Trade Profile

flag Honduras Honduras: Trade Profile

Foreign Trade in Figures

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 On the other hand, outdated labour regulations, a lack of qualified workforce and inefficient financial management inhibit the country's trade and economic development.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 20182019202020212022
Imports of Goods (million USD) 12,46212,14910,25315,07317,581
Exports of Goods (million USD) 8,6448,7887,68310,21612,169
Imports of Services (million USD) 2,3252,4191,8172,5923,226
Exports of Services (million USD) 2,8212,9781,9772,7053,101
Imports of Goods and Services (Annual % Change) 5-2-18335
Exports of Goods and Services (Annual % Change) 12-21216
Trade Balance (million USD) -5,376-5,141-3,832-6,699-7,411
Foreign Trade (in % of GDP) 1049886100106
Imports of Goods and Services (in % of GDP) 6258516265
Exports of Goods and Services (in % of GDP) 4140353841

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

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Main Partner Countries

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

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Main Products

5.0 bn USD of products exported in 2021
Coffee, whether or not roasted or decaffeinated;...Coffee, whether or not roasted or decaffeinated; coffee husks and skins; coffee substitutes containing coffee in any proportion 26.0%
Insulated "incl. enamelled or anodised" wire,...Insulated "incl. enamelled or anodised" wire, cable "incl. coaxial cable" and other insulated electric conductors, whether or not fitted with connectors; optical fibre cables, made up of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors 16.3%
Crustaceans, whether in shell or not, live, fresh,...Crustaceans, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine, even smoked, incl. crustaceans in shell cooked by steaming or by boiling in water; flours, meals and pellets of crustaceans, fit for human consumption 10.4%
Palm oil and its fractions, whether or not refined...Palm oil and its fractions, whether or not refined (excl. chemically modified) 4.7%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 3.3%
See More Products 39.3%
11.6 bn USD of products imported in 2021
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 13.5%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 4.7%
Flat-rolled products of iron or non-alloy steel,...Flat-rolled products of iron or non-alloy steel, of a width >= 600 mm, hot-rolled or cold-rolled "cold-reduced", clad, plated or coated 3.0%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 2.8%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.2%
See More Products 73.7%

Source: Comtrade, Latest Available Data

 

To go further, check out our service Import Export Flows

 
 

Main Services

Source: United Nations Statistics Division, Latest Available Data

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Commercial Policy

International Economic Cooperation
Member of the World Trade Organization (WTO)
Member of Free Trade Areas of the Americas (FTAA)

Member of Association of Caribbean States (ACS)

Member of Central American Common Market (CACM)

Member of Central American Four (CA-4) .

Assessment of Commercial Policy
Country’s commercial policy
Barriers to exchanges
Average Customs Duty (Excluding Agricultural Products)
5.89%
 
 

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
International Economic Cooperation
Member of Free Trade Areas of the Americas (FTAA)

Member of Association of Caribbean States (ACS)

Member of Central American Common Market (CACM)

Member of Central American Four (CA-4) .

Useful Resources
 
 
 

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Latest Update: November 2023