WT/TPR/G/404/Rev.1  
 
1 April 2021  
(21-2722) Page: 1/28 
Trade Policy Review Body  Original: Spanish  
 
TRADE POLICY REVIEW  
REPORT BY  
NICARAGUA  
Revision  
Pursuant to the Agreement Establishing the Trade Policy Review Mechanism (Annex 3 of the 
Marrakesh Agreement Establishing the World Trade Organization), the policy statement by Nicaragua 
is attached.  WT/TPR/G/404 /Rev.1 • Nicaragua  
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  Contents  
1   INTRODUCTION  ................................ ................................ ................................ ..........  4 
2   ECONOMIC ENVIRONMENT  ................................ ................................ ..........................  4 
2.1   Economic Growth and Employment  ................................ ................................ ................  4 
2.2   Inflation and Prices  ................................ ................................ ................................ ...... 5 
2.3   Fiscal Sector  ................................ ................................ ................................ ...............  5 
2.4   Public Debt  ................................ ................................ ................................ .................  5 
2.5   Social Integration  ................................ ................................ ................................ ........  6 
3   TRADE POLICY  ................................ ................................ ................................ ............  6 
3.1   Quotas  ................................ ................................ ................................ .......................  8 
3.2   Export Promotion ................................ ................................ ................................ .........  8 
3.3   Trade Agreements  ................................ ................................ ................................ ....... 9 
3.3.1    Multilateral Trading System  ................................ ................................ ........................  9 
3.3.2    Central American Integration  ................................ ................................ .....................  9 
3.3.3    Latin American Integration Association (LAIA)  ................................ ............................  10 
3.3.4    Bolivarian Alliance for the Peoples of Our America (ALBA) the Peoples' Trade 
Agreement (ALBA TCP)  ................................ ................................ ................................ ...... 10 
3.3.5    Mexico ................................ ................................ ................................ ...................  10 
3.3.6    Dominican Republic  ................................ ................................ ................................ . 11 
3.3.7    United States  ................................ ................................ ................................ .........  11 
3.3.8    Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu  
(Chinese  Taipei) ................................ ................................ ................................ ................  11 
3.3.9    Chile ................................ ................................ ................................ .....................  11 
3.3.10    European Union  ................................ ................................ ................................ .... 11 
3.3.11    Cuba ................................ ................................ ................................ ...................  12 
3.3.12    Ecuador  ................................ ................................ ................................ ...............  12 
3.3.13    South K orea ................................ ................................ ................................ .........  12 
3.4   Foreign Direct Investment  ................................ ................................ ..........................  12 
3.5   Trade Facilitation  ................................ ................................ ................................ ....... 13 
3.6   Technical Standards  ................................ ................................ ................................ ... 14 
3.7   Sanitary and Phytosanitary Measures  ................................ ................................ ...........  15 
3.8   Intellectual Property  ................................ ................................ ................................ .. 15 
3.9   Competition and Consumer Protection Policies ................................ ...............................  16 
4   SECTORAL POLICIES AND ECONOMIC OUTLOOK  ................................ .......................  16 
4.1   Agriculture and Livestock ................................ ................................ ............................  16 
4.2   Agro-industry and Forestry  ................................ ................................ .........................  16 
4.3   Industry  ................................ ................................ ................................ ...................  17 
4.4   Fishing and Aqua culture  ................................ ................................ .............................  17 
4.5   Energy  ................................ ................................ ................................ .....................  18 
4.6   Tourism  ................................ ................................ ................................ ....................  18 
4.7   Mining  ................................ ................................ ................................ ......................  19 WT/TPR/G/404 /Rev.1 • Nicaragua  
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  4.8   Financial Services  ................................ ................................ ................................ ...... 19 
4.9   Telecommunications  ................................ ................................ ................................ .. 20 
5   CONCLUSION ................................ ................................ ................................ .............  20 
6   APPENDIX TABLES  ................................ ................................ ................................ .... 22 
 
 
  WT/TPR/G/404 /Rev.1 • Nicaragua  
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  1  INTRODUCTION  
1.1.  Nicaragua was a Contractin g Party of the General Agreement on Tariffs and Trade (GATT) since 
28 May 1950 and has been a Member of the World Trade Organization  (WTO) since 
3 September  1995. In that capacity, it has honoured its com mitment to promote and strengthen  the 
multilateral trading system through  regulatory and institutional changes  which have had a positive 
effect on trade flows in the country . 
1.2.  As part of its trade policy, the Government of Reconciliation and National Unity  (GRUN) 
reaffirms its confidence  in the multilateral trading system as the path way to achiev ing greater 
benefits o f international trade betw een developed a nd less devel oped nations , advocating for special 
and differential treatment for small economies such as Nicaragua . In such a context , together with 
countries of a  similar  level of development , international standards to ensure fairer, more equitable 
and more development -oriented international trade are possible.  
1.3.  Furthermore, N icaragua  is of the view  that trade among  nations  is a key tool in  sustainable 
development . 
1.4.  The trade policy review mechanism is an exercise in transparency for its trade policies and 
practices and an opportunity for other Members to gain a better understanding of Nicaragua's 
individual features, its aspi rations, its needs and the challenges it faces . Nicaragua would like this 
exercise to help improve the working of the multilateral trading system.  
1.5.  This report comprises four chapters : the first explains the background to the country's 
socio-economic enviro nment ; the second concerns trade policy ; the third el aborates on policies and 
prospects for the various sectors of the economy ; while the fourth presents conclusions . 
1.6.  This report supplements the report by the WTO Secretariat and aims to ensure that Members  
obtain a full picture of Nicaragua's trade policies and practices . 
2  ECONOMIC ENVIRONMENT  
2.1  Economic Growth and Employment  
2.1.  The average annual rate of growth in Nicaragua's economy over the period 2012 -19 was 2.8 %, 
bearing in mind that it was adversely affecte d by external shocks  in 2018.  
2.2.  Following a growth rate of  6.5% in 2012, the Nicaragua n economy  shrank to an average growth 
of 4.6% in 2017 . Subsequently , in 2018  GDP dropped by  4.0% and in 2019 by 3.9%. Construction, 
trade, transport and communications and financial intermediary services were the  economic sectors 
that contributed most  to GDP reduction in 2019.  
2.3.  In 2019 t he manufacturing industry recorded a growth rate of 0.2%, including a steep rise in 
value  added  of the expand ing food, beverage and tobacco sector , which partially explained  the 
50.5% value added growth of the secto r, followed by  the textile and garment sector , intended 
primarily for export, which contribute d in relative terms 23.5% to the sector . The contribution of  
agro-industrial production of meat , sugar and dairy products , intended mainly for export markets, 
was also significant . 
2.4.  The dynamic fisheries subsector strongly  influenced the agricultural sector , which in part 
explains the overall growth of the sector of  64.4%. 
2.5.  Private investment was i mpacted  by the growth of foreign direct investment (FDI) flows, which 
in 2019 reached  40.2% of total private investment , representing  10.4% of GDP , the lowest level for 
the past  eight years. 
2.6.  The share of investment in machinery and equipment represent ed 33.6% of fixed private 
investment in 2018 and 2019, which translate d into demand for imported  capital  goods rather than 
demand for domestic goods and services . A significant percentage of p rivate consumptio n or 
household consumption  was imported, w ith the result  that an  increasing ly large  share  of the demand 
for consumer goods  is for imported goods that are not manufactured in Nicaragua . WT/TPR/G/404 /Rev.1 • Nicaragua  
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  2.7.  Rather than take protectionist me asures to limit imports , Nicaragua is seeking a model that 
would allow it to boost exports and reap the benefits of international trade  as a catalyst for increasing 
and diversifying  domestic production . 
2.2  Infla tion and Prices  
2.8.  The average annual inflation rate , as measured by the p ercentage variation in the consumer 
price index1, rose to  5.3% in 2012-19 as a result of the  annual currency depreciation policy of 5%, 
among other factors . 
2.9.  An increase in the p rice index of foods and non -alcoholic beverages , which in  2012-19 rose to 
an average annual rate of  5.2%, had the biggest impact on the rise in  inflation . 
2.10.   The minimum average wage stood at  3.368 córdobas ( USD 150.20) in 2011 . The wage policy, 
set in consultation with the private sector and workers,  resulted  in an increase of 102.49 % in 2019 
to 6.820 córdobas ( USD 250.90). 
2.3  Fiscal Sector  
2.11.   In the period  2012-19, finances in the non -financial public sector  (NFPS) remained at 
sustainable levels as a result of higher income for the sector  at an average annual rate of 10.9%, 
similar  to the average annual growth rate of its total expenditures, of  11,0%. Consequently , the 
NFPS d eficit before external donations , measured as a percentage of GDP, rose from  1.5% of GDP  
in 2012 to 2.2% of GDP in  2019. 
2.12.   Tax revenue earned by the central Government was recorded at an average annual rate of  
11.2% between  2012 and 2019, while GDP at current prices stood at a rate of  8.4%, which 
demonstrates that tax buoyancy was on average  2.8%. As a result , the tax burden rose from  16.4% 
of GDP in  2012 to 19.14% of GDP in  2019.  
2.13.   General ly, over the past five years, a change to the country's tax structure , resulting from 
opening up to the outside world, saw a reduced share of import tariffs of the  total tax revenue fro m 
3.7% in 2012 to 2.5% in 2019.  
2.14.   On the expense side,  social expenditure was given priority , with a relative average annual 
share of  55.9% of total expenditure . Falling under  social spending are education and health , which 
accounted on average for  72.9% of social spending in  2012-19. 
