Honduras2020 Economic Complexity : -0.72, Rank 94 of 127
2020 Product Exports | Imports: $8.06B | $9.17B, 95 of 226 | 103 of 226
2020 Per Capita Product Exports | Imports: $813 | $926, 129 of 219 | 148 of 219
2019 Service Exports | Imports : $1.18B | $2.41B, 89 of 108 | 79 of 108
Overview In 2020, Honduras was the number 108 economy in the world in terms of GDP (current US$), the number 95 in total exports, the number 103 in total imports, the number 151 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 T-shirts ($1.04B), Coffee ($986M), Knit Sweaters ($834M), Insulated Wire ($501M), and Palm Oil ($325M), exporting mostly to United States ($3.97B), El Salvador ($658M), Guatemala ($478M), Nicaragua ($460M), and Germany ($350M).
Imports The top imports of Honduras are Refined Petroleum ($743M), Non-Retail Pure Cotton Yarn ($435M), Non-Retail Synthetic Staple Fibers Yarn ($257M), Packaged Medicaments ($196M), and Insulated Wire ($186M), importing mostly from United States ($3.92B), Guatemala ($1.02B), China ($922M), El Salvador ($779M), and Mexico ($547M).
Location Honduras borders El Salvador, Guatemala, and Nicaragua by land and Belize, Colombia, Cuba, Mexico, and Cayman Islands by sea.
The following section uses the most recent trade data from partners of Honduras.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2020): Knit T-shirts, $1.04B
Top Destination (2020): United States, $3.92B
In 2020, Honduras exported a total of $8.06B, making it the number 95 exporter in the world. During the last five reported years the exports of Honduras have changed by $847M from $7.21B in 2015 to $8.06B in 2020.
The most recent exports are led by Knit T-shirts ($1.04B), Coffee ($986M), Knit Sweaters ($834M), Insulated Wire ($501M), and Palm Oil ($325M). The most common destination for the exports of Honduras are United States ($3.97B), El Salvador ($658M), Guatemala ($478M), Nicaragua ($460M), and Germany ($350M).
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).
Honduras has a high level of specialization in Melons (105), Textile Scraps (92.1), Coffee (66.6), Knit T-shirts (54.6), and Knit Men's Coats (53.6). Specialization is measured using RCA, an index that takes the ratio between Honduras observed and expected exports in each product.
The highest complexity exports of Honduras according to the product complexity index (PCI) are Electrical Lighting and Signalling Equipment (0.94), Other Non-Metal Removal Machinery (0.77), Synthetic Coloring Matter (0.68), Decals (0.62), and Dyeing Finishing Agents (0.49). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Honduras according to the relatedness index, are Cocoa Beans (0.23), Non-Knit Women's Suits (0.22), Non-Knit Women's Undergarments (0.22), Locust beans, seaweed, sugar beet, cane, for food (0.22), and Gold (0.22). 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 a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
During the last 20 years Honduras's economy has become relatively less complex, moving from the 75th 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.
Have questions, comments, or concerns?
Send us an e-mail: [email protected]
v5.1.14 lamb