Exports of goods and services are projected to reach $11.6 billion by the end of 2024.

The Salvadoran Exporters Corporation (Coexport) estimates that the value of El Salvador's exports will reach $11.6 billion in 2024, combining the value of goods and services shipments. This would represent a 10.48% increase compared to the $10.5 billion reported by the organization in 2023. Coexport President Silvia Cuéllar emphasized that this increase is driven by strong growth in the services sector.

Until the end of November, he had said that this figure would remain at $4 billion—as in 2023—but in an interview with "Diario El Salvador," he indicated that based on recent reports from the Secretariat for Central American Economic Integration (SIECA), that number could rise to $5 billion.

The total export figure projected for this year is derived by adding the $6.6 billion projected in goods exports. "I was indicating that exports could be around $4 billion in services, but we are seeing that it could reach $5 billion, based on statistics we recently received from SIECA. So, if you add $5 billion to $6.6 billion in goods, that's $11.6 billion in total exports for this year.

It's a slightly higher figure than last year," he noted. Cuéllar pointed out that while the value of goods shipped has fallen compared to 2023, the volume has continued to grow. For example, through November, exports had reached $5,997.9 million, a 0.8% decrease in value but a 2.8% increase in volume. According to the industry leader, this is because products with lower market value have been shipped, something that is not directly related to the country but rather to trade dynamics in international markets.

It is important to highlight that the United States continues to be the main buyer with $1,997.5 million, and that textile products are the most in demand, based on figures through November 2024. "We are going to end the year almost the same as last year. The volume has continued to grow, albeit slowly; what has decreased is the value. The products we are shipping have a lower value. Not all of them maintain the same value.

The demand is for lower-value products," she added. However, the president of Coexport is optimistic for 2025. "We believe that next year (2025) we will be recovering that, with higher-value products […] we estimate that next year (2025) we will grow more," she said. Growth in Services In another interview conducted in the middle of last year, the spokesperson confirmed a "rapid increase" in the provision of services. According to her estimates, the sector has doubled in eight years, going from $2 billion to $4 billion two years ago, and is expected to reach $5 billion in 2024. Coexport includes tourism, BPO (business process outsourcing) such as call centers, information technology businesses, logistics, and air services, among others, in its service exports.

Furthermore, she explained that the association did not handle franchises (of services or products), but had identified, in partnership with associates, 36 companies ready to grant franchises that export not only their brand but also supplies for these businesses. "Of those 36 companies, 32 are small and 28 are managed by women. Services is a sector that is moving forward and can break down barriers," she said. Source: Diario El Salvador