months

The COVID-19 pandemic embittered the economy of some countries, and especially international trade; however, El Salvador this year began shipping knitted shirts, sweaters, cane sugar, and plastic containers to different parts of the world.

The Central Reserve Bank (BCR) reported that exports during March accumulated $ 574.2 million, which becomes the highest monthly figure observed in the entire history of El Salvador’s foreign trade, which is equivalent to a growth of 8.5% compared to February 2021 and 30.7% compared to March 2020.

The state institution added that, in the first quarter of 2021, the country exported a total of $ 1,601 million, a figure higher by $ 147 million compared to the same period in 2020, which is equivalent to a year-on-year growth of 10.1% with the products of maquila, sugar, plastic containers, among others, which represented 30.6% of the total, that is, $ 489.2 million of everything exported.

The president of El Salvador, Nayib Bukele, stressed that last month was the most prominent in foreign trade in the country’s history, even in the midst of a COVID-19 pandemic.

“The month with the most exports in the history of El Salvador, in the midst of a pandemic,” El Presidente wrote on Twitter.

The Minister of Economy (Minec), María Luisa Hayem, reaffirmed the monthly historical record for the country and highlighted that 24 productive sectors of the Salvadoran economy drove this important figure for foreign trade.

“The steady progress of the Vaccination Plan is being key to enhancing this dynamics of exports, as well as the execution of plans such as Trade Facilitation and Use of the Cooperation Agreement, which lead us on the path of recovery and economic growth” added the official.

On her part, Silvia Cuéllar, executive director of Coexport, reaffirmed: “Exports in March 2021 registered a historical record of $ 574.2 million; the highest monthly figure in the history of foreign trade in El Salvador ”, data similar to those presented by government institutions.

Jorge Arriaza, executive director of the Salvadoran Association of Industrialists (ASI), said that the increase in exports is good news, adding: «It is glad to see that businessmen are making it possible for the country to grow at a record number in exports. The good news at this time must be celebrated.

According to the BCR report, El Salvador sold $ 186 million in knitted shirts, $ 103.5 million in sweaters and the like, $ 80.3 million in cane sugar, while the sale of plastic containers represented $ 59.7 million and the chips or electrical capacitors was $ 59.7 million .

At the end of the first quarter, 75% of the export sectors registered positive growth rates and their additional contribution was $ 160.1 million, of which the manufacture of refined petroleum products ($ 10.8 million), the manufacture of textiles ($ 18.6 million stands out). ), clothing manufacturing ($ 25.5 million) and maquila ($ 52.8 million).

On the other hand, the main countries that significantly increased the demand for Salvadoran goods in March 2021 were the United States (with an additional $ 91.2 million), Guatemala ($ 51.5 million), Honduras ($ 26.8 million), Nicaragua ($ 9.6 million) and South Korea ($ 8.9 million), which cover 82.5% of the total exported in the month.

Additionally, of the 50 main countries that bought from El Salvador, 28 increased their purchases for a total of $ 218.7 million, indicated the BCR.

What did El Salvador buy the most?

On the other hand, the BCR indicated that the accumulated value of imports of goods during the first quarter was $ 3,355 million, increasing 22.6% compared to the first quarter of last year, which “shows that investment in our country is strengthening », Said the head of the Bank.

Imports of information and communication technology (ICT) goods grew by 48.7%, that is, an additional $ 70.9 million; the largest increase corresponds to computers and peripherals with $ 42.1 million and a rate of 113.1%, followed by consumer electronic equipment with 62.1% growth ($ 122.2 million). Therefore, the main provider of ICT goods was the People’s Republic of China with $ 143.6 million, followed by Vietnam with $ 26.4 million and Mexico with $ 16.6 million.