El Salvador’s exports surged to $3.44 billion between January and June 2023, as reported in a publication by the Central Reserve Bank (BCR) on Thursday.
According to statistics from the state-owned bank, the supply of electricity, gas, steam, and air conditioning grew by an impressive 275.6% during this period, reaching a total of $45.9 million.
Similarly, the exports of food products showed an 11.2% increase, amounting to $606.13 million. Among these, sugar exports stood out with a growth of 10.13%, with a total sale of $164.076.1 million during the same period.
Meanwhile, El Salvador managed to sell $106.2 million worth of coffee, equivalent to 466.45 quintals at a price of $227.72 per quintal.
Regarding its major trading partners, the United States leads the pack with $1,260.60 million in trade, followed by Guatemala with $611.97 million, Honduras with $531.38 million, Nicaragua with $251.38 million, and Costa Rica with $160.04 million.
The BCR’s report also outlines the key exported products, including T-Shirts, sweaters, sugarcane, plastic packaging or transportation articles, and caps, among others.
On the other hand, when it comes to imports, the BCR highlighted a total of $7,786.27 million from January to June 2023, with notable acquisitions of products such as petroleum oils and derivatives, gas, pharmaceuticals, mobile phones, and vehicles.
El Salvador’s export performance in the first half of 2023 shows promising growth in various sectors. The rise in electricity exports indicates an increasing demand for energy resources, while the higher sales of food products and sugar demonstrate the country’s ability to tap into international markets effectively.
The notable sales of coffee indicate El Salvador’s strong position in the coffee market, maintaining its reputation as a significant coffee producer in the region. Furthermore, the collaboration with key trading partners, particularly the United States, Guatemala, and Honduras, reflects the country’s efforts to strengthen economic ties and diversify export destinations.
On the other hand, the increase in imports reveals a robust domestic demand for essential commodities like petroleum products, medicines, and communication devices, as well as vehicles for transportation and trade.
As the global economic landscape continues to evolve, El Salvador’s export sector will need to adapt to changing market conditions and explore further opportunities for growth. The country’s export success remains a vital aspect of its economic development, contributing to job creation, foreign exchange earnings, and overall prosperity. With effective policies and strategies in place, El Salvador is well-positioned to continue its journey towards a prosperous and sustainable future.