In 2021, Honduras is expected to import 10 billion dollars in commodities from around the world, growing 26.4 percent from 2016 and 9.3 percent from 2019 to 2021.
Refined petroleum oils, cotton yarn, pharmaceutical mixes in doses, non-retail yarn of synthetic staple fibers, insulated wire or cable, and phone system gadgets including smartphones are the top six value-added imports from Honduras.
That sextet of most valuable imports together accounted for nearly a fifth which is 22 percent of all Honduran products imported in 2021.
From a continental viewpoint, 44.7 percent of all Honduran imports by value were purchased from North American countries, according to 2021 data.
24.5 percent of Honduran import purchases came from Asian partners, while 22.6 percent came from Latin American suppliers, excluding Mexico but including the Caribbean.
Europe with 8 percent, Africa with 0.12 percent, and Oceania with 0.05 percent, followed by New Zealand and Australia, which had lower percentages.
Given Honduras’ population of 9.9 million people, the country’s entire 10 billion dollars in 2020 imports equates to nearly 1,000 dollars in annual product demand from each citizen.
Honduras Top Imports
The following product groupings account for the majority of Honduras’ import imports in 2020.
The percentage contribution of each product category in terms of total imports into Honduras is also indicated.
Mineral fuels including oil: 949.7 million dollars account for 9.5 percent of total imports
Electrical machinery, and equipment: 819.5 million dollars account for 8.2 percent
Machinery including computers: 605 million dollars accounts for 6 percent
Cotton: with 545 million dollars account for 5.4 percent
Plastics, plastic articles: with 517.2 million dollars account for 5.2 percent
Pharmaceuticals: 449.9 million dollars account for 4.5 percent
Vehicles: 359.8 million dollars account for 3.6 percent
Manmade staple fibers: with 357.4 million dollars account for 3.6 percent
Iron, steel: 315 million dollars account for 3.1 percent
Paper, paper items: 293.4 million dollars account for 2.9 percent
Honduras’ top ten imports accounted for over three-fifths or 57.8 percent of the total value of its foreign product acquisitions.
Cotton purchases by Honduran importers grew at the quickest rate among the top 10 import categories, increasing by 5,041 percent from 2020 to 2021.
Manmade staple fibers came in second for increasing imports into Honduras, with a 3,656 percent raise.
Honduran imports of plastics, which include both materials and items manufactured of plastic, grew at the third-fastest rate in the world, increasing by 27 percent year on year.
Imported automobiles experienced the steepest annual loss among the top categories, with a minus 45.2 percent reduction.
Honduras Top Exports
In 2021, the Republic of Honduras is expected to transport 8.3 billion dollars worth of goods throughout the world.
This figure represents a 103.1 percent growth since 2016 and a 168.4 percent increase from 2020 to 2021.
Honduras shares its western border with Guatemala, its southwest border with El Salvador, and its southeast border with El Salvador. Previously known as Spanish Honduras to distinguish the Central American republic from British Honduras which is now Belize, Honduras shares its western border with Guatemala, its southwest border with El Salvador, and its southeast border with El Salvador.
The Republic of Honduras’ south coast runs along the Pacific Ocean at the Gulf of Fonseca, while the north shore is encircled by the Gulf of Honduras, a major Caribbean Sea bay.
Honduras’ top five exported products accounted for 43.5 percent of the Central American country’s overall export sales at the precise 4-digit Harmonized Tariff System (HTS) code level.
Coffee, knitted or crocheted t-shirts or vests, knitted or crocheted jerseys or pullovers, insulated wire or cable, and palm oil are the five most valued Honduran exports.
The following export product groups will account for the majority of Honduran global shipments in 2021.
The percentage share of each export category in terms of total Honduran exports is also shown.
Knit or crochet clothing, accessories: 2.2 billion dollars account for 26.3 percent of total exports
Coffee, tea, spices: 1.1 billion dollars account for 13 percent
Electrical machinery, equipment: 567.2 million dollars accounts for 6.8 percent
Fruits, nuts: 554.5 million dollars account for 6.7 percent
Clothing, accessories: 488.4 million dollars account for 5.9 percent
Animal/vegetable fats, oils, waxes: 425.4 million dollars account for 5.1 percent
Fish: 337.8 million dollars account for 4.1 percent
Tobacco manufactured substitutes: 181.2 million dollars account for 2.2 percent
Miscellaneous textiles, worn clothing: with 169 million dollars account for 2 percent
Vegetables: 161.7 million dollars account for 1.9 percent
The top ten exports from Honduras accounted for 74.1 percent of the total value of the country’s global shipments.
Knitted or crocheted garments and accessories grew at the quickest rate among the top 10 export categories from 2019 to 2021, increasing by 66,185 percent.
Unknitted and non-crocheted garments and accessories came in second with an increase of 11,452 percent in export sales.
Shipments of assorted textiles and old garments from Honduras grew at the third-fastest rate, increasing by 6,791 percent.
Coffee accounted for 12.9 percent of Honduras’ total exports in 2021, knitted or crocheted t-shirts and vests accounted for 10.6 percent, knitted or crocheted jerseys including pullovers accounted for 9.9 percent, insulated wire or cable accounted for 6 percent, palm oil accounts for 4.1 percent, bananas including plantains accounts for 3.4 percent, crustaceans including lobsters account for 3 percent, melons, watermelons, and papayas stands at 2.4 percent, and unknitted and non-crocheted garments formed 1.8 percent.
Honduras’ total exported goods account for 15.3 percent of the country’s overall Gross Domestic Product valued at 54.2 billion in Purchasing Power Parity US dollars in 2021.
In PPP terms, exports will account for 15.3 percent of the overall GDP in 2021, compared to 17.1 percent in 2020.
Those percentages imply that Honduras’ entire economic performance is becoming less reliant on products sold on international markets, albeit over a short period.
The unemployment rate is another important measure of a country’s economic performance.
According to Trading Economics, Honduras’ average jobless rate was 10.9 percent in 2020, nearly doubling from 5.7 percent the previous year.
Honduras’ capital city is Tegucigalpa.
Honduras Major Trading Partners
According to the most recent available country-specific data from 2020, importers in the United States of America account for 33.3 percent of the global total, Germany claims 6.8 percent, El Salvador with 6.3 percent, Nicaragua with 4.4 percent, Guatemala with 3.9 percent, Belgium with 3.7 percent, the Netherlands with 2.9 percent, Costa Rica with 2.6 percent, Mexico with 2 percent, Italy with 1.5 percent, the United Kingdom with 1.2 percent, and France purchased 69.7 percent of Honduran exports.
From a continental viewpoint, 38.8 percent of Honduras’ exports by value went to Latin American countries excluding Mexico but including the Caribbean, while 36.2 percent went to North American buyers.
Honduras also sent 20.7 percent of its exports to Europe.
Asia got 2.9 percent, Oceania mainly Australia got 1 percent, and Africa with 0.1 percent received smaller percentages.
With a population of 9.9 million people, Honduras’ total exports of 8.3 billion dollars in 2021 equate to around 840 dollars per person in the Central American country.