Nicaragua Exports in 2022 - Global Trade Statistics by Country | Tendata

tendata blogTrade Data

ten data blog07-12-2023

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Nicaragua's exports to the world in 2022 are valued at $7.36 billion. Nicaragua's total exports are valued at $6.5 billion in 2021, an increase of 13.3% year-over-year.

Nicaragua's Best Export Customers

The most recent country-specific data shows that 90.6% of Nicaragua's exports were purchased by importers in the following countries: the United States (52.2% of Nicaragua's total), Mexico (12.9%), Honduras (7.3%), El Salvador (5.9%), Costa Rica (3.1%), Guatemala (2.9%), Belgium (1.5%), Taiwan (1.4%), Panama (1%), and the United States. 1.4%), Panama (1%), United Kingdom (0.85%), Germany (0.81%) and Spain (0.77%).

Nicaragua's Top 10 Exports

1. Knitted or crocheted clothing, accessories: $1.5 billion (20.2% of total exports)

2. Gemstones, precious metals: $976.3 million (13.3%)

3. Electrical machinery, equipment: $719.1 million (9.8%)

4. Coffee, spices: $717.0 million (9.7%)

5. Meat: $707.9 million (9.6%)

6. Tobacco, artificial substitutes: $428.1 million (5.8%)

7. Clothing, accessories (not knitted or crocheted): $359.0 million (4.9%)

8. Fish: $331.5 million (4.5%)

9. Dairy products, eggs, honey: $220.6 million (3%)

10. Sugar, confectionery: $206.4 million (2.8%)

Nicaragua's top 10 export categories accounted for 83.6% of its total global shipments.

Coffee and spices is the fastest growing of the top 10 export categories, growing 40.4% from 2021 to 2022. The second fastest growing export sales category is knitted or crocheted apparel and accessories, up 21.2 percent. Nicaragua had the third highest increase in shipments of electrical machinery and equipment, up 19.8 percent.

At the more granular four-digit HS code level, knitted or crocheted T-shirts and undershirts represented Nicaragua's most valuable export product, accounting for 12.9 percent of the country's total exports. In second place was unwrought gold (12.6 percent), followed by coffee (9.7 percent), insulated wire or cable (9.7 percent), cigars, cigarillos, and cigarettes (5.5 percent), fresh or chilled beef (4.9 percent), frozen beef (4.3 percent), knitted or crocheted knit or pullover shirts (3.4 percent), crustaceans, including lobsters (2.9 percent), and then non-knitted and non-crocheted men's suits or pants (2.6%).

Customs data contains a vast amount of information, and extracting relevant customer contact information can be time-consuming. Is the outcome truly unsatisfactory, or is it due to using customs data in the wrong way, resulting in wasted effort and time?

Utilizing customs data for customer development involves accurately profiling all purchasers and their procurement systems in the target market. This approach swiftly identifies the highest compatibility customers, assesses their credit systems and procurement details, pinpoints premium customers and profit potential, enhances development efficiency, and elevates results. When developing new clients using customs data, consider the following three approaches for reference. (>>>Click to Get Free Access to Customs Data from 80+ Countries<<<)

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1. Establishing a Customer Resource Repository by Country

Creating a customer resource repository is akin to your own work record sheet. Begin by utilizing trade tracking functionality to compile a list of all customers from a particular country. Next, perform specific analyses based on factors such as each purchaser's procurement volume, purchase cycle, product specifications, and supplier systems (with emphasis on examining the diversity or singularity of their supply channels; preferably retaining customers with diversified suppliers, as those relying on a single supply channel may be harder to develop). Lastly, filter out the potential high-quality customers constituting 30% of this country's total, and record them in your customer resource repository, allowing flexible categorization by country, time, customer name, follow-up steps, contact numbers, emails, and contacts. (>>>Click to Start Developing Customers for Free<<<)

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2. Creating a Customer Resource Repository by Peer Companies

Have a solid understanding of peer companies' English names (including full names, abbreviations, etc.). Utilize the global networking capability of suppliers to generate a list of all clients associated with peer companies within the system. Following this, perform essential analyses on these clients based on factors like procurement volume, procurement cycle, product models, and others. Ultimately, identify and record the key customers of your targeted peer companies in your customer resource repository.(>>>Click to Start Developing Customers for Free<<<)

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3. Cataloging New Customers from Each Country

For newly emerging customers from specific countries, use the trade search function to select the country, set the date range and limit product names or customs codes. Check "Newest," and the search results will display high-quality customers that emerged most recently in that country within the designated timeframe. Since these customers are newly established, with recent procurement transactions, their supplier stability might be unsteady. Therefore, prioritize following up with these new potential buyers. Lastly, record all these new prospects in your customer resource repository.、(>>>Click to Start Developing Customers for Free<<<)

All three strategies for utilizing customs data to develop customers can be tailored to your company's actual needs. Depending on market conditions, industry specifics, strategic requirements, etc., find the approach that suits you best, with the sole aim of classifying and organizing your premium customers. Once you've found suitable customers, the next step is to contact them precisely, employing various methods such as phone calls, emails, and online chats.

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