2.15.   In the period under review , a steep rise was seen in education spending in 2012 to the tune 
of 9.144,7 million  córdobas and in  2019 of 19.347,9 million  córdobas, representing as a percentage 
of GDP an increase from 3.7% in 2012 to 4.7% in 2019 . Health spending also rose , from 3.0% of 
GDP in  2012 to 3.6% in 2019, or 7.463,7 million  and 14.854,8 million córdobas respectiv ely. 
2.4  Public Debt 
2.16.   Nicaragua's total domestic and internal public debt  in 2019 stood at  USD 7.164,3 million, of 
which external public debt accounted for 87.6% and domestic public debt for the remaining  12.4%. 
In terms of share of  total public debt , 72.3% corresponds to the central Government , 27.0% to the 
Central  Bank and 0.7% to the rest of the public sector . Public debt grew by an average rate of 3.3 % 
in 2009-19. 
2.17.   Over the past 10 years , public debt as a percentage of GDP dropped by 5.2 percentage points 
from 62.4% in 2009 to 57.2% in 2019 . Regarding the latter figure , external public debt accounted 
for 50.1% of GDP and domestic public debt 7.1%. 
 
1 CPI: Indicator published by the Central Bank of Nicaragua measuring the trend in prices of a basket of 
goods and services that are representative of final consumption expenditure by households.  WT/TPR/G/404 /Rev.1 • Nicaragua  
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  2.5  Social  Integration  
2.18.   Compared with the results of the 2016 Living Standards Measurement Survey (EMNV)2, 2015 
saw a significant reduction in the numbers of Nicaraguans living belo w the poverty line and in 
extreme poverty3, both in urban and rural areas . 
2.19.   According to the results of this survey , the percentage of the population living in poverty  fell 
from 42.5% in 2009 to 24.9% in 2016, a decrease of  17.6 percentage points . The percentage of the 
population living in extreme poverty  decreased from  14.6% in 2009 to 6.9% in 2016.  
3  TRADE POLICY  
3.1.  The National Human Development Programme 2018 -21 states that one of the main objectives 
of foreign trade policy is to regulate Nicaragua's tra de relations with the rest of the world by way of 
fair, competitive trade. Under that premise, Nicaragua emphasizes the need for the world market to 
incorporate the concept of "fair trade", meaning genuine recognition of imbalances between 
countries' econo mies, correction of the distortions in world markets and defending the multilateral 
trading system.  
3.2.  Nicaragua's trade policy aims to seek out new international markets, consolidate traditional 
markets and diversify exportable supply by boosting growth in e xports of non -traditional products 
and promoting FDI to support production; this will encourage job creation and squares well with the 
development of vital technology transfer.  
3.3.  Trade policy is formulated within the framework laid down in the Constitution o f the Republic  of 
Nicaragua, the WTO Agreements, the Tegucigalpa Protocol, the General Treaty on Central American 
Economic Integration and the Protocols thereto, free trade agreements in force, international treaties 
and agreements on specific trade topics , and domestic trade law. Its main objective is to ensure that 
Nicaragua's trade relations with the rest of the world are conducted within the framework of fair, 
competitive trade, meaning genuine recognition of imbalances between countries' economies, and  
correction of the distortions in world markets. The Government wants Nicaragua's integration into 
international trade to occur in fair, equitable conditions that pave the way for new and better 
opportunities for all sectors of society, especially micro -, small and medium -sized enterprises.  
3.4.  The objectives of foreign trade policy focus on diversifying production and exportable supply, 
finding new markets for Nicaraguan goods and services, improving competitiveness, making  greater 
use of existing trade agreements, attracting investment and safe guarding Nicaragua's trade 
interests. This policy has clearly helped to ensure the sustainability of foreign trade in the period 
under review as it has seen average annual growth of 2.1 %. The trade balance is still in  deficit, 
however.  
3.5.  Nicaragua's exportab le supply chiefly comprises goods from the agricultural, agro -industrial, 
mining and fishing sectors. New trade agreements have been negotiated as part of the strategy to 
boost exports and to encourage greater diversification of markets and products.  
3.6.  The p rincipal goods exported by Nicaragua include apparel and clothing accessories, wires, 
cables and electric conductors, beef, green coffee, unwrought gold, cane sugar, cigars and cigarrillos, 
farmed shrimp, cheese, uncooked groundnuts, lobster, red beans, cr ude oil, powdered milk, whole 
 
2 Published by the National Development Information Institute (INIDE).  
3 The extreme poverty line was defined as the total annual per capita consumption of food necessary to 
satisfy the minimum daily calorific requirement, estimated at an average 2,268 calories a day . According to the 
final data from EMNV 2 016, the cost of that requirement was NIO 12,454.60 (equivalent to USD 438.00) per 
person per year (or USD 36.00 per person per month, or USD 1.2 per day). Households with a per capita 
annual consumption lower than that figure were classified as living in extreme poverty. The poverty line was 
defined as the total annual per capita consumption of food necessary to satisfy the minimum daily calorific 
requirement (extreme poverty line) plus an additional amount to cover consumption of non -food essential 
goods and services such as housing, transport, education, health, clothing and daily household expenses. The 
poverty line was estimated at NIO 25,110.00 (equivalent to USD 912.50) per person per year (or USD 75.00 
per person per month or USD 2.50 per day). House holds where per capita annual consumption falls below that 
line are classified as poor.  WT/TPR/G/404 /Rev.1 • Nicaragua  
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  fish, liquid milk, bananas, cattle, edible oils, unmanufactured tobacco, instant coffee, rum, other 
furnishing articles, cattle offal, cane molasses and leather footwear.  
3.7.  The principal goods imported into Nicaragua have been p roducts such as apparel and clothing 
accessories, fabrics, medicines, hydrocarbons, wires, cables and electric conductors, vehicles, flat 
rolled products of iron or non -alloy steel , apparatus for transmission or reception of voice and 
images , connectors fo r optical fibres , optical fibre cables, bakers' wares, plastic seals and gaskets, 
mineral fertilizers, unmanufactured tobacco, footwear and worn clothing, residues for animal fodder, 
cellular mobile telephones, prepared animal feeds, tyres, computers and c omputer parts, rice, 
hydraulic cements, edible oils, plates, sheets, film, foil and strip of plastics, maize, toilet paper and 
bars and rods of iron or non -alloy steel . 
Table 3.1 Trade between Nicaragua and the rest of the world, 2012 -19 
USD million  
Heading  2012  2013  2014  2015  2016  2017  2018  2019  
Exports  4,550.6  4,594.1  4,973.5  4,667.4  4,592.0  4,925.6  5,013.9  5,272.6  
Imports  6,029.7  5,498.8  5,746.4  7,691.9  7,583.1  7,707.9  7,351.0  6,985.5  
Balance  (1,479.0)  (904.7)  (772.9)  (3,024.6)  (2,991.1)  (2,782.3)  (2,337.1)  (1,713.0)  
Trade  10,580.3  10,093.0  10,719.9  12,359.3  12,175.0  12,633.5  12,364.9  12,258.1  
Growth rates (%)  
Exports  4.2 1.0 8.3 -6.2 -1.6 7.3 1.8 5.2 
Imports  14.3 -8.8 4.5 33.9 -1.4 1.6 -4.6 -5.0 
Balance  62.8 -38.8 -14.6 291.3  -1.1 -7.0 -16.0 -26.7 
Trade  9.7 -4.6 6.2 15.3 -1.5 3.8 -2.1 -0.9 
Source: Directorate General of Customs.  
3.8.  Tariff policy is drawn up within the combined framework of Central  American Economic 
Integration and the international trade agreements in force. The Central  American Import Tariff, 
comprising the Central  American Tariff System (SAC) and the corresponding import tariff duties 
(DAI), is in force. The tariff applied by Nicaragua covers 7,682 lines and all tariff rates are 
ad valorem . 
3.9.  The Central  American Uniform Customs Code (CAUCA) has been in force since  25 August  2008, 
as have its implementing Regulations (RECAUCA  IV), and they form part of  Nicaraguan law. The aim 
of the Code is to provide for the basic customs legislation of the  States  party in accordance with 
Central  American Common Market (CACM) requirements and the requirements of other regi onal 
integration instruments.  
3.10.   Nicaragua has adopted the Automated System for Customs Data (ASYCUDA), World  version, 
developed by UNCTAD, for the computerization of customs clearance procedures. Nicaragua 
supports the implementation of mechanisms for the el ectronic transmission of data at regional level, 
which will facilitate and streamline procedures for customs clearance of goods.  
3.11.   Nicaragua has 13 bound tariff rates of 0 % to 200 %, with 89 % of lines bound at  0% to 40%. 
In 2012, 3,415 lines, or 46.4 %, had a zero tariff, while 3,610 (47.0 %) did in 2019. The number of 
tariff lines subject to a tariff over 15 % has remained stable over the period 2012 -19, numbering 93, 
or 1.2 %. 
