China's fabric exports to Nicaragua declining, $18 mn in Q1 2023

Recently, the trade ministers of China and Nicaragua announced that their countries had essentially completed their free trade agreement (FTA) negotiations. Due to its proximity to the United States, Nicaragua relies more heavily on the neighbouring country for imports. 

Exports from China to Nicaragua peaked at $59.054 million in the second quarter of last year but plummeted to $19.008 million in the third quarter. They were recorded at $21.605 million in the fourth quarter of 2022. The shipments, valued at $23.439 million, continued into the first five months of this year, according to the market insight tool TexPro from Fibre2Fashion. 

Annually, China’s fabric exports to Nicaragua were recorded at $155.674 million in 2022, a 27.9 per cent decrease compared to the $215.064 million noted in 2021. Prior to that, exports had slipped to $134.155 million in 2020 from $166.918 million in 2019, before recovering to $215.064 million in 2021. 

According to TexPro, China’s apparel exports to Nicaragua were valued at $29.145 million in 2022, slightly higher than the $27.796 million in 2021. The trade stood at $8.309 million from January to April 2023. In the past, it was recorded at $20.015 million in 2020 and $21.305 million in 2019. 

ALCHEMPro News Desk (KUL)