Overview: In 2019 Nicaragua was the number 134 economy in the world in terms of GDP (current US$), the number 112 in total exports, the number 123 in total imports,
the number 144 economy in terms of GDP per capita (current US$) and the number 119 most complex economy according to the Economic Complexity Index (ECI).
In 2019, Nicaragua exported a total of $5.57B, making it the number 112 exporter in the world. During the last five reported years the exports of Nicaragua have changed by $435M from $5.13B in 2014 to $5.57B in 2019.
In 2019 Nicaragua imported $6.42B, making it the number 123 trade destination in the world. During the last five reported years the imports of Nicaragua changed by -$106M from $6.53B in 2014 to $6.42B in 2019.
In 2015, Nicaragua exported $335M worth of services. The top services exported by Nicaragua in 2015 were Communications services ($161M), Government services, n.i.e. ($95.2M), Sea transport ($23.4M), Other transport ($17.6M), and Business travel ($13.2M).
The top services imported by Nicaragua in 2015 were Sea transport ($202M), Other transport ($140M), Miscellaneous business, professional, and technical services ($136M), Air transport ($135M), and Reinsurance ($52.5M).
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 Nicaragua are:136: Most Favoured Nation duty rate treatement139: Non-MFN duty rate for countries excluded from Most-Favoured- Nation (MFN) treatement181: Preferential tariff for Central American Common Market CACM (Spanish: Mercado Común Centroamericano MCCA) Central American Integration System SICA182: Preferential tariff for Chile188: Preferential tariff for Chinese Taipei195: Preferential tariff for Cuba198: Preferential tariff for Dominican Republic205: Preferential tariff for Ecuador218: Preferential tariff for European Union countries270: Preferential tariff for Mexico285: Preferential tariff for Panama328: Preferential tariff for United States386: United States - Dominican Republic - Central America Free Trade Agreement (DR-CAFTA; incl. Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and the Dominican Republic; 2005)999: Not Specified
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.
This network shows the products most related to the production structure of Nicaragua. These are products that tend to be co-exported with the products that Nicaragua exports. Higher relatedness values indicate greater knowledge, which predicts a greater probability of exporting that product in the future.
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.
During the last 15 years Nicaragua's economy has become relatively less complex, moving from the 100th to the 119th 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.