The main export destinations from january to june were: the United States with 36.7%, Honduras 15.5%, Guatemala 17.8%, Nicaragua 7.3%, Costa Rica 4.7%, Mexico 2.9%, Canada 2.7%, Panama 1.9%, Dominican Republic 1.6%, Spain 1.2% and the rest of the countries 7.8%.

In this regard, the vice minister of Foreign Affairs, Adriana Mira also highlighted in a radio interview that the figures of exports with the European Union, show that, during 2022, El Salvador sold US$279.9 million and so far in 2023 are US$98.631 million.

The official highlighted the benefits of the political agreement signed with the EU and established the differences with the trade agreement that already exists with Central America, reiterating the reference in which the country has become.

Likewise, economist Carlos Acevedo detailed that, with respect to the same period last year, the fall in exports could limit the 2.8% growth of the Gross Domestic Product (GDP) that the BCR forecasts for the end of 2023.

The former president of BCR also pointed out that foreign investment is necessary to achieve a complete economic reactivation.

According to a report by the Inter-American Development Bank (IDB) between january and april 2023, the prices of the main commodities exported by Latin America and the Caribbean showed marked volatility.

The year-on-year variation rates were negative for oil prices (-18.2%), coffee (-12.6%), iron (-11.9%), copper (-11.1%) and soybeans (-5.2%). Sugar, recorded a year-on-year increase of 15.1%.

Translated by: A.M