Exporting to Nicaragua

Nicaragua is a Central American country bordered by Honduras to the north west, the Caribbean to the east, Costa Rica to the south and the Pacific Ocean to the south west. It has a population of 6.4 million in 2018 (IMF, 2019). In the year to June 2019, the total trade in goods and services between the UK and Nicaragua amounted to £63 million. However, due to social and political unrest, the Nicaraguan economy contracted by 3.8% in 2018 (IMF, 2018).

Demand for UK goods and services

UK exports to Nicaragua have continued to grow. They totalled £22 million in the year up to June 2019, an increase of 37.5% on the previous year (ONS, 2019). The best opportunities for UK exporters in the country are currently available in the mining, agriculture, renewables and infrastructure sectors.

Demand for goods and services

In the year to end of June 2019, the leading types of goods imported by Nicaragua from the UK were toilet and cleansing preparations, metal manufactures, chemicals, industrial machinery and electric motors (ONS, 2019). The top services imported by the country in the same year were transport, travel, business services, and insurance and pension services (ONS, 2019). If your business provides these goods and services, Nicaragua could be a good market for you.

Ease of doing business

142nd

out of 190 countries (World Bank, 2018)

Currency

Nicaraguan Córdoba

Business languages

Spanish

You may need a translator

GDP per capita

$2,031

UK is $42,558 (IMF, 2018)

Economic growth

- 3.8%

(IMF, 2018)

Time zone

GMT - 6

Next steps

DIT can advise you on doing business abroad, and help put you in touch with other people who can help such as lawyers and distributors.