According to the Salvadoran Reserve Bank (BCR), El Salvador’s exports in 2023 were $6,498.09 million, a drop of 8.67% or $617.2 million less than the $7,115.11 it exported in 2022.

Except for a growth spike in February, the country’s exports consistently posted negative numbers throughout the rest of the year.

The decrease in 2023 exports is exceeded only by the decline recorded in 2020, a year dominated by COVID-19 lockdowns. In 2020, exports saw a substantial drop of 18.62%, amounting to $1,099.55 million.

Challenges in logistics chains, coupled with robust global inflation and product price hikes, had a notable impact on the overall exports from El Salvador.

In 2023, the United States, a key purchaser of Salvadoran goods, accounted for 35.6% of the country’s exports, amounting to $2,313.5 million. However, the exports were $445.8 million less or 16.2% lower compared to 2022.

El Salvador’s exports also fell in the region; Guatemala (18.4%) and Honduras (16.3%), the second and third most important trading partners for Salvadoran exports, bought less in 2023.

In 2023, El Salvador exported to Guatemala $1,198.5 million, a drop of 1.2% compared to 2022, and to Honduras $1,059.1 million, representing a reduction of 10.6% from the previous year.

Maquila Exports Dropped in 2023

According to the Salvadoran Reserve Bank BCR, Maquila exports, a pivotal driver of the Salvadoran economy, experienced a notable decline of 23.1% by the close of 2023.

In 2023, Maquila exports constituted 13.8% of the overall exports, encompassing textiles, clothing, electronic capacitors, and plastic products.

According to the Salvadoran Central Reserve Bank, exports from the Maquila industry were reduced by $294.63 million in 2023 compared to the $1,275.6 million registered in 2022.

El Salvador’s Exports

El Salvador’s export performance encountered hurdles in 2023, marked by a significant drop, particularly in Maquila exports. Despite the 2023 setback, diversification strategies and fundamental markets like the United States remain integral for future recovery and growth.

El Salvador Info: https://elsalvadorinfo.net/el-salvador-exports/

El Salvador’s Exports Dropped by $617.02 Million in 2023, the Worst Decline Since 2020

According to the Salvadoran Reserve Bank (BCR), El Salvador’s exports in 2023 were $6,498.09 million, a drop of 8.67% or $617.2 million less than the $7,115.11 it exported in 2022.

Except for a growth spike in February, the country’s exports consistently posted negative numbers throughout the rest of the year.

The decrease in 2023 exports is exceeded only by the decline recorded in 2020, a year dominated by COVID-19 lockdowns. In 2020, exports saw a substantial drop of 18.62%, amounting to $1,099.55 million.

Challenges in logistics chains, coupled with robust global inflation and product price hikes, had a notable impact on the overall exports from El Salvador.

In 2023, the United States, a key purchaser of Salvadoran goods, accounted for 35.6% of the country’s exports, amounting to $2,313.5 million. However, the exports were $445.8 million less or 16.2% lower compared to 2022.

El Salvador’s exports also fell in the region; Guatemala (18.4%) and Honduras (16.3%), the second and third most important trading partners for Salvadoran exports, bought less in 2023.

In 2023, El Salvador exported to Guatemala $1,198.5 million, a drop of 1.2% compared to 2022, and to Honduras $1,059.1 million, representing a reduction of 10.6% from the previous year.

Maquila Exports Dropped in 2023

According to the Salvadoran Reserve Bank BCR, Maquila exports, a pivotal driver of the Salvadoran economy, experienced a notable decline of 23.1% by the close of 2023.

In 2023, Maquila exports constituted 13.8% of the overall exports, encompassing textiles, clothing, electronic capacitors, and plastic products.

According to the Salvadoran Central Reserve Bank, exports from the Maquila industry were reduced by $294.63 million in 2023 compared to the $1,275.6 million registered in 2022.

El Salvador’s Exports

El Salvador’s export performance encountered hurdles in 2023, marked by a significant drop, particularly in Maquila exports. Despite the 2023 setback, diversification strategies and fundamental markets like the United States remain integral for future recovery and growth.

El Salvador Info: https://elsalvadorinfo.net/el-salvador-exports/