Nicaragua apparel exports to US on growth trajectory
Only the Dominican Republic’s textile exports have grown more than Nicaragua’s within the DR-CAFTA region
The value of Nicaragua's apparel exports to the US in 2014 are on track to make it the second-fastest growth country within the DR-CAFTA region.
According to the Office of Textiles and Apparel (OTEXA) at the US Department of Commerce, the country's apparel exports to the US rose 5.87% to US$1.28bn in the ten months to October 2014. In 2013, the country ended the year with shipments worth $1.43bn, and $1.35bn in 2012.
In terms of volume, Nicaragua has exported a total amount of 408.15 SME (square metre equivalent) up to October 2014, which accounts for a 10.58% growth versus the same period in 2013.
Within the DR-CAFTA region, only the Dominican Republic's exports have grown more than Nicaragua's with a rate of 8.98%. Honduras follows Nicaragua with a 4.36% growth, El Salvador with 2.21%, Guatemala at 1.81%, and in last place Costa Rica with a drop of 21.11%.
The DR-CAFTA free trade agreement between Central America, the US and the Dominican Republic, came into force on 1 April 2006. It stipulates that products assembled in the DR-CAFTA region can benefit from duty-free access to the US.
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