Honduras Economy and Business

• GDP: US$9.3 billion (2006).
• Main imports: Fabric, machinery, chemicals, petroleum and plastic and paper articles.
• Main exports: Coffee, bananas, shrimp, lobster, meat, zinc and timber.
• Main trade partners: Guatemala, Mexico, UK, Canada and USA.

The economy of Honduras, which is one of the poorest nations in the western hemisphere, relies on agriculture and timber. Light industries produce a variety of consumer goods and there is a small mining industry. The economy draws heavily on various forms of US-sponsored aid. Inflation is 7.7% (2004) and annual growth 5.5% (2006). Growth is dependent on the US economy, the continued export of non-traditional products such as melons and shrimp, and the reduction of the high crime rate.

Honduras suffers from massive unemployment and extremely uneven distribution of wealth. Export earnings have been badly hit in recent years by low world prices and slack demand within the Central American Common Market, of which Honduras is a member. To compound its difficulties further, Honduras is still feeling the consequences of Hurricane Mitch in 1998, which caused an estimated US$3 billion worth of damage.

It is customary to address a professional person by his or her title, particularly on first meeting or during early acquaintance. Businesspeople are generally expected to dress smartly and some dining rooms require men to wear a jacket. There are very few local interpreter or translation services available. Though many businesspeople throughout the country also speak English, correspondence should be in Spanish.

Office hours: Mon-Fri 0800-1200 and 1400-1700, Sat 0800-1100.

Government offices: Mon-Fri 0830-1200 and 1300-1630.

Cámara de Comercio Hondureño-Americana
Sección Comercial Hotel Honduras Maya, Apdo 1838, Tegucigalpa, Honduras
Tel: 232 7043.
Website: www.amcham.hn2.com

Cámara de Comercio e Industrias de Tegucigalpa
Bulevar Centroamérica, Apdo 3444, Tegucigalpa, Honduras
Tel: 232 4200.
Website: www.ccit.hn