Analysis and Studies - Country Analysis
Honduras: a look at the market
February 23rd 2023
Honduras is the second largest country in Central America, following Nicaragua, and it has been inhabited by the Maya and other indigenous populations for long.
In the 16th century Honduras was discovered by Christopher Columbus and then conquered by Spain, and it only gained independence in the 19th century. During the years, Honduras has faced some political instability, wars and natural disasters such as the Hurricane Mitch in 1998, which caused many deaths and damages.
With a mostly mountainous land, the country is organized in four distinct regions and the majority of its inhabitants live in the highlands. Poverty is widespread in the country and nearly half of the people are unable to read or write.
The economy of Honduras
A third of the economy in Honduras is derived from agriculture, with coffee and bananas being two of the most exported products. In 2020, Honduras was the number 108 economy in the world in terms of GDP.
The top exports of the country are knit t-shirts ($1.04B), coffee ($986M), knit sweaters ($834M), insulated wire ($501M), and palm oil ($325M), exporting mostly to United States ($3.97B), El Salvador ($658M), Guatemala ($478M), Nicaragua ($460M), and Germany ($350M).
From the United States ($3.92B), Guatemala ($1.02B), China ($922M), El Salvador ($779M), and Mexico ($547M), Honduras mostly imports refined petroleum ($743M), non-retail pure cotton yarn ($435M), non-retail synthetic staple fibers yarn ($257M), packaged medicaments ($196M), and insulated wire ($186M).
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