BCN: Nicaragua’s Exports Grow by 2.3% in Q3 2024 

BCN REPORT: FOREIGN TRADE IN Q3 2024 

On November 15, 2024, the Central Bank of Nicaragua (BCN) released the Foreign Trade Report and Statistics for the third quarter of 2024.  

The report highlights that the total export value (merchandise + free trade zone) reached USD 1.9385 billion, reflecting a 2.3% increase compared to the same period in 2023 (USD 1.8952 billion). Of the total exports, 51.0% were merchandise exports (USD 988.5 million), while the remaining portion corresponded to free trade zone goods (USD 950.0 million). Merchandise exports increased by 5.7%, whereas free trade zone exports declined by 1.0% compared to Q3 2023.  

As of September 2024, total exports amounted to USD 5.8858 billion, marking an annual growth of 0.1%. This increase is attributed to a 1.7% growth in merchandise exports, which offset a 1.8% decline in free trade zone exports. The rise in merchandise exports was primarily driven by a 16.3% surge (+USD 137.3 million) in mining exports, largely due to a 15.0% increase in international gold and silver prices, partially offset by declines in other sectors. The decrease in free trade zone exports (-USD 48.3 million) was mainly due to lower sales of harnesses (-USD 64.1 million) and processed seafood products (-USD 36.8 million).  

Total imports (merchandise + free trade zone) for Q3 2024 amounted to USD 2.6656 billion (FOB value), reflecting a 1.8% year-over-year increase. This growth was driven by a 5.0% rise in free trade zone imports, primarily linked to higher demand for inputs in the textile industry, and a 0.9% increase in merchandise imports. By September, cumulative imports totaled USD 7.9735 billion, representing 8.1% year-over-year growth, driven by a 10.7% rise in merchandise imports, which outweighed the 0.2% decline** in free trade zone imports.  

Terms of trade improved during the quarter, with a 2.2% positive change, as average export prices rose by 3.8%, surpassing the 1.6% increase in average import prices.  

As a result of the trends in total exports and imports, the Q3 trade deficit was USD 727.0 million, 0.7% higher than the same period in 2023 (USD 722.3 million). The cumulative trade deficit as of September 2024 was **USD 2.0878 billion, representing a 39.2% year-over-year increase compared to the USD 1.4997 billion recorded by September 2023.  

Source: El 19 Digital