Table 3.2 Tariff lines subject to an ad valorem  tariff of over 15 %, 2013 -19 
MFN 
tariff  2013  % 2014  % 2015  % 2016  % 2017  % 2018  % 2019  % 
0 3,415  46  3,432  46 3,466  47 3,491  47 3,571  47 3,612  47 3,613  47 
5 1,000  14 989  13 987  13 987  13 1,022  13 1,005  13 1,004  13 
10 1,221  17 1,238  17 1,219  16 1,214  16 1,263  16 1,260  16 1,266  16 
15 1,630  22 1,627  22 1,630  22 1,635  22 1,721  22 1,701  22 1,705  22 
20 4  0.05 4 0.05 4 0.05 4 0.05 4 0.05 4 0.05 4 0.05 
30 20  0.27 20 0.27 20 0.27 20 0.27 20 0.26 20 0.26 20 0.26 
35 24  0.33 25  0.34 25  0.34 25  0.34 25  0.33 25  0.33 25  0.33 
40 24  0.33 24  0.33 24  0.32 24  0.32 24  0.31 24  0.31 24  0.31 WT/TPR/G/404 /Rev.1 • Nicaragua  
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  MFN 
tariff  2013  % 2014  % 2015  % 2016  % 2017  % 2018  % 2019  % 
45 1 0.01 1 0.01 1 0.01 1 0.01 1 0.01 1 0.01 1 0.01 
55  6  0.08 6  0.08 6  0.08 6  0.08 6  0.08 6  0.08 6  0.08 
60 10  0.14 11  0.15 11  0.15 11  0.15 11  0.14 11  0.14  11  0.14 
164 4  0.05 4  0.05 4  0.05  4  0.05 4  0.05 4  0.05 4  0.05 
Total 7,359  100 7,381  100 7,397  100 7,422  100 7,672  100 7,673  100 7,683  100 
Source: Ministry of Development, Industry and Trade (MIFIC).  
3.12.   Among the members of the CACM, a zero -rate tariff is applied to trade in originating goods 
(99.9 % of goods), except for those goods that appear in Annex "A" to the General Treaty on Central 
American Integration. When the Protocol incorporati ng Panama into the Central American Economic 
Integration Subsystem entered into force, Panama had already adopted 27.8 % of the SAC, since its 
incorporation it has adopted approximately 60 % of the nomenclature and the DAI.  
3.13.   The average tariff applied under o ther preferential agreements varies between 0.1 % under 
the trade agreement with Mexico and 11.7 % under the trade agreement with South Korea. Under 
its trade agreements, Nicaragua currently grants a zero tariff to Chinese Taipei on 90.0 % of tariff 
lines; to  Mexico on 99.6 %; to the United States on 97.2 %; to Panama on 92.8 %; to the 
Dominican  Republic on 92.9 %; to Chile on 85.9 %; to the European Union on 55.4 %; to Cuba on 
96.5%; to Ecuador on 48.4 %; and to South Korea on 51 %. 
3.1  Quotas  
3.14.   Under the rules and disciplines of the WTO and the trade agreements in force in the period 
2012-19, Nicaragua has import quotas for the products listed hereafter: under the WTO, rice in the 
husk and powdered milk (for the rest of the products listed in Part I, Section I -B of Schedule XXIX, 
the tariff applied to imports is below Nicaragua's bound levels). Owing to shortages: corn syrup, rice 
in the husk, rice (arroz oro), yellow maize, white maize, butter, red beans and chicken; under the 
Dominican  Republic – Central  America – United States Free Trade Agreement quotas were 
established for the United States for rice (arroz oro), rice in the husk, yellow maize, white maize, 
pork, cheese, other milk products, powdered milk, butter, ice cream, chicken thighs and chicken 
legs; and fo r the Dominican Republic: chicken breast, onions and shallots, and beans (red, black, 
white and others); under the Association Agreement between the European Union and Central 
America bilateral quotas were established for powdered milk and cheese; in addit ion to regional 
quotas for: cured ham and streaky bacon, whey and prepared or preserved pork. Under the trade 
agreement with Panama: beef, pork, onions and shallots, instant coffee, tomato sauce and ketchup.  
3.2  Export Promotion  
3.15.   In an effort to increase export s further, Nicaragua plans to promote and diversify exports, 
find new markets and support new exporters and products, especially for small and medium -sized 
enterprises. The public sector has helped to improve the business climate so that there is greater 
predictability, certainty and competitiveness for business.  
3.16.   Other measures to promote exports include streamlining the procedures for the operations 
performed by economic agents working in foreign trade at maritime, land and air border posts. To 
promote an export culture, Nicaragua supports participation in national and international fairs.  
3.17.   In recent years Nicaragua has been strengthening institutional forums among public sector 
bodies and between these and the private sector to promote exports, attract investment, and make 
headway in trade facilitation. One of the main achievements made in t he period up to 2021 is the 
launch of Nicaragua's Single Window for Foreign Trade (VUCEN), which will simplify procedures and 
reduce import and export times. Nicaragua continues to apply Law No.  3824, Law on Temporary 
Admission for Inward Processing and E xport Facilitation, which determines the customs regime on 
temporary admission, the aim of which is to allow entry of goods without payment of duties, import 
taxes or other charges provided that they have been processed, transformed and are then exported.  
 
4 Law No. 382, Law on Temporary Admission for Inward Processing and Export Facilitation, adopted on 
20 February 2001 and published in Official Journal , La Gaceta , No. 7 0 of 16 April 2001.  WT/TPR/G/404 /Rev.1 • Nicaragua  
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  3.18.   The National Commission for the Promotion of Exports (CNPE), established pursuant to Decree 
No. 37-91, published in Official Journal,  La Gaceta , No. 158 of 26  August  1991, chaired by the 
Minister for Development, Industry and Trade, is the highest policy -making and administrative body 
for the regime governing temporary admission for inward processing; the Commission has a 
Technical Secretariat and a Centre for Export Formalities (CETREX) to help it to perform its duties.  
3.3  Trade Agreements  
3.3.1   Multilateral  Tradin g System  
3.19.   Nicaragua is firmly committed to a fair and equitable multilateral trading system that 
promotes Nicaragua's further integration into international trade, is of benefit to its economic 
development, and helps to eliminate poverty and achieve a bette r standard of living for the 
population. Nicaragua is in favour of enhancing the WTO's monitoring and supervisory role to 
eliminate existing protectionist measures and prevent the emergence of new ones in order to ensure 
openness to trade, transparency, pr edictability, growth promotion and full and equitable 
participation of developing and least developed countries.  
3.20.   The Doha Round has provided an opportunity to enhance the system; we have stressed the 
importance of moving the negotiations to implement the D oha Development Agenda (DDA) forward 
and of taking political decisions to achieve that objective. Nicaragua also welcomes a possible reform 
of the Organization in matters related to the dispute settlement system, strengthening the work of 
the regular bodie s and improving the negotiating work.  
3.21.   Nicaragua remains of the opinion that achieving substantial improvements in market access 
will require opening up of markets to agricultural trade, the elimination of non -tariff barriers and all 
forms of export subsidi es, and a substantial reduction in trade distorting domestic support in the 
agricultural sector.  
3.22.   Nicaragua endorses the negotiating proposals put forward by the Small and Vulnerable 
Economies (SVE) grouping; these proposals reflect its national interests, especially in the fields of 
agriculture, non -agricultural market access (NAMA) and services . Nicaragua is also a co -sponsor of 
the proposals on agricultural matters submitted by the G33. With regard to the negotiations on 
fisheries subsidies, Nicaragua hop es that fair and equitable provisions will be agreed to ensure 
effective special and differential treatment, which will facilitate measures to avoid overfishing, 
overcapacity, unreported and unregulated fishing, as well as provisions that protect small sca le 
fishing, which is a very important source of livelihood in the Nicaraguan economy.  
3.23.   With the entry into force of the Trade Facilitation Agreement, Nicaragua has managed to 
implement 72.2 % of the measures notified under category A, 16.4 % are category B me asures whose 
implementation requires more time, and 11.1 % are provisions that require assistance and capacity 
building in order to be implemented, or category C provisions. Five of the six measures notified 
under category B will be implemented in December  2020.  
3.24.   Pursuant to its transparency commitments, Nicaragua has submitted notifications for the 
following trade agreements: free trade agreement (FTA) between the Government of Nicaragua and 
the Government of the United Mexican States (1998); FTA between Cen tral America and the 
Dominican Republic (2002); FTA Dominican Republic - Central America - United States 
(CAFTA  DR 2006); FTA between the Separate Customs Territory of Taiwan, Penghu, Kinmen and 
Matsu (Chinese Taipei) and the Republic of Nicaragua (2008); the FTA between Central America and 
Panama (2009); and the Association Agreement between the European Union and Central America.  
3.25.   Nicaragua has signed unilateral Partial Scope Agreements with the Republic of Colombia and 
the Bolivarian Republic of Venezuela  that do not grant preferences; they were notified in the context 
of the Latin American Integration Association (LAIA). Such agreements were also signed with Cuba 
and Ecuador in 2014 and 2017, respectively.  
3.3.2   Central American Integration  
3.26.   Nicaragua is a found ing member of and firmly supports the Central American economic 
integration process. It continues to pursue efforts to embed it further by strengthening the WT/TPR/G/404 /Rev.1 • Nicaragua  
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  institutional, legal and regulatory framework that underpins the foundations of the integration 
process in the medium and long term.  
3.27.   The economic integration process has continued during the period under review and its main 
achievements include: updating the Central American Regulations on Sanitary and Phytosanitary 
measures and Procedures, the Protocol  Incorporating the Republic of Panama into the Economic 
Integration Subsystem of the Central American Integration System (2012), the Sanitary and 
Phytosanitary Directive on Trade Facilitation in Respect of Central American Shipments and Goods 
(2014), the C entral American Strategy for Trade Facilitation and Competitiveness with an Emphasis 
on Coordinated Border Management (2015), the Central American Single Declaration  (DUCA) and 
the Regional Strategy for Comprehensive Risk Management in Customs (2019), amon g others.  
3.28.   In the Central American common external tariff, 95.7 % of tariff lines have been harmonized; 
the remaining 4.3 %, covering sensitive goods such as medicines, metals, oil, agricultural products, 
vehicles and others, is pending harmonization.  
3.29.   Intrare gional trade in Central  America measured in terms of exports rose from 
USD 8,201.4  million in 2011 to USD  9,868.6  million in 2019. The share of exports by country in 
2019 was as follows: Guatemala 33.4 %; El Salvador 26.4 %; Costa Rica 23.1 %; Honduras 9.6 %; 
Nicaragua 6.7 %; and Panama 0.8 %. 
