Overview In 2020, Nicaragua was the number 134 economy in the world in terms of GDP (current US$), the number 109 in total exports, the number 119 in total imports, the number 159 economy in terms of GDP per capita (current US$) 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 Rica and Honduras by land and Colombia and 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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Top Export (2020): Gold, $828M

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

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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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).

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 (0.17), Processed Egg Products (0.16), Wood Crates (0.074), and Artistry Paints (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 20 years Nicaragua's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨nullth 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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