Even though they did not sign the Free Trade Agreement (FTA) under negotiation since its announcement by President Nayib Bukele at the end of 2022, exports soared, especially as a result of the sugar sale to China’s market.
The BCR assured that 33% of sugar exports accumulated from January to February went to the Chinese market, the second most significant purchaser of that product in 2024 after the United States.
From January to February, China received products for over USD$ 25.3 million compared to the USD$ 943,000 registered in the same period of 2023.
China remained in 2023 far from the main recipients of Salvadoran products; however, in the first two months of 2024 it ranked seventh in competition with Mexico and Panama.
The largest volume of exports to the Chinese market consisted of aluminum waste and scrap, some apparel and textile products, as well as coffee and sugar.
BCR data clarifies that the upsurge in exports is exclusively attributed to the sale of over USD$ 24 million in sugars and confectionery. Throughout 2023, China did not purchase any of that product.
Statistics show that in terms of imports to El Salvador, China is the second most noteworthy supplier with over USD$ 414.5 million reported in the first two months of 2024, a figure that increased 13.5% with respect to 2023, still somewhat distant from the United States, which sold USD$ 699 million worth of products to the local market from January to February.
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