3.3.3   Latin American Integration Association (LAIA)  
3.30.   The Republic of Nicaragua acceded to the 1980 Montevideo Treaty (TM 80) on 11  August  2011 
in Montevideo, Uruguay. The accession was approved by Nicaragua's Nation al Assembly by Decree 
A.N. No.  6758, adopted on 20  March  2012 and published in Official Journal , La Gaceta , No. 57 of 
23 March  2012.  
3.31.   For Nicaragua to become a full member of LAIA, the current negotiations of the Market 
Opening Lists (NAM) with Paraguay mus t be concluded. These negotiations are expected to be 
concluded in the first half of 2021.  
3.3.4   Bolivarian Alliance for the Peoples of Our America (ALBA) the Peoples' Trade 
Agreement (ALBA TCP)  
3.32.   Under this Agreement, Nicaragua is pursuing efforts to achieve the objective of establishing 
an economic area of shared development that seeks to consolidate and expand an alternative model 
of economic relationships in order to strengthen and diversify production mechanisms and trade, 
and to lay the foundations for any bi lateral and multilateral instruments as may be signed on those 
subjects by its members.  
3.3.5   Mexico  
3.33.   The trade agreement between Central America and Mexico, which celebrated its 
seventh  anniversary in September  2019, entered into force on 1  September  2012, unify ing the 
three  bilateral agreements Mexico had with the Central American countries. All tariff lines are now 
zero rated, except for exceptions.  
3.34.   Exports from Nicaragua to Mexico declined during the period 2012 -19. Exports to the Mexican 
market fell from USD  484.2  million in 2012 to USD  293.3  million in 2019, for an absolute reduction 
of 39.4 %, reflecting an average annual decrease of 6.9 % over the period under review. 
The exportable supply is focused on a few goods: wires, cables and electric conductors, whic h, on 
average, account for 69.3 % of total exports to Mexico. Other products include: beef and offal 9.7 %; 
groundnuts 5.6 %; crude vegetable oil 5.4 %; shrimp 1.9 %; and apparel and clothing 
accessories  1.6%. 
3.35.   Imports from Mexico grew at an annual average rate of 6.6 % between 2012 and 2019; most 
worthy of note were imports of wires, cables and other electric conductors, crude oil, woven cotton 
fabrics, connectors for optical fibres and optical fibre cables, medicinal products for human use, 
preparations for use on the hair, copper wire and television sets.  WT/TPR/G/404 /Rev.1 • Nicaragua  
- 11 - 
  3.36.   The share of exports in trade between the two countries averaged 42.0 % over the period 
2012-19. There was a trade surplus between 2012 and 2014, but a clear deficit emerged in 2015, 
with the negative trend cont inuing until 2017. The deficit narrowed markedly in 2018 -19. 
3.3.6   Dominican Republic  
3.37.   Trade between Nicaragua and the Dominican Republic under the FTA between Central America 
and the Dominican Republic fell from USD  62.9 million in 2012 to USD 55.8 million in 2019, an 
11.2% drop, with an average annual decrease of 1.7 % over the 2012 -19. Exports tumbled from 
USD 29.6 million in 2012 to USD  17.4 million in 2019. The main goods exported to the 
Dominican  Republic were: unmanufactured tobacco (41 .9%), woven cotton fabrics (12.7 %) and 
bakers' wares (8.9 %). Meanwhile, imports rose from USD  33.3 million in 2012 to USD  38.4 million 
in 2019.  
3.3.7   United States  
3.38.   Trade in goods from Nicaragua with the United States has risen during the past seven years; 
the an nual average variation in trade and its constituent parts was positive and rose, except in 2013, 
which saw a contraction caused by the effects of the global economic slowdown. Total trade 
increased in value from USD  5,213.9  million in 2012 to USD  8,355.1  million in 2019, as a result of 
a strong performance in both exports and imports.  
3.39.   Exports from Nicaragua to the United States in 2019 totalled USD  3,253.7  million, an average 
annual growth rate of 6.4 % between 2012 and 2019. Exports from free zones account for an average 
of 64% annually of total exports, the remaining 36 % covers the national exportable supply of goods 
under the general regime. The main exported goods were: apparel and clothing accessories (43.1 %), 
unwrought gold (13.1 %), wires, cables and ot her electric conductors (10.0 %), green coffee (8.4 %), 
beef (7.5 %), and cigars and cigarillos (5.9 %). 
3.3.8   Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (Chinese  Taipei)  
3.40.   Exports to the Separate Customs Territory of Taiwan, Penghu, Kinmen and Mat su 
(Chinese  Taipei) increased from USD  47.4 million in 2012 to USD  117.1  million in 2019, an average 
annual growth rate over the period of 13.8 %. The main exported goods were: shrimp (41.9 %), beef 
(16.8 %), cane sugar (14.2 %), lobster (8,1 %) and green coffee (6.4 %). With regard to imports, 
they rose from USD  22.4 million in 2012 to USD  40 million in 2019, an average growth rate of 8.6 % 
over that period.  
3.41.   In 2012 exports from Nicaragua to Chinese Taipei had a 68 % share of bilateral trade and by 
2019 this had risen to 74.6 %. Meanwhile, the share of imports fell from 32 % to 25.4 %. 
3.3.9   Chile  
3.42.   The FTA between Central  America and Chile and the bilateral protocol thereto between 
Nicaragua and Chile entered into force on 19  October  2012. Trade between the two countrie s 
decreased from USD  35.6 million in 2012 to USD  32.4 million in 2019, a drop of 8.9 %. 
3.43.   Exports fell from USD  8.7 million in 2012 to USD  5.1 million in 2019. The main exported goods 
were: colouring matter (22.0 %), footwear and worn clothing (17.1 %), rum (14 .3%), apparel and 
clothing accessories (11.7 %) and preparations used in the manufactures of inks  (10.4 %). 
Meanwhile, imports increased from USD  26.9 million in 2012 to USD  27.3 million in 2019.  
3.3.10   European Union  
3.44.   The Association Agreement between Central Ameri ca and the European Union was signed on 
29 June 2012 and the trade pillar entered into force in August  2013. Trade between Nicaragua and 
the 27 EU members grew by 17.2 %, up from USD  643.8  million in 2013 to USD  754.6  million in 
2019.  
3.45.   Exports increased from  USD 328 million in 2013 to USD  399.1  million in 2019, and the main 
goods exported were: green coffee (33.5 %), shrimp (22.2 %), groundnuts (11.6 %), lobster (6.7 %) WT/TPR/G/404 /Rev.1 • Nicaragua  
- 12 - 
  and bananas (6.1 %). With regard to imports, they grew from USD  315.8  million in 2013 to 
USD 355.5 million in 2019, the main imports were medicinal products for human use; textile fabrics 
impregnated, coated, covered; lamp -holders, plugs and sockets; connectors for optical fibres, optical 
fibre cables; diagnostic or laboratory reagents; infant food preparations; malt; and other articles of 
iron or steel.  
3.3.11   Cuba  
3.46.   The Partial Scope Agreement between Nicaragua and Cuba entered into force on 
9 October  2014. It covers the most important issues related to trade, tariff preferences and 
non-tariff restrictions,  domestic taxes, rules of origin, safeguard clauses and other measures, 
technical barriers to trade, sanitary and phytosanitary measures, and dispute solution.  
3.47.   Trade between Nicaragua and Cuba increased by 30.7 % from USD  4.6 million in 2014 to 
USD 6.0 million in 2019, with an average annual growth rate of 5.5 % over the period 2014 -19. 
Exports rose from USD  1.9 million in 2014 to USD  5.1 million in 2019. The main exported goods 
were: plastic tubes and fittings (25.5 %), beans (22.1 %), vaccines for human medic ine (18.5 %), 
green coffee (9.4 %) and sanitary wares (5.6 %). Meanwhile, imports fell from USD  2.7 million in 
2014 to USD  0.9 million in 2019.  
3.3.12   Ecuador  
3.48.   The Partial Scope Agreement between Ecuador and Nicaragua, which entered into force on 
19 November  2017 and  was negotiated within the framework of LAIA, is a mechanism for expanding 
the preferences between Nicaragua and Ecuador beyond the regional tariff preferences. It regulates 
the bilateral relationship until Nicaragua is fully incorporated into LAIA.  
3.49.   Trade between Nicaragua and Ecuador grew by 104.9 %, from USD  109.3  million in 2016 to 
USD 224.0  million in 2019, with an average annual increase of 27.0 % over that period. Exports rose 
from USD  7.0 million in 2016 to USD  26.6 million in 2019. The main exports we re: whole fish 
(39.3 %), waste and scrap paper for recycling (17.6 %), scrap iron and steel (13.4 %), colouring 
matter (9.1 %) and preparations used in the manufactures of inks  (8.1%). Meanwhile, imports 
increased from USD  102.3  million in 2016 to USD  197.4  million in 2019.  
3.3.13   South Korea  
3.50.   The FTA between Central America and South Korea entered into force on 1  October  2019. The 
aim of the agreement is to strengthen trade relationships and cooperation in trade matters between 
the Parties by granting tariff preferenc es and eliminating non -tariff restrictions, that will boost trade 
flows in a manner compatible with their respective economic policies, foster growth in productive 
sectors and increase FDI.  
3.51.   From October to December  2019, trade amounted to USD  35.3 million,  of which exports 
accounted for USD  15.0 million. The main exported goods were: cane sugar (89.8 %), copper scrap 
(3.7%), iron or steel scrap (1.8 %) and green coffee (1.3 %). Imports totalled USD  20.3 million.  
