Wednesday, 21 July 2021 14:32

COEXPORT: "In order to grow, El Salvador needs exports to earn foreign currency"

Written by Alondra Gutiérrez

During a television interview, the executive director of the Corporación de Exportadores de El Salvador (COEXPORT), Silvia Cuellar and Marvin Melgar, president of COEXPORT, addressed various topics including the state of the national economy and exports in the country, as well as the effect that Bitcoin would produce on exports.

In relation to the issue of exports the director of COEXPORT, said that El Salvador in order to grow needs and requires exporting for the income of foreign currency, she pointed out that the income of foreign currency comes from exports and by the remittances that enter the country.

"We acquire from outside consumer products, intermediate products, we do not have many raw materials, we have to buy even, even vegetables, to import we have to pay with foreign exchange and how are we going to pay with foreign exchange if we do not generate it, the best way to generate foreign exchange, is through exports", said Silvia Cuellar, executive director of COEXPORT.

The director mentioned that among the items that were affected as a result of the Covid-19 pandemic, she highlighted that all items were affected, except sugar.

"All sectors of the salvadoran economy were affected by the pandemic, some more than others. The most affected were textiles and clothing, cardboard and plastics, the only positive sector in 2020 was sugar", said Silvia Cuellar.

Marvin Melgar said that they hope that this year they will have higher export levels than before the pandemic.

"The local industry has to face situations that affect competitiveness such as the increase in electricity, the rise in fuel and other costs such as freight", said the executive director of COEXPORT.

They also mentioned the influence that the adoption of Bitcoin as a legal tender in the country will have, so they mentioned that they do not know if the impact will be positive or not.

"Bitcoin will have an effect on exports, to date we do not know if the impact will be positive or negative", emphasized Silvia Cuellar.

"We have been educating ourselves on the subject of Bitcoin, at the moment there are two groups: those who believe in it and assure that it is the future and the detractors who fear that crimes will be committed", said Marvin Melgar.