According to the World Bank, foreign trade represents 86% of the Honduran GDP. The country's strengths include top quality port infrastructure and a relatively open business environment friendly to trade. Tariffs and non-tariff barriers are relatively low, although tariffs for the agricultural sector are considerably higher. On the other hand, outdated labour regulations, a lack of qualified workforce and inefficient financial management inhibit the country's trade and economic development. Honduras imports goods with very high added value, but exports low added value products. The country's main imports include petroleum oils (17%), medicaments (4.7%), motor vehicles (4.5%), electrical apparatus for line telephony (2.7%), and food preparations (1.9%), while its main exports are coffee (30.9%), bananas (7.7%), crustaceans (5.9%), palm oil and its fractions (4.6%), and insulated enamelled or anodised wires (4.5%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services decreased by an estimated 0.07% in 2021 and is expected to increase by 7% in 2022, while the volume of imports of goods and services decreased by an estimated 4.9% in 2021 and is expected to increase by 8.3% in 2022.
Honduras' main trade partners include the United States, China, El Salvador, Guatemala, Germany, Mexico, Belgium, and the Netherlands. Increased Brazilian efficiency in coffee production has plummeted international arabica coffee prices to a 13-year low, preventing growers from harvesting all their crops due to their inability to pay wages or acquire fertilisers. Taiwanese businesses have invested or set up branches in Honduras since 2015, and Honduras' sugar exports to Taiwan should increase from 60,000 to 70,000 tonnes per year. Honduras is a member of the CACM, and has trade agreements with the EU, Peru, Canada, Mexico, Colombia, Taiwan, Panama, Chile, the Dominican Republic, Venezuela, South Korea, and the United Kingdom.
Honduras has a substantial trade deficit, which reached USD 2.5 billion in 2020, when exports of goods totalled USD 7.6 billion and imports amounted to USD 10.2 billion. Due to the depreciation of the local currency, exports are expected to become more competitive. The country will also benefit from the recovery in demand from the U.S. and neighbouring countries. Concerning the trade of services, the imports amounted to USD 1.8 billion in 2020, while the exports were equal to USD 1.9 billion over the same period.
Foreign Trade Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 10,540 | 11,324 | 12,462 | 12,149 | 10,241 |
Exports of Goods (million USD) | 7,810 | 8,647 | 8,644 | 8,788 | 7,683 |
Imports of Services (million USD) | 1,787 | 1,874 | 2,299 | 2,388 | 1,819 |
Exports of Services (million USD) | 2,739 | 2,816 | 2,763 | 2,917 | 1,941 |
Imports of Goods and Services (Annual % Change) | -2 | 7 | 5 | -2 | -18 |
Exports of Goods and Services (Annual % Change) | 1 | 5 | 1 | 2 | -20 |
Trade Balance (million USD) | -4,226 | -4,213 | -5,145 | -4,891 | n/a |
Foreign Trade (in % of GDP) | 100 | 102 | 104 | 98 | 86 |
Imports of Goods and Services (in % of GDP) | 57 | 59 | 62 | 58 | 51 |
Exports of Goods and Services (in % of GDP) | 43 | 43 | 41 | 40 | 35 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2019 |
---|---|
United States | 33.3% |
Germany | 6.8% |
El Salvador | 6.3% |
Nicaragua | 4.4% |
Guatemala | 3.9% |
Belgium | 3.7% |
Netherlands | 2.9% |
Costa Rica | 2.6% |
Mexico | 2.0% |
Italy | 1.5% |
United Kingdom | 1.2% |
France | 1.1% |
Australia | 1.0% |
South Korea | 0.9% |
Spain | 0.9% |
Panama | 0.9% |
Canada | 0.9% |
Dominican Republic | 0.8% |
Sweden | 0.8% |
Japan | 0.6% |
See More Countries | 45.3% |
Main Suppliers (% of Imports) |
2019 |
---|---|
United States | 36.2% |
China | 16.1% |
Mexico | 7.9% |
Guatemala | 5.3% |
El Salvador | 4.7% |
Costa Rica | 3.6% |
Germany | 1.8% |
Japan | 1.7% |
Brazil | 1.6% |
India | 1.5% |
Ecuador | 1.5% |
Colombia | 1.4% |
Spain | 1.1% |
Russia | 1.1% |
South Korea | 0.9% |
Argentina | 0.9% |
Thailand | 0.9% |
Peru | 0.8% |
Vietnam | 0.8% |
Nicaragua | 0.8% |
See More Countries | 29.7% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
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Member of Association of Caribbean States (ACS)
Member of Central American Common Market (CACM)
Member of Central American Four (CA-4) .
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Latest Update: April 2022
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