Port of Acajutla. From January to August 2024, El Salvador has exported $4,319.45 million in products, a decrease of $228.14 million, or 5.02%, compared to the same period in 2023.
The latest report by the Salvadoran Reserve Bank (BCR) shows that the country exported $535.61 million worth of products in August of this year, a decrease of $3.99 million, or 0.74%, compared to August of last year.
August’s export decline adds to the negative trend the country has faced in its export sector throughout the year.
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | % Change 2023-2024 |
|
|---|---|---|---|---|---|---|---|
| January | 483.88 | 464.92 | 515.56 | 578.89 | 522.55 | 531.06 | 1.63% |
| February | 468.05 | 509.07 | 504.92 | 576.59 | 582.92 | 506.64 | -13.09% |
| March | 514.88 | 399.32 | 558.25 | 720.25 | 683.74 | 507.21 | -25.82% |
| April | 466.11 | 212.17 | 512.48 | 566.84 | 471.52 | 586.37 | 24.36% |
| May | 546.83 | 234.16 | 532.52 | 638.51 | 589.65 | 567.80 | -3.71% |
| June | 530.15 | 274.75 | 539.00 | 625.88 | 588.90 | 510.28 | -13.35% |
| July | 543.13 | 442.95 | 582.27 | 678.40 | 568.71 | 574.48 | 1.01% |
| August | 486.64 | 423.56 | 498.74 | 576.00 | 539.60 | 535.61 | -0.74% |
| September | 462.17 | 469.26 | 550.44 | 584.62 | 502.44 | ||
| October | 492.92 | 492.94 | 552.23 | 560.66 | 495.80 | ||
| November | 461.71 | 428.31 | 538.15 | 530.57 | 503.15 | ||
| December | 448.51 | 454.02 | 510.33 | 477.90 | 449.11 | ||
| Total | 5904.98 | 4805.43 | 6394.89 | 7115.11 | 6498.09 | 4319.45 | -5.02% |
| Average | 492.08 | -400.45 | 532.91 | 592.93 | 541.51 | 539.93 |
SEE ALSO: El Salvador’s Inflation Rate
The sector with the most significant percentage decrease is maquila manufacturing, where exports have declined by 16.78%; they went from $714.24 million last year to $594.42 million this year, a reduction of $119.82 million.
The agriculture, livestock, forestry, and fishing sector ranks second, with an 11.73% decline in exports, $172.89 million in 2023 and $152.61 million thus far this year. This sector has exported $20.28 million less of products in 2024 than the previous year.
The decline in exports is attributed to lower demand from El Salvador’s principal trading partner, the United States, which has reduced its purchases since 2023.
Coffee exports, a renowned product of El Salvador, have also dropped in 2024. The country has exported $21.18 million less this year compared to the same period in 2023. The exports of coffee products decreased from $132.71 million last year to $111.53 million this year.
Salvadoran Exports Decreased by $617.02 Million in 2023, the Worst Decline Since 2020
According to the Salvadoran Reserve Bank (BCR), Salvadoran exports in 2023 decreased by 8.67%, or $617.2 million, compared to the previous year. The country’s exports fell from $7,115.11 million in 2022 to $6,498.09 million in 2023.
| 2019 | 2020 | 2021 | 2022 | 2023 | **2024 | |
|---|---|---|---|---|---|---|
| Total Exports | 5904.98 | 4805.43 | 6394.89 | 7115.11 | 6498.09 | 4319.45** |
| To Previous Year Amount | — | -1099.55 | 1589.46 | 720.22 | -617.02 | -228.14** |
| To Previous Year Percentage | — | -18.62% | 33.08% | 11.26% | -8.67% | -5.02%** |
The 2023 export decline is second only to the sharp drop recorded in 2020, a year heavily impacted by COVID-19 lockdowns. In 2020, exports plummeted by 18.62%, a decrease of $1,099.55 million.
