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Nicaragua’s trade deficit exceeds 1022 million dollars as of September

Nicaragua registered a trade deficit of 1022.8 million dollars in the first nine months of this year, 232% higher than that registered in the same period of 2020, the Central Bank of Nicaragua reported this Thursday.

The accumulated deficit as of September was 714.8 million higher than that registered in the same period of 2020 (308.1 million), specified the issuing bank of the State in a report on foreign trade in merchandise.

The increase in the deficit to September was the result of the increase in imports (1871 million), which exceeded the increase in exports (1156.2 million), explained the monetary authority.

Total exports accumulated 5,150.3 million dollars in the first nine months of the year, which meant a year-on-year increase of 28.9%, mainly due to the dynamism in the manufacturing and mining sectors, the source highlighted.

Meanwhile, imports to September totaled 6,173.1 million dollars, reflecting a year-on-year growth of 43.5%, as a result of the increase in capital goods (69.9%), oil bill (65%), intermediate goods (36.1%) and goods consumption (22.8%), detailed the issuer.

The Nicaraguan government chaired by the Sandinista Daniel Ortega projects growth between 5% and 7% in 2021, the first year of growth after three consecutive years of closing with a red balance.

Gross domestic product (GDP) decreased 2.0% in 2020 as a result of the covid-19 pandemic and the damage caused by hurricanes Eta and Iota last November, according to the Central Bank.

Nicaragua’s GDP fell 3.7% in 2019, and 3.4% in 2018, as a result of the socio-political crisis that has affected the country for 44 months, according to the monetary authority.

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