Overview In 2019 Honduras was the number 103 economy in the world in terms of GDP (current US$), the number 99 in total exports, the number 91 in total imports, the number 135 economy in terms of GDP per capita (current US$) and the number 94 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Honduras are Knit Sweaters ($1.25B), Knit T-shirts ($948M), Coffee ($924M), Insulated Wire ($345M), and Bananas ($262M), exporting mostly to United States ($4.15B), El Salvador ($627M), Guatemala ($415M), Nicaragua ($373M), and Canada ($281M).

Imports The top imports of Honduras are Refined Petroleum ($1.34B), Non-Retail Pure Cotton Yarn ($691M), Non-Retail Synthetic Staple Fibers Yarn ($435M), Packaged Medicaments ($275M), and Light Rubberized Knitted Fabric ($224M), importing mostly from United States ($4.99B), China ($1.19B), Guatemala ($987M), El Salvador ($944M), and Mexico ($769M).

In 2019, Honduras was the world's biggest importer of Non-Retail Synthetic Staple Fibers Yarn ($435M)

Location Honduras borders El Salvador, Guatemala, and Nicaragua by land and Belize, Colombia, Cuba, Mexico, and Cayman Islands by sea.

Historical Data

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Yearly Exports

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Top Export (2019): Knit Sweaters, $1.25B

Top Destination (2019): United States, $4.15B

In 2019, Honduras exported a total of $7.8B, making it the number 99 exporter in the world. During the last five reported years the exports of Honduras have changed by -$235M from $8.04B in 2014 to $7.8B in 2019.

The most recent exports are led by Knit Sweaters ($1.25B), Knit T-shirts ($948M), Coffee ($924M), Insulated Wire ($345M), and Bananas ($262M). The most common destination for the exports of Honduras are United States ($4.15B), El Salvador ($627M), Guatemala ($415M), Nicaragua ($373M), and Canada ($281M).

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Yearly Imports

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Top Import (2019): Refined Petroleum, $1.34B

Top Origin (2019): United States, $4.99B

In 2019 Honduras imported $11.8B, making it the number 91 trade destination in the world. During the last five reported years the imports of Honduras changed by $1.16B from $10.7B in 2014 to $11.8B in 2019.

The most recent imports of Honduras are led by Refined Petroleum ($1.34B), Non-Retail Pure Cotton Yarn ($691M), Non-Retail Synthetic Staple Fibers Yarn ($435M), Packaged Medicaments ($275M), and Light Rubberized Knitted Fabric ($224M). The most common import partners for Honduras are United States ($4.99B), China ($1.19B), Guatemala ($987M), El Salvador ($944M), and Mexico ($769M).

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Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

Honduras Exports Services (2019): $1.18B

Honduras Imports Services (2019): $2.41B

In 2019, Honduras exported $1.18B worth of services. The top services exported by Honduras in 2019 were Personal travel ($492M), Other business services ($238M), Computer and information services ($187M), Transportation ($146M), and Business travel ($54.7M).

The top services imported by Honduras in 2019 were Transportation ($1.18B), Personal travel ($398M), Other business services ($237M), Computer and information services ($168M), and Insurance services ($130M).

Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Honduras are Meat preparations: of the poultry of heading no. 0105, (i.e. of fowls of the species Gallus domesticus) (89.6%) and Meat and edible offal: of fowls of the species Gallus domesticus, cuts and offal, fresh or chilled (79.3%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

*The tariffs applied to imports for Honduras are:
136: Most Favoured Nation duty rate treatement
178: Preferential tariff for Canada
181: Preferential tariff for Central American Common Market CACM (Spanish: Mercado Común Centroamericano MCCA) Central American Integration System SICA
182: Preferential tariff for Chile
188: Preferential tariff for Chinese Taipei
189: Preferential tariff for Colombia
207: Preferential tariff for El Salvador
219: Preferential tariff for European Union countries (AA) Association Agreement
229: Preferential tariff for Guatemala
270: Preferential tariff for Mexico
279: Preferential tariff for Nicaragua
285: Preferential tariff for Panama
289: Preferential tariff for Peru
386: United States - Dominican Republic - Central America Free Trade Agreement (DR-CAFTA; incl. Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and the Dominican Republic; 2005)

Economic Complexity

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Most Specialized Products by RCA Index

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Honduras has a high level of specialization in Melons (92.1), Textile Scraps (76.5), Coffee (71.6), Knit Men's Coats (58.1), and Knit Sweaters (49.5). Specialization is measured using RCA, an index that takes the ratio between Honduras observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Honduras according to the product complexity index (PCI) are Typewriter and similar ribbons, ink pads, etc (1.22), Machine-tools (metal, carbides, etc), no metal removal (1.08), Transfers (decalcomanias) (1.01), Synthetic organic colouring matter (0.79), and Carbon, self-copy paper etc, width > 36 cm (0.66). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Honduras according to the relatedness index, are Locust beans, seaweed, sugar beet, cane, for food (0.24), Gold (0.24), Perfume Plants (0.24), Non-Knit Women's Suits (0.24), and Non-Knit Men's Undergarments (0.24). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Honduras is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Relatedness Space

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This network shows the products most related to the production structure of Honduras. These are products that tend to be co-exported with the products that Honduras exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.

Economic Complexity Ranking

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Scale

During the last 20 years Honduras's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨83rd to the 94th⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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