3.4  Foreign Direct Investment  
3.52.   Under the pillars of the National Human Development Programme 2018 -21, facilitating 
investment and modernizing the legal framework are established as one of the main tools to promote 
the country's socioeconomic development, by attracting national and foreign investm ent. In the last 
seven years, the Government of Nicaragua has implemented a series of policies to promote 
investment, both foreign and domestic, which have enabled it to attract USD  6,374.6  million in net 
FDI flows.  WT/TPR/G/404 /Rev.1 • Nicaragua  
- 13 - 
  Table 3.3 Foreign Direct Investment, 2013 -19 
Year USD million  % growth  % of GDP  
2013 965.7   8.79 
2014 1.076.8  11.50  9.06 
2015 967.0  -10.20  7.58 
2016 989.1  2.29 7.44 
2017 1.035.4  4.68 7.51 
2018 837.6  -19.10  6.41 
2019 503.0  -39.95  4.02 
Source : PRONicaragua.  
3.53.   In the framework of these policies to encourage investment, the Government created 
PRONicaragua, the official investment promotion agency, operating as an economic development 
programme since 2002. In October  2015, pursuant to an Act of the National Assembly, it was 
declared a decentralized entity of the State, under the sectoral supervision of the Office of the 
President of the Republic and with a public -private board of directors. Its mission is to generate 
economic growth and cr eate jobs in Nicaragua by promoting high -quality investments. Its services 
are available free of charge to qualified individuals and companies interested in exploring business 
opportunities in the country. Thanks to its high quality standards and implement ation of best 
international practices, PRONicaragua has been recognized by a series of prestigious institutions that 
are experts in the field of investment promotion.  
3.54.   As a result of its investment promotion efforts, PRONicaragua has been able to set up 123  new 
investment projects in the last seven years, worth a total of approximately USD  846 million. 
Moreover, these projects have created 25,725 new jobs in different sectors of the county's economy.  
3.55.   During the period 2013 -19, investment mainly went to the f ollowing productive sectors: 
industry, finance, trade and services, telecommunications and mining; these five sectors accounted 
for 85 % of FDI inflows. In 2019, the telecommunications sector accounted for 30 % of total FDI. 
Other important sectors were mining with 26 %, trade and services 11 %, finance 10 % and tourism 
6.8%, which altogether accounted for 84 % of total inflows in that year.  
Table 3.4 Net FDI flows by e conomic sector, 2013 -19. 
(USD million)  
  2013  2014  2015  2016  2017  2018  2019  
Total  965.7  1.076.8  967.0  989.1  1.035.4  837.6  503.0  
Industry  212.1  365.4  305.4  292.0  233.6  110.0  24.5 
Finance  88.3 101.7  115.7  144.3  130.8  125.5  50.3 
Trade and services  98.5 32.4 140.2  217.7  211.8  137.2  53.9 
Energy  329.8  325.4  107.8  18.3 175.1  165.3  14.2 
Telecommunications  124.5  189.3  225.5  179.5  153.8  135.9  150.5  
Agriculture  41.4 36.7 36.5 57.8 10.0 28.6 25.5 
Mining  2.4 -17.8 -13.0 24.4 18.3 65.2 131.9  
Forestry  19.4 13.2 17.5 9.8 2.7 0.4 0.1 
Construction  - 5.8 8.6 26.9 1.6 2.2 -1.6 
Tourism  1.0 6.9 30.0 9.3 36.5 19.5 34.4 
Transportation  34.3 -6.7 -32.0 -6.7 45.4 2.5 10.8 
Other  13.4 24.5 24.8 15.8 15.8 45.3 8.5 
Source:  Ministry of Development, Industry and Trade (MIFIC) . 
3.56.   With regard to the sources of FDI in 2013 -19, the main countries that invested in Nicaragua 
were the United States, Mexico and Panama, which together accounted for around 53 % of total FDI 
over that period.  
3.5  Trade Facilitation  
3.57.   Nicaragua has championed important trade facilitation initiatives that seek to implement 
measures to streamline, automate and harmonize procedures and processes, and to mainstream WT/TPR/G/404 /Rev.1 • Nicaragua  
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  best practices, which will help to speed up foreign trade and redu ce the costs, and thus foster 
competitiveness and market integration and attract investment.  
3.58.   On 4 August  2015, Nicaragua submitted to the WTO its instrument of acceptance of the 
Protocol Amending the Marrakesh Agreement which establishes the Agreement on T rade Facilitation, 
making it the first Latin American country to ratify the Agreement.  
3.59.   As part of its steady progress in the Central American economic integration process, in 
October  2015, Nicaragua approved the Central American Trade Facilitation and Comp etitiveness 
Strategy with Emphasis on Coordinated Border Management, which sets out short -, medium - and 
long-term measures as well as cross -cutting approaches for its implementation. The project to 
implement a Central American digital trade platform is bei ng carried out within the framework of 
this initiative. Intraregional and extraregional trade operations can be carried out through this 
platform and it can interact with customs, migration, health and single window systems for the 
exchange of information,  in accordance with the requirements (functionalities, services) and the 
model adopted by the Central American countries.  
3.60.   The Central American Single Declaration (DUCA) came into force on 7  May 2019, bringing 
together in a single format the goods declarati on for all foreign trade operations and replacing the 
Central American Single Customs Form (FAUCA), Goods Declaration (DM) and the Overland 
International Customs Transit Declaration (DUT) with the new DUCA -F, DUCA -D, DUCA -T modalities, 
respectively.  
3.61.   The Bo rder Integration Programme (PIF) has also been implemented, financed by 
Inter-American Development Bank (IDB) funds and executed by the Ministry of Finance and Public 
Credit of Nicaragua. The programme aims to boost foreign trade competitiveness by moderni zing 
infrastructure, equipment and information systems at the border control posts of Peñas Blancas, 
El Guasaule and San Pancho, in order to ensure efficient, effective coordination of controls by the 
responsible bodies against a backdrop of coordinated bo rder management.  
3.62.   Similarly, considerable efforts have been made to facilitate export procedures through the 
single export form (FUE), DUCA -F and the single export request form (FUSE), as part of the 
Integrated Export Formalities System (SITRADE), in additi on to providing certificate of origin of 
goods processing services online or in person for firms operating in free -trade zones. Moreover, the 
electronic payment modality for exporting firms that carry out procedures through CETREX, which 
has helped to redu ce speed up and streamline procedures.  
3.63.   In terms of functions, CENTREX will be the Single Window for Foreign Trade (VUCEN ) that will 
come on line in 2021 and will simplify pre -customs formalities, reducing times and costs for firms 
involved in international  trade.  
3.64.   Among other things, the process for import and export formalities for international cargo and 
attending to vessels has been strengthened through the reinforcement of the single window for 
formalities in the ports of Corinto and Arlen Siú. In additi on, procedures for completing the 
formalities for importing and exporting goods have been drawn up and published. As part of the 
technological upgrade, a mobile application for container management is being launched in 
Puerto  Corinto, in order to organize the stevedoring and import and export clearance operations. 
The system of the Convention on Facilitation of International Maritime Traffic  (FAL65) has been 
implemented for shipping companies to send their cargo manifests, which has cut times by 25 %. 
3.6  Techni cal Standards  
3.65.   The country has expanded its regulatory framework in accordance with its context, demands 
and international trade trends, by seeking to apply principles of good regulatory and standardization 
practices. Over the course of the period 2012 -19, 127 Nicaraguan technical standards (NTNs) and 
78 Nicaraguan Mandatory Technical Standards (NTONs) have been drawn up.  
3.66.   The National Metrology Laboratory (LANAMET) and the Food Technology Laboratory were 
opened in 2015. To date, the accredited bodies in Nica ragua include 13  testing laboratories, 
three  calibration laboratories and two inspection agencies. Controls in accordance with technical WT/TPR/G/404 /Rev.1 • Nicaragua  
- 15 - 
  regulations are carried out by the respective competent authority at the point of entry into Nicaragua 
and through on -site inspections.  
3.67.   As of July  2020, as part of the improvement process and in an effort to strengthen the 
management of international public consultation, the TBT and SPS notification authority began using 
the WTO Secretariat's online notification submission  system.  
3.68.   It is expected that in the next five years some 160 documents, including technical standards 
and regulations, will be prepared.  
3.7  Sanitary and Phytosanitary Measures  
3.69.   Sanitary and phytosanitary measures have continued to be strengthened between 2012 and 
2019 in an effort to safeguard the health and life of people and animals or to protect plants. T he 
Institute for Agricultural and Livestock Protection and Health (IPSA) has been charged with achieving 
this goal. The purpose of the Institut e is to facilitate, regulate, control and implement sanitary and 
phytosanitary policies and actions that entail or are derived from the planning and coordination of 
national activities linked to ensuring, maintaining and strengthening health in the agricul tural, 
aquaculture and fisheries industry, contributing to public health and national and international trade . 
3.70.   In this connection, progress has been made with regard to sanitary and phytosanitary 
technical standards and regulations, in order to guarantee t he safety of food products of animal and 
plant origin for human consumption, and to prevent the spread of pests and diseases, based on 
compliance with international agreements relevant to sanitary and phytosanitary protection. Efforts 
have focused on impro ving the infrastructure: two laboratories for agricultural and food products 
have been built and there are three mobile veterinary diagnosis laboratories in order to provide a 
better service.  
