Nicaragua closed 2023 with a deficit in its trade balance of 2,454.2 million dollars, 2.5% more than that registered a year earlier, the Banco Central of the Central American country.
The trade deficit in merchandise and free zone goods accumulated between January and December 2023 was higher by 60.4 million dollars than that registered in the same period of 2022 (2,393.8 million dollars), the State issuing bank specified in a report on foreign trade in merchandise.
The trade deficit of 2,454.2 million dollars represents 14.9% of Nicaragua’s Gross Domestic Product (GDP) projected for 2023, according to official data.
The deficit in its trade balance was the result of the decrease in total imports (9,997.5 million), which exceeded the also fall in exports (7,543.3 million), the monetary entity detailed.
Total exports in 2023 were 7,543.3 million dollars, lower by 187.5 million compared to 2022 (7,730.8 million), which meant an interannual decrease of 2.4%, as a consequence of the decrease in 8.9% in free zone exports, which was partially offset by the 4% increase in merchandise exports, according to the report.
Meanwhile, imports of merchandise and goods from the free zone totaled 9,997.5 million dollars in 2023, reflecting an interannual decrease of 1.3% compared to 2022 (10,124.7 million), as a result of a decrease of 18. 9% in free zone imports, which exceeded the 5.6% increase in merchandise imports, he specified.
Nicaragua closed 2022 with a deficit in its trade balance of 2,393.8 million dollars, 59.5% more than that registered in 2021, according to the Central Bank.
For 2023, the Central Bank of Nicaragua updated its economic growth projection to a minimum of 4% and a maximum of 5%, with inflation of 4.5% to 5.5%, which it has not yet announced. EFE (I)
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