El Salvador recorded the highest growth rate in service exports among Central American countries during the third quarter of 2024, according to a report by the Secretariat for Central American Economic Integration (SIECA).
The country’s service exports reached a total of $4,558.7 million, reflecting a 26.3% increase compared to the same period in 2023. This significant growth positioned El Salvador as the top performer in the region, surpassing its neighboring countries in percentage growth.
Central America collectively exported over $36,267.1 million in services during the final quarter of last year, with El Salvador contributing $12 out of every $100 exported. Panama and Costa Rica remained the region’s largest exporters by volume, accounting for 37.4% and 33.6% of total service exports respectively, with El Salvador securing third place.
The report highlights that 77.7% of El Salvador’s service exports stemmed from the travel, transportation, and manufacturing sectors involving physical inputs. Telecommunications, information technology, and data services accounted for 7.3%, while maintenance and repair services represented 6.2%, and other business services comprised 4.7%.
Costa Rica followed El Salvador in growth with a 12.1% increase, totaling $12,189.9 million in service exports. Guatemala experienced a 7.7% rise with $3,496.6 million, and Panama’s service exports grew by 3.3%, reaching $13,562.8 million.
SIECA’s report underscores El Salvador’s rising prominence in service export markets, driven by diversification and robust growth in key sectors.