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Statistics
• GDP: US$22.28 billion (2008).
• Main exports: Textiles, coffee, medicines, sugar and shrimp. • Main imports: Consumer and capital goods, raw materials, petroleum and food. • Main trade partners: USA, Honduras, Mexico and EU. Economy
A long-running civil war (1980-1992) caused a significant decline in El Salvador's agriculture-dependent economy. A fall in world coffee prices over the last decade has also hit rural communities. The strengths of today's economy lie in a successful textiles and clothes manufacturing industry, as well as growing service industries, in particular call centres in the financial sector.
Underemployment remains a serious problem, and remittances from Salvadorans working abroad are a vital source of income for many families. These have fallen substantially as a result of the global financial recession. The Central America-Dominican Republic-United States Free Trade Agreement (CAFTA-DR) provides El Salvador preferential access to American markets, benefitting the textiles and clothing, and processed food sectors. In 2008, annual growth was 3.2% while inflation was 4.7%. El Salvador is a member of the Central American Common Market. Business Etiquette
Business people are expected to wear suits. Although some local business people speak English, a good knowledge of Spanish is important. Business cards are essential. The best months for business visits are September to March, but avoid the Christmas period.
Office hours: Mon-Fri 0800-1700. Business Contacts
Cámara de Comercio e Industria de El Salvador
9A Avenida Norte y 5A Calle Pte, San Salvador, El Salvador Tel: 2231 3000. Website: www.camarasal.com |
