Manuel Hinds analyzed El Salvador’s economy and exports, and his findings can be applied to the entire region. Costa Rica has already started the essential road to diversify its exports markets by closing Free Trade Agreements with China and Singapore.
Hinds begins by analyzing which countries handled the economic crisis better, and which suffered the most. He concludes that Asian economies were the best performers, hinting the need to get closer to them.
The former Salvadoran finance ministry remarks: “But so far there has been little interest in developing these markets among our businessmen. This may be because we have little to sell them. They produce and export most of what we do, and are very competitive at it. China is mostly importing enormous amounts of raw materials, especially minerals. Several Latin American countries are making fortunes by selling to them. South America’s mining nations, such as Chile, Peru and Brazil, have experienced huge booms…”.
Source: Refugio Liberal
More on this topic
July 2009
New exit points are being analyzed by Nicaraguan exporters, as most of their products find their way to the U.S. and Europe through Honduras.
Honduras's institutional crisis complicates Nicaraguan access to Honduran Port Cortés, where most products are shipped and exported.
December 2009
When importing goods, Latin America spends almost twice as much as the United States in transportation costs.
High transportation costs in Latin America and the Caribbean complicate commerce and drag down productivity, in addition to protecting inefficient companies and hampering the expansion of the most competitive producers, showed a new study by the Inter-American Development Bank.
July 2009
Facing threats from the Venezuelan Government to suspend Colombian imports, entrepreneurs from this country are looking for alternative markets in Central America.
Access to the Ecuadorian market could also be restricted, if the political problem between Colombia, and Venezuela and Ecuador, deteriorates further.
June 2011
The Chilean market, current recipient of some Costa Rican products, could be better utilized by exporters.
Chile is already one of Costa Rica’s trading partners, selling the country juices, fruit concentrates, food preparations and cassava (yuka).
This list of products could be expanded if exporters take advantage of the opportunity and increase the diversification of exportable products, which according to a study by the Costa Rica Promoter of International Trade of (Procomer), is a possibility.
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