Overview In 2020 Nicaragua was the number 133 economy in the world in terms of GDP (current US$), the number 109 in total exports, the number 119 in total imports, the number 151 economy in terms of GDP per capita (current US$) and the number 107 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Nicaragua are Gold ($828M), Knit T-shirts ($527M), Coffee ($448M), Insulated Wire ($399M), and Frozen Bovine Meat ($289M), exporting mostly to United States ($3.17B), Mexico ($402M), El Salvador ($337M), Honduras ($190M), and Costa Rica ($155M).

Imports The top imports of Nicaragua are Light Rubberized Knitted Fabric ($379M), Refined Petroleum ($282M), Packaged Medicaments ($247M), Insulated Wire ($222M), and Knit T-shirts ($218M), importing mostly from United States ($1.51B), Mexico ($773M), China ($727M), Guatemala ($660M), and Costa Rica ($463M).

Location Nicaragua borders Costa Ricaand Honduras by land and Colombiaand El Salvador by sea.

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The following section uses the most recent trade data from partners of Nicaragua.

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.

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Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

Historical Data

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Yearly Exports

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Top Export (2020): Gold, $828M

Top Destination (2020): United States, $3.17B

In 2020, Nicaragua exported a total of $5.46B, making it the number 109 exporter in the world. During the last five reported years the exports of Nicaragua have changed by $577M from $4.88B in 2015 to $5.46B in 2020.

The most recent exports are led by Gold ($828M), Knit T-shirts ($527M), Coffee ($448M), Insulated Wire ($399M), and Frozen Bovine Meat ($289M). The most common destination for the exports of Nicaragua are United States ($3.17B), Mexico ($402M), El Salvador ($337M), Honduras ($190M), and Costa Rica ($155M).

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Yearly Imports

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Top Import (2020): Light Rubberized Knitted Fabric, $379M

Top Origin (2020): United States, $1.51B

In 2020 Nicaragua imported $6.35B, making it the number 119 trade destination in the world. During the last five reported years the imports of Nicaragua changed by -$585M from $6.94B in 2015 to $6.35B in 2020.

The most recent imports of Nicaragua are led by Light Rubberized Knitted Fabric ($379M), Refined Petroleum ($282M), Packaged Medicaments ($247M), Insulated Wire ($222M), and Knit T-shirts ($218M). The most common import partners for Nicaragua are United States ($1.51B), Mexico ($773M), China ($727M), Guatemala ($660M), and Costa Rica ($463M).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

Nicaragua Exports Services (2019): $907M

Nicaragua Imports Services (2019): $843M

In 2019, Nicaragua exported $907M worth of services. The top services exported by Nicaragua in 2019 were Personal travel ($503M), Computer and information services ($186M), Government services, n.i.e. ($107M), Transportation ($60.2M), and Other business services ($32.9M).

The top services imported by Nicaragua in 2019 were Transportation ($394M), Personal travel ($177M), Other business services ($106M), Insurance services ($81.3M), and Government services, n.i.e. ($46.6M).

Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Nicaragua are Meat and edible offal: of fowls of the species Gallus domesticus, cuts and offal, fresh or chilled (67.6%)and Meat and edible offal: of fowls of the species Gallus domesticus, cuts and offal, frozen (67.6%).

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 treatement
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
195: Preferential tariff for Cuba
198: Preferential tariff for Dominican Republic
205: Preferential tariff for Ecuador
207: Preferential tariff for El Salvador
218: Preferential tariff for European Union countries
229: Preferential tariff for Guatemala
233: Preferential tariff for Honduras
270: Preferential tariff for Mexico
285: Preferential tariff for Panama
328: Preferential tariff for United States
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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Nicaragua has a high level of specialization in Knit Women's Shirts (121), Ground Nut Oil (100), Non-Knit Men's Undergarments (83.6), Ground Nuts (67.8), and Molasses (52.4). Specialization is measured using RCA, an index that takes the ratio between Nicaragua observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Nicaragua according to the product complexity index (PCI) are Ink (0.41), Candles, tapers and the like (0.17), Birds eggs, other than in shell, egg yolks (0.16), Wooden cases, boxes, crates, drums, pallets, etc (0.074), and Artist, student or signwriter colours in small packs (0.047). 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 Nicaragua according to the relatedness index, are Tropical Fruits (0.18), Packing Bags (0.18), Fish Fillets (0.17), Soap (0.17), and Perfume Plants (0.17). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Nicaragua 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.

Relatedness Space

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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.

Diversification Frontier

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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.

Economic Complexity Ranking

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During the last 14 years Nicaragua's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨98th to the 107th⁩ 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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