El Salvador’s exports have declined by 7.5% between January and May 2023 compared to the same period last year, amounting to a decrease of over US$230 million, as per data from the Central Reserve Bank (BCR) reported by EFE.
The country’s exports decreased from US$3.081 billion in 2022 to US$2.850 billion in 2023.
The United States remains the primary buyer of Salvadoran goods and services in 2023, accounting for US$1.041 billion, followed by Guatemala and Honduras with US$503.4 million and US$434.2 million, respectively.
Imports during the first five months of this year totaled US$6.474 billion, a 9.2% decrease from US$7.135 billion in the same period in 2022.
Consequently, El Salvador has a trade deficit of Us$3.625 billion, which is 10.6% lower than the US$4.053 billion deficit recorded in 2022, according to BCR data.
The Central Bank predicts that the Salvadoran economy will grow between 2% and 3% in 2023, driven by domestic demand.
In 2022, the growth rate stood at 2.6%. However, local economists note that El Salvador has Central America’s lowest economic growth rates.