3.8  Intellectual Property  
3.71.   Article 99 of our Political Constitution s tates that private individuals are primarily responsible 
for carrying out economic activities. The leading role of private enterprise, which includes, in a broad 
sense, large, medium -sized and small businesses, microbusinesses, cooperative, associative and  
other enterprises, is recognized. Furthermore, the same article establishes that it is the State's 
responsibility to protect, encourage and promote forms of ownership. Full compliance has created a 
robust environment that allows for the use, registration and protection of intellectual property rights, 
involving bodies such as Customs, the Office of the Public Prosecutor, the National Police and the 
judiciary.  
3.72.   The corresponding passage is in the last sentence of Article 125 of the Political Constitution 
of Nicaragua, which provides that the State promotes and protects the free creation, research and 
dissemination of sciences, technology, arts and literature, and protects intellectual property.  
3.73.   During this period, protection has been extended to intellectual property rights, a culture has 
been created of protecting entrepreneurs' distinctive signs and other intellectual property rights. The 
first designation of origin, "Café Dipilto", has been registered and the State is working, together with 
producers, on th e protection of other designations of origin for coffee as well as other signature 
products, such as cacao, tobacco, handicrafts and honey, in order to place them in international 
markets and take advantage of the opportunities offered under the different FTAs to which Nicaragua 
is a party.  
3.74.   In the period under review, Nicaragua ratified the Marrakesh Treaty, part of the body of 
international copyright treaties administered by the World Intellectual Property Organization (WIPO), 
which is remarkable for its s pirit of humanitarian development with its goal of creating mandatory 
limitations and exceptions for the benefit of persons who are blind, visually impaired and otherwise 
print disabled.  WT/TPR/G/404 /Rev.1 • Nicaragua  
- 16 - 
  3.75.   Law No.  380, Law on Trademarks and other Distinctive Signs, was amend ed by Law 
No. 10245, to optimize time -frames and cut red tape, making the process more user -friendly.  
3.9  Competition and Consumer Protection Policies  
3.76.   The National Human Development Programme considers that the free market is flawed and 
that State intervention is needed to correct its failings and create an appropriate regulatory system.  
3.77.   With the enactment of Law No.  601, Law on Promotion of Competition, the State of Nicaragua 
made progress towards establishing a competition policy. It is implemente d by the National Institute 
for the Promotion of Competition, PROCOMPETENCIA, a technical body governed by public law with 
legal personality, which has own resources and administrative and budgetary.  
3.78.   The mere existence of a State entity entrusted with safe guarding free competition improves 
the business climate and legal certainty; it  promotes fair practices in trade matters, the prevention, 
investigation and punishment of unfair trade practices and conduct.  
4  SECTORAL POLICIES AND ECONOMIC OUTLOOK  
4.1  Agriculture  and Livestock  
4.1.  The aim of public policy for the sector is to promote growth, balance and sustainability in 
production and, in turn, the family, community and cooperative economy and food security, in 
addition to driving the productive restructuring of the sector and supporting investment in 
technological development.  
4.2.  The development of the sectoral public policy framed by the agricultural strategy is oriented 
towards the productive transformation of the country. The policies and programmes seek to increase 
and diversify agricultural production, and boost yields and added value, guaranteeing the 
population's food and nutritional sovereignty and security.  
4.3.  Where livestock are concerned, future efforts are described in the Competitive Restructuring 
Programme for  Livestock Farming, a 16 -year programme launched in August  2016. In its first stage 
it has been possible to establish improved and sustainable productive models, together with better 
support services for production in infrastructure development, pasture, t rade issues, bovine 
traceability, animal welfare and transportation, contributing to the sector's transformation.  
4.4.  The sector's main agricultural exports are coffee, tobacco, cane sugar and groundnuts, while 
one of the most promising products is cacao, whic h began to be developed in 2013 with government 
support for the rural population, especially small and medium producers. In 2019, exports of 
agricultural origin generated USD  2,123.3  million, a slight increase of 3.02 % compared to 2018. The 
main agricultur al exports in 2019 in order of importance were: beef (USD  522.5  million), green 
coffee (USD  458.1  million), cane sugar (USD  184.7  million), cheese (USD  123.6  million) and 
groundnuts (USD  96.8 million).  
4.5.  In accordance with the National Production Plan 2019 -20, agricultural production increased 
3.2% compared to the previous cycle, as a result of higher productivity, driven by programmes, 
projects, strategies and actions to promote the agricultural and agro -industrial sector.  
4.2  Agro -industry and Forestry  
4.6.  Nicaragu a is characterized by its geographic and climatic diversity that allows a wide variety of 
agricultural products to be cultivated. With regard to the forestry sector, it also has the potential to 
generate greater added value and employment following the inc rease in the production of wood and 
forest products for both the domestic and export markets, contributing to the strengthening of the 
agro-industrial sector.6 
 
5 Law on Amendments and Additions to Law No. 380, Law on Trademarks and other Distinctive Signs, 
Law No. 1024, adopted on 24 March 2020, published in Official Journal, La Gaceta , No. 65 of 3 April 2020.  
6 There have been no legislative developments in the period under review.  WT/TPR/G/404 /Rev.1 • Nicaragua  
- 17 - 
  4.7.  As part of its efforts to strengthen investment opportunities, the Government of National 
Recon ciliation and Unity (GRUN) offers excellent conditions for various agro -industry subsectors, 
such as agricultural products and by -products, aquaculture, the dairy industry, meat and meat 
by-products, the food industry and forest plantations.  
4.8.  In 2018, the a gro-industry sector contributed around 14.3 % of GDP, employed 31.5 % of the 
working population and accounted for 43.2 % of the value of total exports.  
4.3  Industry  
4.9.  In accordance with the National Human Development Programme (2018 -21), its 
social -productive development pillar states that the industrialization policy shall be aimed at 
competing in the local and export markets, by promoting innovative methods with modern 
technology to improve quality, productivity and competitiveness, developing indu strial activities with 
the participation of different productive and trade sectors, encouraging the creation of industrial and 
agro-industrial parks and promoting the expansion of the mining sector's productive capacity, with 
environmental sustainability.  
4.10.   The manufacturing industry accounts for a large share of the national economy; in 2019, it 
contributed 15.53 % of GDP, with a growth rate of 0.18 % compared to 2018. The sector received 
USD 1,543  million in FDI over the period 2012 -19. In 2019, FDI inflows w ere USD  24.5 million, or 
4.9% of the total.  
4.4  Fishing and Aquaculture  
4.11.   Public policy for this sector seeks to contribute to food security, positively impact the diet of 
rural populations, promote small -scale fishing and modify industrial fishing in line with new 
production processes, which improve the economic profitability of the sector in strict compliance 
with environmental legislation.  
4.12.   Law No.  489, Law on Fishing and Aquaculture, lays down the legal regime governing fishing 
and aquaculture with the aim of ensuring the conservation and sustainable development of 
hydrobiological resources by optimizing the use of traditional fisheries and promoting diversification 
into non -traditional fisheries and aquaculture.  
4.13.   The Nicaraguan Fishing and Aquaculture Institute  (INPESCA) is the State body responsible for 
the administration of fisheries and aquaculture -related resources, its main objective is to promote 
the rational use and sustainable development of resources and activities through the application of 
the most ad vanced concepts of fisheries administration, including planning and management, 
scientific research, investment and market promotion, support for social sectors and less developed 
productive activities, ongoing monitoring of regulatory, oversight, inspecti on and registration 
activities. The aim of public policy in this sector is to support small producers who engage in 
small -scale fishing and aquaculture.  
4.14.   The plans and strategies for the development of the sector are set out in the Fishing and 
Aquaculture P lan, the Strategy for Small -Scale Fishing and the Strategy to Develop Small -Scale 
Aquaculture.  
4.15.   During the period under review, fisheries and aquaculture exports grew by 35.5 %, up from 
USD 236,906  million (2012) to USD  318,833  million (2019).  
4.16.   With regard to  external markets, in 2019 Nicaraguan fishery and aquaculture products were 
successfully placed in 34 destination s, the most important being: Chinese Taipei (22.61 %), Spain 
(16.93 %), the United States (29.69 %), France (12.02 %), Costa Rica (2.69 %) and Mexic o (2.53 %). 
4.17.   Nicaragua offers favourable conditions for small -scale fishing through the low cost of operating 
licences, exclusively for nationals. The law establishes modalities for sport, scientific, small -scale 
and industrial fishing.  WT/TPR/G/404 /Rev.1 • Nicaragua  
- 18 - 
  4.18.   High fuel costs appea r to be boosting mariculture and aquaculture . The latter ties in with 
Nicaragua's efforts to attain food security to combat poverty. The National Strategy to Develop 
Small -Scale Aquaculture 2020 -23 is being promoted.  
4.5  Energy  
4.19.   Energy generation is an essentia l aspect of the Pillars of the National Human Development 
Programme 2018 -21, Law No.  5327 sets out incentives for generating projects that draw on the 
country's renewable energies for the public electricity service.  
4.20.   The sector received USD  1,135.9  million  in net FDI flows over the period 2013 -19, with 2013 
seeing the largest inflows, in the amount of USD  329.8  million.  
4.21.   The main public policy priorities in the sector are: ensuring the electricity supply at the 
national level, transforming and diversifying t he electricity generation matrix, increasing generation 
capacity, facilitating research and access to clean energy technology, and promoting hydrocarbon 
exploration and production.  
4.22.   During the period under review, the distribution network has grown, creating new circuits to 
supply rural areas, small hydroelectric power stations have been built and communal solar panels 
have been installed. National coverage reached 97.16 % in 2019, compared to access levels of 73.7 % 
in 2012 and just 54 % in 2006. During  2019, 4,105.48 GWh of electricity was generated locally, with 
a maximum demand of 717.5  MW. Electricity imports increased significantly over the period 
2012-19, up from 20.02 GWh in 2012 to 434.42 GWh in 2019.  
