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In 2023, Nicaragua’s number one most exported product was gold. This raw, semi-manufactured or powdered commodity contributed approximately 1.1 billion U.S. dollars to the Nicaraguan total export value. At around 609 million dollars, coffee was the second most exported product in Nicaragua. It was followed by frozen, fresh, and refrigerated bovine meats that, combined, made up roughly 690 million dollars of the exported value for this Central American country. In addition to being the most important export products for Nicaragua, both gold and coffee, were among the top ten most exported goods in Central America.

Nicaragua’s leading trade partners

Whereas several Central American countries were among the lead trading partners of Nicaragua, it was the United States that led the list. The United States was by far the main trade partner of Nicaragua, both in terms of import and export, exceeding a total trade value of 6.8 billion U.S. dollars in 2022. In the case of China, however, the trade balance is rather uneven, as Nicaragua imported significantly more than it exported. This means that China is among the top ten main destinations of Nicaraguan exports, but not on the list of origin countries regarding imports.

Decline in Nicaraguan trade balance

The above-mentioned gap between import and export value in the case of China becomes even more relevant when looking at the trade balance of goods in Nicaragua over the past 10 years. Despite experiencing small fluctuations, Nicaragua has not registered a single trade surplus (positive trade balance) since 2012. The trade deficit in 2022 has, however, only slightly increased compared to the previous year.