Monday, 24 January 2022 01:16

BCR affirms that imports will increase 32% during 2021

Written by Evelyn Alas

A report from the Banco Central de Reserva (BCR), indicates that exports increased by 32% in the period from january to december 2021, compared to the same period last year.

If compared to the close of 2019 before the pandemic, it also unveils an increase of US$723.8 million. Thus, export revenues in 2021 are the highest on record at US$6,629 million.

Imports are related to the economic recovery and trade and maquila exports with US$15,076 million, signifying 47% annual growth.

According to the Central Government, the institutions of the economic area have worked in coordination to accompany companies in the process of economic recovery, so that it is possible to build the foundations for sustained growth.

Thus, measures such as the Fideicomiso para la Recuperación Económica de las Empresas Salvadoreñas (FIREMPRESA), the stimulus to financing, the reduction of costs and procedures, the modernization within the institutions, the use of technology (for tax reports, for example), the one-stop shops, among others, have contributed to the dynamic rhythm of exports and imports.

Foreign trade has remained one of the strongest pillars since the economic reopening began in 2020. There are more companies exporting, and in addition, there is a diversity of countries that have increased the demand for products and services with the salvadoran brand.

Regarding imports, the Banco Central (BCR), highlighted that the acquisition of capital goods totaled US$2,725.9 million as of December 2021. This is the highest amount compared to all previous years. Since capital goods are those used to execute investments, last year's figure indicates that there is confidence in the country's course to continue with long-range projects.

Logistics projects, such as the expansion of the Port of Acajutla, the expansion of the cargo terminal at the airport, the shipyard in La Unión, the Pacific Airport and the Pacific Train, all in different stages of completion, will give foreign trade a greater boost.