Flag Nicaragua

Econ Complexity (2018): -1.17, Rank 117 of 137

Product Exports (2018): $5.25B, Rank 111 of 222

Exports Per Capita (2018): $812, Rank 197 of 219

Product Imports (2018): $6.76B, Rank 117 of 221

Imports Per Capita (2018): $1.05k, Rank 202 of 219

Service Exports (2015): $335M, Rank 141 of 170

Service Imports (2015): $755M, Rank 133 of 170

GDP (2018): $13.1B, CURRENT US$
Rank 132 of 196

GDP growth (2008 - 2018): 54.4%, CURRENT US$
Rank 75 of 196

GDP PC (2018): $2,029, CURRENT US$
Rank 150 of 196

GDP PC GROWTH (2008 - 2018): 35.3%, CURRENT US$
Rank 70 of 196

Overview: This page contains the latest international trade data for Nicaragua, including service trade data, and tariffs. In 2018 Nicaragua was the number 132 economy in the world in terms of GDP (current US$), the number 111 in total exports, the number 117 in total imports, and the number 117 most complex economy according to the Economic Complexity Index (ECI). In 2018, Nicaragua exported $5.25B and imported $6.76B, resulting in a negative trade balance of -$1.52B. In 2018, Nicaragua's exports per capita were $812 and its imports per capita were $1.05k.

Trade: The top exports of Nicaragua are Knit T-shirts ($629M), Insulated Wire ($537M), Gold ($457M), Coffee ($433M), and Frozen Bovine Meat ($264M). The top imports of Nicaragua are Refined Petroleum ($516M), Light Rubberized Knitted Fabric ($410M), Knit T-shirts ($335M), Crude Petroleum ($260M), and Insulated Wire ($222M).

Destinations: Nicaragua exports mostly to United States ($3.14B), Mexico ($289M), El Salvador ($285M), Honduras ($220M), and Costa Rica ($156M), and imports mostly from United States ($1.66B), Mexico ($870M), China ($760M), Honduras ($565M), and Costa Rica ($480M).

Location: Nicaragua borders Costa Rica and Honduras by land and Colombia and El Salvador by sea.

Yearly Exports

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Value
Depth

Top Export (2018): Knit T-shirts, $629M

Top Destination (2018): United States, $3.14B

In 2018 Nicaragua exported a total of $5.25B, making it the number 111 exporter in the world. During the last five reported years the exports of Nicaragua have changed by -$1.09B from $6.34B in 2013 to $5.25B in 2018.

The most recent exports are led by Knit T-shirts ($629M), Insulated Wire ($537M), Gold ($457M), Coffee ($433M), and Frozen Bovine Meat ($264M). The most common destination for the exports of Nicaragua are United States ($3.14B), Mexico ($289M), El Salvador ($285M), Honduras ($220M), and Costa Rica ($156M).

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Yearly Imports

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Value
Depth

Top Import (2018): Refined Petroleum, $516M

Top Origin (2018): United States, $1.66B

In 2018 Nicaragua imported $6.76B, making it the number 117 trade destination in the world. During the last five reported years the imports of Nicaragua changed by $717M from $6.05B in 2013 to $6.76B in 2018.

The most recent imports of Nicaragua are led by Refined Petroleum ($516M), Light Rubberized Knitted Fabric ($410M), Knit T-shirts ($335M), Crude Petroleum ($260M), and Insulated Wire ($222M). The most common import partners for Nicaragua are United States ($1.66B), Mexico ($870M), China ($760M), Honduras ($565M), and Costa Rica ($480M).

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Nicaragua Exports Services (2015): $335M

Nicaragua Imports Services (2015): $755M

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).

Trade Forecasts

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This section shows forecasts for total product exports and imports for Nicaragua. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Nicaragua are Rice in the husk (paddy or rough) (72%) and Rice, broken (72%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Nicaragua are:
136: Most Favoured Nation duty rate treatement
139: Non-MFN duty rate for countries excluded from Most-Favoured- Nation (MFN) treatement
181: Preferential tariff for Central American Common Market CACM (Spanish: Mercado ComΓΊn 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
218: Preferential tariff for European Union countries
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)
999: Not Specified

Economic Complexity

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Economic Complexity Ranking

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Scale

During the last 15 years Nicaragua's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨93rd to the 117th⁩ 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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Most Specialized Products by RCA Index

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Nicaragua has a high level of specialization in Ground Nuts (150), Knit Women's Shirts (112), Non-Knit Men's Undergarments (85.1), Molasses (69), and Coffee (49.1). 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 Synthetic organic colouring matter (1.14), Play, fair-ground equipment, travellng circus, theatre (0.8), Ink (0.65), Electrical power, etc, control and distribution boards (0.53), and Candles, tapers and the like (0.43). 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 (0.19), Perfume Plants (0.18), Knit Men's Undergarments (0.18), Non-fillet Frozen Fish (0.17), and Other Hides and Skins (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 it is currently specialized in.

Diversification Frontier

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Depth

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.