4.23.   Nicaragua has various potential sources of re newable energy; it is estimated that the country 
could generate some 4,500  MW from renewable energy sources, which may be geothermal, 
hydroelectric, wind, solar or biomass. Investment in the electricity sector in recent years has led to 
the diversification  of the energy matrix, taking advantage of the country's clean energy sources to 
produce 53.93 % of its electricity in 2019 (not including imports), while the remaining 46.06 % was 
generated by fossil fuel plants.  
4.6  Tourism  
4.24.   The Government of National Reconcili ation and Unity has been aware of the benefits of 
tourism , which is why it features prominently in the Pillars of the National Human Development 
Programme 2018 -21 and forms part of the strategy for economic growth, poverty reduction and 
advancement of gend er equity. In this connection, the government's actions seek to develop 
sustainable tourism that creates jobs, based on our national identity ; link the tourism offering and 
activities to small businesses and productive enterprises; involve all sectors in t ourism development; 
promote technical and professional education and training, as a mechanism to improve quality, and 
encourage domestic and foreign investment.  
4.25.   The Nicaraguan Tourism Institute (INTUR) has strengthened its institutional work with the 
adopt ion in August  2014 of the simplified procedures with regard to the requirements to apply for 
benefits under Law No.  306, Law on Incentives for the Tourism Industry of the Republic of Nicaragua, 
and Law No.  694, Law Promoting Income Inflows from Resident Pe nsioners or Rentiers, and for the 
registration of service providers in the National Tourism Register. In addition, the online automation 
process for payments received by INTUR and the Tourism Business Registration System (SIRCET) 
was completed in 2018. SIR CET has been operational since 2018 and the online payment module 
will start to be implemented in January  2021.  
4.26.   With the entry into force of Law No.  987, Law on Amendments and Additions to Law No.  822, 
Tax Law8, the incentives set out under Law No.  306 we re modified to exempt imported goods from 
value added tax (VAT), but not customs import duties (DAI) or the selective consumption tax (ISC). 
Vehicles may be exempt, provided that their  cost, insurance and freight (CIF) value is equal to or 
 
7 Law on the Promotion of Renewable Electricity Generation, published in Official Journal, La Gaceta , 
No. 102 of 27  May 2005.  
8 Law No. 987, published in Official Journal, La Gaceta , No. 41 of 28 February 2019.  WT/TPR/G/404 /Rev.1 • Nicaragua  
- 19 - 
  below USD  13,000 .00, if their value is higher than this amount, the beneficiary must pay the taxes 
on the excess.  
4.27.   Nicaragua welcomed 1.29  million tourists in 2019. The main source markets were still 
Central  America (63.53 %) North America (25.86 %) and Europe (6.36 %). 
4.7  Minin g 
4.28.   The Ministry of Energy and Mining (MEM), established in 20079, is the entity responsible for 
issuing operating permits for mining concessions. This legal framework, Law No.  38710, provides 
comprehensive coverage of all types of mining, whether for metals or non -metals, in Nicaragua. The 
benefits established under this Law have opened the way for significant investments in the use of 
metallic and non -metallic minerals. The pillars of the National Human Development Programme 
2018-21 highlight the impo rtance of mining, with the aim of promoting the mining sector as part of 
an environmentally sustainable scheme and the expansion of its productive capacity.  
4.29.   Given the importance of the mining sector to the development of the country, Nicaragua offers 
the following incentives for domestic and foreign investment:  
• Temporary admission procedure, which allows products to enter Nicaraguan customs 
territory, as well as the local purchase of goods or raw materials free from any duty or 
tax, or eligible for a subseq uent refund of taxes paid, provided the goods are re -exported 
or exempt, as the case may be, after undergoing manufacturing, processing, repair or 
other procedure foreseen in the legislation.  
• Exemption from payment of taxes levied on companies' immovable p roperty within the 
perimeter of mining concessions.  
• 0% rate for exports (applicable to exports in general).  
4.30.   There is huge potential in the mining industry, whether for metals or non -metals, the sector 
received USD  131.9  million in FDI net inflows, 26 % of the total, in 2019. In the same year, the 
mining sector contributed 1.73 % of GDP.  
4.8  Financial Services  
4.31.   Despite the headwinds that the Nicaraguan economy experienced during 2018 -19, the 
liquidity and capital adequacy indicators of the financial system were acc eptable. In this connection, 
deposits increased by 6,448.0  million córdobas (NIO) , equivalent to 5.5 % compared to 2018. The 
return on equity (ROE) and return on assets (ROA) indices were positive in 2019, at 6.8 % and 1.2 %, 
respectively. Similarly, the credit rating or capital adequacy indicator was 21.6 % in 2019, well above 
the 10 % required by law. Liquidity coverage, measured as the ratio of cash and cash equivalents to 
public deposits, was 47.0 %, a historical high.  
4.32.   As a result of the ma nagement of financial institutions and supervisory and regulatory actions 
implemented by the Supervisory Authority for Banks and Other Financial Institutions (SIBOIF), for 
2019, the number of supervised financial institutions was the same as in 2018, while  the credit and 
liquidity indicators remained above the minimum levels required and higher than in previous years.  
4.33.   At the end of 2019, the National Financial System (SFN) was made up of seven private 
commercial banks, a state development bank (Bank for the  Promotion of Production (BFP)), 
four private non -bank financial institutions, four private and one state insurance companies (the 
 
9 Law No. 612, Law on Amendments and Additions to Law No. 290, Law on the Organization, 
Competence and Procedures of the Executive, published in Official Journal, La Gaceta , No. 20 of 
29 January   2007.  
10 The Special Law on Mining Prospecting and Exploitation, Law No. 387, was adopted on 26 June 2001, 
published in Official Journal, La Gaceta , No. 151 of 13 August 2001 and was later amended in 2005 by Law 
No. 525, adopted on 15  March 2005, published in La Gaceta  No. 62 of 31 March 2005. The legal framework 
was completed by Decree No. 119 -2001, implementing regulations for Law No. 387, and by Law No. 730, 
Special Law on the Use in Infrastructure of Certain Naturally Occurring Dep osits, published in La Gaceta  of 
11 August 2010.  WT/TPR/G/404 /Rev.1 • Nicaragua  
- 20 - 
  Nicaraguan Insurance and Reinsurance Institute (INISER)), four general deposit warehouses and 
eight securities market institu tions. As of December  2019, banks and finance companies' public 
liability obligations in national and foreign currency amounted to USD  3,628.7  million, a 7.9 % 
decreased  compared to December  2018. Likewise, the net loan portfolio of the 12 banking and 
financial institutions totalled USD  3,648.7  million in domestic and foreign currency, a 20.49 % 
decrease compared to December  2018.  
4.34.   As of December  2019, the total assets of banks and finance companies was 
USD 6,720.0  million, lower than the balance of December  2018, when they amounted to 
USD 7,182.6  million. The equity of banks and finance companies was USD  1,220.7  million in 2019, 
higher than the balance of December  2018 of USD  1,139.0  million.  
4.9  Telecommunications  
4.35.   The telecommunications sector in Nicaragua, in th e period between 2012 -19, presented one 
of the highest growth rates in its history, thanks to the public policies adopted by GRUN and the 
Nicaraguan Institute of Telecommunications and Postal Services (TELCOR), the regulatory entity.  
4.36.   The Pillars of the Nat ional Development Programme 2018 -21 establish the following objectives 
for this sector:  
• Establish and develop an information and communication technology policy, which 
encourages the development of technological infrastructure and instruments.  
• Continue to expand the bandwidth for high -speed internet service and access to it 
throughout the country.  
• Modernize and resize the national and international postal network of Correos de 
Nicaragua, promoting the quality of operations and diversification of services.  
• Develop new specific standards and studies that allow telecommunications to be updated 
and developed.  
4.37.   The telecommunications sector is highly attractive for FDI; in 2019, it was the sector that 
generated the highest value with USD  150.5  million, 30 % of the total. This investment has been 
directed mainly to wireless and fixed data network infrastructure, through the construction of base 
stations and the roll -out of fibre optics, as a result of the growing demand for multimedia services 
making it necessary to increase the bandwidth to allow photos and videos to be sent and applications 
to be used in economically productive areas, health and education.  
4.38.   The implementation of the Rural Telecommunications Project and the Caribbean Regional 
Communications Infrastruc ture Programme (CARCIP) has provided access to telecommunications in 
rural areas along the North and South Caribbean Coast, and in Rio San Juan and some municipalities 
in the Central Zone of the country, to provide mobile phone service and broadband Intern et. In the 
framework of this project, 27 mobile communications base stations were set up between 2012 and 
2015, while under CARCIP, 18 mobile communications base stations were established between 2016 
and 2019, benefiting a total of 76,478 people, who did not have access to any telecommunications 
service, which has notably improved their quality of life.  
5  CONCLUSION  
5.1.  GRUN is firmly committed to building a cohesive society that benefits all Nicaraguans. Freedom 
from social unrest must build upon the foundation s of the significant progress made in combating 
poverty and extreme poverty; it must promote productive investment in key sectors of the economy 
that primarily raise the level of employment. During the period under review, there was a drop in 
poverty and e xtreme poverty.  
5.2.  During the period under review, 2012 -19, the Nicaraguan economy was characterized by 
macroeconomic and financial stability, sustainable public finances and stable inflation rates. Exports 
increased and progress was made in economic and soci al development, with the industrial, mining 
and agricultural sectors showing particularly positive results.  WT/TPR/G/404 /Rev.1 • Nicaragua  
- 21 - 
  5.3.  It is very important to our economy to reduce or eliminate trade restrictions, as well as tariff 
escalation preventing products with greater added value from accessing the international market 
due to the imposition of high tariffs on such products. Without such stimulus, it is very difficult to 
promote product diversification policies and expand the exportable supply.  
