Good News Continues to Flow for the New Nicaragua
25th January 2012
Despite skepticism on President Ortega taking another term in office, Nicaragua continues to flourish under his leadership, propelling itself into a forerunner in the region for trade and foreign investment.
Both trade and investment in Nicaragua are up in numbers, while tourists continue to flock to the country in record numbers. The addition of a third daily flight by America Airlines is anticipated to further boost travel in the coming year. High end publications are spreading the word about what is becoming Central America’s most exciting place—the New Nicaragua.
On the commerce front, exports from Nicaragua reached record levels through November, promising even higher numbers for the entire year. The total for January-November 2011, totaling $2.13 billion USD, surpasses the same period of 2010 by nearly 24 percent. The United States continues to be Nicaragua’s largest export destination with 29 percent of the market, followed by Venezuela with 12.1 percent, Canada with 11 percent and El Salvador with 8.6 percent. Coffee was again the country’s main export product, followed by meat, gold, dairy products, sugar cane and peanuts.
According to Javier Chamorro Rubiales, executive director of PRONicaragua , the country’s exports will continue to increase through the involvement and investment by big name brands such as Adidas and Nike. He also noted that “the most important benefit is the thousands of employment opportunities created for the population when one of these leading brands chooses Nicaragua to outsource their products.” Both brands continue exploring Nicaragua with the purpose of further expanding their supplier base.
Nicaragua was the country in Central America with the highest growth in apparel exports (in volume) to the United States for the first three quarters of 2011, compared to the same period last year. According to the Office of Textiles and Apparel (OTEXA) of the U.S. Commerce Department, Nicaraguan garment exports to the United States increased 20 percent in terms of volume and 37.3 percent in terms of value.
Such developments continue to make the untapped opportunities within Nicaragua available to foreign investors. The key will be to ensure that they align with the country’s desire to protect its abundant natural resources, and increase the standard of living for its citizens.< Back to news < Download article