According to the World Bank, foreign trade represents 100% 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 On the other hand, outdated labour regulations, a lack of qualified workforce and inefficient financial management inhibit the country's trade and economic development.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 (13.5%), motor vehicles (5%), medicaments (4.7%), flat-rolled products of iron or non-alloy steel (3.0%), and telephone sets (2.1%), while its main exports are coffee (26%), insulated wire (16.3%), crustaceans (10.4%), palm oil and its fractions (4.7%), and gold (3.3%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by an estimated 5% in 2022 and is expected to increase by 3.4% in 2023, while the volume of imports of goods and services increased by an estimated 1.2% in 2022 and is expected to increase by 7.9% in 2023.
Honduras' main trade partners include the United States, China, El Salvador, Guatemala, Germany, Mexico, and Nicaragua. 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.
While Honduras has a substantial trade deficit, exports are expected to become more competitive in the coming years, mainly due to the depreciation of the local currency. According to the last available data, the country's trade deficit reached USD 6.6 billion in 2021, when exports of goods totalled USD 10.2 billion and imports amounted to USD 15 billion. Concerning the trade of services, imports amounted to USD 2.5 billion in 2021, while the exports were equal to USD 2.5 billion over the same period.
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 12,462 | 12,149 | 10,253 | 15,073 | 17,581 |
Exports of Goods (million USD) | 8,644 | 8,788 | 7,683 | 10,216 | 12,169 |
Imports of Services (million USD) | 2,325 | 2,419 | 1,817 | 2,592 | 3,226 |
Exports of Services (million USD) | 2,821 | 2,978 | 1,977 | 2,705 | 3,101 |
Imports of Goods and Services (Annual % Change) | 5 | -2 | -18 | 33 | 5 |
Exports of Goods and Services (Annual % Change) | 1 | 2 | -21 | 21 | 6 |
Trade Balance (million USD) | -5,376 | -5,141 | -3,832 | -6,699 | -7,411 |
Foreign Trade (in % of GDP) | 104 | 98 | 86 | 100 | 106 |
Imports of Goods and Services (in % of GDP) | 62 | 58 | 51 | 62 | 65 |
Exports of Goods and Services (in % of GDP) | 41 | 40 | 35 | 38 | 41 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2021 |
---|---|
United States | 43.3% |
Germany | 6.7% |
El Salvador | 5.9% |
Guatemala | 4.5% |
Nicaragua | 4.3% |
Belgium | 3.8% |
Netherlands | 3.4% |
United Kingdom | 2.7% |
Mexico | 2.6% |
Costa Rica | 2.4% |
France | 1.7% |
Italy | 1.3% |
Canada | 1.2% |
South Korea | 1.1% |
Dominican Republic | 0.9% |
Switzerland | 0.9% |
Spain | 0.9% |
Japan | 0.8% |
Sweden | 0.7% |
Colombia | 0.6% |
See More Countries | 35.2% |
Main Suppliers (% of Imports) |
2021 |
---|---|
United States | 34.3% |
China | 17.9% |
Mexico | 7.6% |
Guatemala | 5.6% |
El Salvador | 4.4% |
Costa Rica | 3.6% |
Brazil | 1.9% |
Russia | 1.8% |
Japan | 1.8% |
India | 1.7% |
Germany | 1.6% |
Colombia | 1.5% |
Spain | 1.1% |
Vietnam | 1.1% |
Thailand | 0.9% |
South Korea | 0.9% |
Argentina | 0.8% |
Nicaragua | 0.8% |
Honduras | 0.8% |
Italy | 0.7% |
See More Countries | 30.2% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
To go further, check out our service Import Controls and Export Controls
To go further, check out our service Import Export Flows
1.2 bn USD of services exported in 2019 | |
---|---|
46.44% | |
Personal travelPersonal travel | 41.80% |
Business travelBusiness travel | 4.64% |
20.25% | |
15.87% | |
12.39% | |
4.22% | |
0.50% | |
0.32% |
2.4 bn USD of services imported in 2019 | |
---|---|
49.25% | |
20.75% | |
Personal travelPersonal travel | 16.53% |
Business travelBusiness travel | 4.21% |
9.84% | |
6.96% | |
5.42% | |
3.51% | |
1.79% | |
1.35% | |
1.13% |
Source: United Nations Statistics Division, Latest Available Data
List of tariffs and local taxes that apply to your product on our service Customs Duties and Local Taxes
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: November 2023
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