The Asociación Salvadoreña de Industriales (ASI) is optimistic that El Salvador will close the year with a significant economic growth, which, in turn, allows positive expectations for the sector.
“The Central Reserve Bank (BCR) defines a rate between 3.5 % and 4 %, which would be the highest in recent years, and many international organizations agree that we are going to get there”, said the president of the ASI, Jorge Arriaza.
In agreement, the executive maintains that the industry is currently in a position to reverse the declining figures it had in recent years due to the downward trend of economies as important for El Salvador as the United States.
“Now we are in a line to begin to reverse that trend, and we expect that this year will be positive. We have the figure for the first quarter, which is less negative, and according to the BCR, at the end of the year we would be on an upward trend,” he said.
He added that the favorable numbers are related, in addition to the recovery of the US market, with the demand for industrial products originated by the nearshoring in Mexico, and the fact that the trade and customs alliance between Guatemala, Honduras and El Salvador has come into effect.
“In the region we have the novelty that Guatemala, Honduras and El Salvador are already a single market due to the customs union announced by Minister María Luisa Hayem a few days ago, with benefits such as zero tariffs, easy passage, and selling in Honduras and Guatemala as selling in El Salvador,” he said.
SECTORS ON THE RISE
On the other hand, Arriaza highlighted that at present, the textile and clothing sector remains at the head of those with the highest productivity, with more than $2,500 million of exports per year, that is, 33% of the total international sales of the country.
About this sector, Arriaza highlighted the strengthening, innovation and modernization it has undergone in recent years. “We can no longer speak in El Salvador of maquila, now it is a high definition process with luxury and first class garments for the market, mainly for the United States,” he added.
Behind this sector, others such as food, pharmaceuticals, plastics, cardboard and metal mechanics are having a great reception in international markets.
Arriaza also mentioned that there are other sectors with an upward trend, such as technology, specifically in the market of micro capacitors manufactured in the country; and automotive, where the production of vehicle components that are mainly exported to Mexico stands out.
Currently, El Salvador’s industrial products reach up to 120 countries in the world, and 95.7% of the country’s total exports belong to the industry.
Source: Diario El Salvador.
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