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• GDP: US$17.2 billion (2005).
• Main exports: Textiles and clothing, light manufactured goods, coffee, medicines, sugar and shrimp.
• Main imports: Consumer goods, capital goods, raw materials, petroleum and food.
• Main trade partners: USA, Honduras, Mexico and EU.
• Main exports: Textiles and clothing, light manufactured goods, coffee, medicines, sugar and shrimp.
• Main imports: Consumer goods, capital goods, raw materials, petroleum and food.
• Main trade partners: USA, Honduras, Mexico and EU.
Economy
The long-running civil war caused a significant decline in El Salvador's mainly agricultural economy. More recently, a fall in world coffee prices has hit rural communities. The strengths of today's economy lie in a successful textiles and clothes manufacturing industry, as well as the country's growing service industries, in particular call centres in the financial sector.
A steady recovery has helped reduce poverty from 66% in 1991 to 34.5% in 2004. However, remittances from Salvadorans working abroad remain a vital source of income for many families.
The Central America-Dominican Republic-United States Free Trade Agreement (CAFTA-DR) implemented in 2006 provides El Salvador preferential access to American markets. The areas most expected to benefit from this accord are textiles and clothing as well as processed food sectors.
In 2005, annual growth was 2.8%, while inflation was 4.7%. El Salvador is a member of the Central American Common Market.
A steady recovery has helped reduce poverty from 66% in 1991 to 34.5% in 2004. However, remittances from Salvadorans working abroad remain a vital source of income for many families.
The Central America-Dominican Republic-United States Free Trade Agreement (CAFTA-DR) implemented in 2006 provides El Salvador preferential access to American markets. The areas most expected to benefit from this accord are textiles and clothing as well as processed food sectors.
In 2005, annual growth was 2.8%, while inflation was 4.7%. El Salvador is a member of the Central American Common Market.
Business Etiquette
Businesspeople are expected to wear suits. Although some local businesspeople speak English, a good knowledge of Spanish is important. Business cards are essential. The best months for business visits are September to March, avoiding the Christmas period.
Office hours: Mon-Fri 0800-1700.
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
9a Avenida Norte y 5a Calle Pte, San Salvador, El Salvador
Tel: 2231 3000.
Website: www.camarasal.com