According to the World Bank, foreign trade represents 111% 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 On the other hand, outdated labor regulations, a lack of qualified workforce, and inefficient financial management inhibit the country's trade and economic development.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%), medicaments (4.7%), flat-rolled products of iron or non-alloy steel (3%), motor vehicles for the transport of goods (2.8%), and motor cars (2.2%); while exports are led by coffee (26%), insulated "incl. enameled or anodized" wire (16.3%), crustaceans (10.4%), palm oil and its fractions (4.7%), and gold (3.3% - data Comtrade).
As per the latest available Comtrade data, Honduras mainly exports towards the United States (43.3%), Germany (6.7%), El Salvador (5.9%), Guatemala (4.5%), Nicaragua (4.3%), and Belgium (3.8%); with imports coming chiefly from the United States (34.3%), China (17.9%), Mexico (7.6%), Guatemala (5.6%), and El Salvador (4.4%). Honduras is a member of the WTO and 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.
According to the Central Bank, in 2023, the trade deficit in goods abroad amounted to USD 7,979.2 million, reflecting a decrease of 5.6% (USD 473.3 million) compared to the previous year. This decline is attributed to a USD 437.1 million increase in the surplus of goods for transformation (maquila), primarily linked to reduced imports. Exports of goods totaled USD 11,348.2 million, marking a 7.3% decrease (USD 898.7 million) from the previous year. This decline is primarily due to a 12.0% decrease in exports of goods produced in the processing industry (maquila), driven by reduced international demand for textile products. However, noteworthy growth was observed in automotive harnesses with a USD 188.6 million increase, bananas with USD 46.3 million, and certain manufactured products like sugar with USD 39.5 million. Imports of goods amounted to USD 19,327.4 million in 2023, representing a 6.6% decrease (USD 1,372.0 million) compared to the previous year. This reduction is mainly attributed to a decrease of USD 1,170.5 million (26.7%) in imports of goods for processing (maquila), particularly textile materials. Additionally, imports of general merchandise saw a contraction of USD 201.4 million (1.2%), notably in industrial supplies and fuels. Concerning services, the latest data from WTO (referring to 2022) indicate exports worth USD 3.1 billion, a level similar to the one of imports (USD 3.2 billion).
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 12,149 | 10,253 | 15,067 | 18,321 | 17,525 |
Exports of Goods (million USD) | 8,788 | 7,683 | 10,247 | 12,281 | 11,376 |
Imports of Services (million USD) | 2,419 | 1,817 | 2,850 | 3,621 | 3,445 |
Exports of Services (million USD) | 2,978 | 1,977 | 2,838 | 3,235 | 3,707 |
Imports of Goods and Services (Annual % Change) | -2 | -18 | 33 | 5 | n/a |
Exports of Goods and Services (Annual % Change) | 2 | -21 | 21 | 6 | n/a |
Trade Balance (million USD) | -5,141 | -3,832 | -6,699 | -7,411 | n/a |
Foreign Trade (in % of GDP) | 98 | 86 | 100 | 106 | n/a |
Imports of Goods and Services (in % of GDP) | 58 | 51 | 62 | 65 | n/a |
Exports of Goods and Services (in % of GDP) | 40 | 35 | 38 | 41 | n/a |
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% |
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% |
See More Countries | 30.2% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
To go further, check out our service Import-Export Flows
1.1 bn USD of services exported in 2022 | |
---|---|
49.32% | |
Personal travelPersonal travel | 39.11% |
Business travelBusiness travel | 10.21% |
18.76% | |
15.98% | |
9.18% | |
4.42% | |
1.32% | |
0.68% | |
0.35% |
3.6 bn USD of services imported in 2022 | |
---|---|
66.21% | |
11.59% | |
Personal travelPersonal travel | 10.43% |
Business travelBusiness travel | 1.16% |
6.56% | |
5.23% | |
4.09% | |
2.82% | |
1.27% | |
1.14% | |
1.10% |
Source: United Nations Statistics Division, Latest Available Data
Member of Association of Caribbean States (ACS)
Member of Central American Common Market (CACM)
Member of Central American Four (CA-4) .
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: May 2024