El Salvador’s exports and imports are crucial to the country’s economy. Trade relationships hold immense importance for a country’s economic growth and stability.
The main exports of El Salvador are coffee, sugar, textiles, and maquila products. The country’s primary imports are for the manufacturing and maquila sectors, with other imports related to agriculture and other products.
As of October 2023, El Salvador has exported $5,545.83 million and imported $13,079.22 Million; this year, the country has a trade deficit of $7,533.39 million.
El Salvador Exports as of October 2023
El Salvador’s exports year to date total $5,545.83 million. It represents a 9.18% decrease compared to the same 2022 period, equal to $560.81 million less, according to data from the Central Reserve Bank of El Salvador (BCR).
El Salvador exports in 2023 average $554.58 million per month, reaching a yearly high of $683.74 million in March. The average for 2022 was $592.93 million, with March being the highest month at $720.30 million in exports.
In October 2023, El Salvador exported $495.80 million of products, failing to surpass the $560.66 million shipped in October 2022; the country exported $64.9 million less (-11.57%) in October 2023 than in October 2022.
SEE ALSO: El Salvador Coffee Exports
The October 2023 exports were 1.32% less than the previous month, a decrease of $6.64 million. Year to date, only February has exported more than the same month in 2022.
Thus far, in 2023, the manufacturing and maquila industries total $5,292.98 million, or 95.44% of the total exported by the country.
The manufacturing sector is the largest exporter, with $4,324.28 million for 77.97% of the total. The Maquila industry is second, with $968.70 million in exports for 17.47% of the total.
The agriculture, livestock farming, forestry, and fishing sector exported $189.58 million (3.42% of the total) this year. It includes the coffee sector, which exported $141.67 million.
SEE ALSO: Remittances to El Salvador
Imports to El Salvador as of October 2023
Imports to El Salvador as of October 2023 total $13,079.22 million; it represents a -9.27% year to date reduction, equal to $1,335.67 million less than in 2022, according to data from the Central Reserve Bank of El Salvador (BCR).
The monthly average of Imports to El Salvador in 2023 is $1,307.92 million, reaching a yearly high of $1,412.08 million in March. The average for 2022 was $1,425.67 million, with March being the highest month at $1,613.10 million in imports.
In October 2023, El Salvador imported $1,326.75 million of products, failing to surpass the $1,405.09 million received in October 2022; the country imported $78.34 million less (-5.58%) in October 2023 than in October 2022.
Thus far, in 2023, the manufacturing industry accounts for 88.71% of total imports, totaling $11,602.96 million. The agriculture, livestock farming, and forestry industry is in second place with $685.75 million in imports.
As of October 2023, every single month has had fewer imports than the same 2022 months.
El Salvador’s Exports and Imports
El Salvador’s exports and imports are integral to its economic vitality. The country’s export of essential commodities and import of fundamental goods create a complex web of international trade.