5.4.  Nicaragua is undertaking i mportant initiatives to facilitate trade in order to enhance 
competitiveness, market integration and investment attraction, in accordance with the Pillars of the 
National Human Development Programme, including international and regional commitments in this  
area. Work will continue in close coordination with various sectors in order to provide trade operators 
with greater transparency and streamline processes associated with formalities and services.  
5.5.  GRUN considers investment to be a strategic instrument for  generating economic growth and 
job creation in its fight against poverty. Nicaragua is therefore implementing measures to facilitate 
and modernize its legal framework in order to attract private investment, especially FDI, with a view 
to realizing the pot ential for exploitation in, inter alia , the agro -industrial sector, exports, mining, 
and telecommunications.  
5.6.  Nicaragua has made important advances in terms of its power supply coverage, as well as 
significant changes to its power -generation mix, through th e use of natural resources and incentives 
for clean energy generation projects. Moreover, it plans to continue promoting investment in this 
sector in order to increase generation capacity and diversify energy sources.  
5.7.  The strong performance in telecommunic ations is the result of public and private investment 
in this sector. Nicaragua will continue to develop and expand coverage for the provision of 
information technology and communication services, through the implementation of programmes 
and projects that bring these services to remote areas, in order to improve the living conditions of 
Nicaraguans.  
5.8.  Nicaragua welcomes the possible reform of the WTO in order to continue working towards the 
objectives of the Doha Development Round and the successful conclusio n of the negotiations. 
Furthermore, it considers that the system must strengthen the special and differential treatment 
afforded to developing countries, especially those with small and vulnerable economies such as 
Nicaragua, and increase Aid for Trade, te chnical assistance and capacity -building.  
  WT/TPR/G/404 /Rev.1 • Nicaragua  
- 22 - 
  6  APPENDIX TABLES  
Table A1. 1 General indicators  
 
km² 
Total area  130,373.40  
 Landa 120,339.20  
 Islands  517.4  
Lakes and lagoons  10,407.60  
 Lake Cocibolca  8,138.10  
 Lake Xolotlán  1,052.90  
a Including islands.  
Source:  Central Bank of Nicaragua.  
Table A1. 2 Economic indicators, 2017 -19 
 
2017  2018  2019  
Gross domestic product (USD  million)  13,786.0  13,063.9  12,520.9  
Gross domestic product per capita (USD)  2,156.1  2,022.1  1,918.1  
Real economic growth (%)  4.6 4.0 3.9 
Inflation (%)  5.7 3.9 6.1 
Industrial production (USD million)  6,586.6  6,704.7  6,399.2  
Agricultural production (USD  million)a 3,901.5  3,845.5  3,865.8  
Goods exports (USD million)  4,925.6  5,013.9  5,272.6  
Goods imports (USD  million)  7,707.9  7,351.0  6,985.5  
Money supply (M1A) (USD  million)  2,292.9  1,926.9  1,899.2  
Gross international reserves (USD  million)  2,757.8  2,261.1  2,397.4  
Domestic public debt (USD million)b 940.6  964.6  885.6  
External public debt (USD  million)  5,546.1  5,949.6  6,278.7  
a Including livestock, forestry and fisheries.  
b Including Government and BCN debt with the private sector.  
Source:  Central Bank of Nicaragua.  
Table A1. 3 F.o.b. exports by region and destination , 2012 -19a 
(USD million)  
Destination  2012  2013  2014  2015  2016  2017  2018  2019a 
TOTAL  4,550.6  4,594.1  4,973.5  4,667.4  4,592.0  4,925.6  5,013.9  5,272.6  
North America  2,869.9  2,974.4  3,209.7  3,047.6  3,157.6  3,213.2  3,326.8  3,529.3  
CANADA  321.8  327.0  250.3  59.2 41.6 51.8 38.7 48.6 
UNITED STATES OF 
AMERICA  2,063.9  2,039.8  2,341.9  2,469.3  2,484.6  2,837.7  3,006.1  3,187.4  
MEXICO  484.2  607.7  617.4  519.1  631.3  323.8  282.0  293.3  
Central America  570.7  565.4  632.1  677.1  653.9  714.9  790.2  830.5  
COSTA RICA  126.3  126.4  154.1  131.9  145.7  155.0  155.3  158.7  
EL SALVADOR  250.8  218.9  228.5  259.4  261.7  276.1  285.6  294.6  
GUATEMALA  80.2 87.9 93.6 111.6  96.4 110.2  129.3  128.2  
HONDURAS  113.4  132.3  155.9  174.3  150.1  173.6  220.0  248.9  
Latin America and the 
Caribbean  579.0  515.1  556.9  431.5  270.6  277.5  179.4  214.0  
ARGENTINA  0.2 0.1 0.2 0.1 0.4 0.2 0.5 0.3 
CHILE  8.7 4.7 10.9 2.7 2.9 2.6 3.8 5.1 
COLOMBIA  13.4 10.0 9.3 9.9 7.8 6.5 8.0 9.3 
CUBA  1.0 1.6 1.9 1.9 1.1 1.5 1.3 5.1 
ECUADOR  2.7 2.2 3.6 4.1 7.0 6.2 7.8 26.6 
PANAMA  20.4 30.0 39.4 35.3 42.0 40.4 40.7 40.2 
PUERTO RICO  35.7 27.8 53.1 37.2 38.7 46.9 53.1 64.9 
DOMINICAN REPUBLIC  29.6 33.4 31.0 35.4 28.3 17.2 18.6 17.4 WT/TPR/G/404 /Rev.1 • Nicaragua  
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  Destination  2012  2013  2014  2015  2016  2017  2018  2019a 
BOLIVARIAN REPUBLIC 
OF VENEZUELA  444.0  384.0  390.1  290.3  113.6  116.8  21.0 13.5 
Other  23.1 21.2 17.4 14.5 28.7 39.3 24.5 31.5 
European Union  339.9  328.0  325.5  303.5  302.3  413.1  395.8  399.1  
GERMANY  32.9 34.7 32.3 35.1 36.2 71.9 68.8 61.0 
BELGIUM  67.0 27.4 27.3 30.9 31.7 53.8 56.6 53.6 
SPAIN  61.4 80.9 95.5 55.6 56.3 54.8 53.6 68.1 
FINLAND  9.4 7.4 6.9 3.5 5.5 7.7 6.0 5.8 
FRANCE  33.8 51.2 46.3 40.6 43.7 39.2 44.0 46.5 
HOLLAND  33.2 15.9 15.4 27.1 15.2 24.0 34.0 26.5 
ITALY  39.5 28.7 40.1 34.7 30.7 40.4 34.3 38.4 
UNITED KINGDOM  48.1 45.7 46.7 56.7 55.9 80.2 72.1 57.9 
SWEDEN  8.9 7.4 6.3 9.0 8.4 11.3 10.7 9.5 
Other  5.6 28.7 8.6 10.3 18.7 29.7 15.8 31.8 
Rest of Europe  11.2 8.5 7.9 25.3 11.2 14.6 20.2 23.4 
NORWAY  9.7 7.1 6.2 5.7 1.8 1.4 1.1 3.0 
RUSSIAN FEDERATION  - - - 5.6 7.0 11.0 14.9 12.1 
SWITZERLAND  0.7 0.5 0.7 1.3 1.5 1.3 1.4 1.3 
Other  0.8 0.9 1.0 12.7 0.8 0.8 2.8 6.9 
Asia 149.0  165.1  185.6  152.7  148.1  241.6  257.1  227.7  
JAPAN  25.5 22.1 24.2 17.6 22.6 27.7 17.7 13.2 
CHINESE TAIPEI  47.4 69.0 76.4 83.8 74.9 122.7  97.6 117.1  
Other  76.1 74.0 85.0 51.4 50.6 91.3 141.7  97.4 
Rest of world  30.9 37.5 55.8 29.7 48.3 50.6 44.4 48.7 
a Preliminary.  
Source:  DGA. 
Table A1. 4 F.o.b. merchandise exports by main products, 2012 -19 
(USD million)  
Product  2012  2013  2014  2015  2016  2017  2018  2019  
TOTAL  4,550.6  4,594.1  4,973.5  4,667.4  4,592.0  4,925.6  5,013.9  5,272.6  
Articles of apparel and 
clothing accessories, 
knitted or crocheted  489.9  621.4  759.3  756.7  786.7  819.7  1,006.2  1,126.1  
Bovine meat  451.4  383.8  448.0  454.3  420.4  507.7  481.0  522.5  
Wire, cable and other 
electric conductors  451.0  572.8  562.1  567.6  656.7  587.4  531.0  509.0  
Gold, unwrought  432.0  436.6  387.0  313.7  357.9  328.4  370.9  499.0  
Green coffee  521.8  349.5  395.5  392.3  402.3  510.0  417.9  458.1  
Articles apparel and 
clothing accessories, 
not knitted or crocheted  640.5  653.1  609.0  523.9  486.1  477.1  411.2  375.6  
Cigars and cigarillos  125.8  139.0  145.1  156.2  175.1  203.6  225.4  221.6  
Cane sugar  194.9  176.7  207.5  153.1  113.9  183.0  178.5  184.7  
Farmed shrimp  122.9  167.6  196.4  140.9  124.5  145.7  151.9  156.4  
Cheese  94.7 94.7 96.1 113.4  114.4  117.3  115.7  123.6  
Raw peanuts  132.5  102.9  115.1  100.7  79.0 114.0  112.1  96.8 
Red beans  49.6 32.9 42.7 71.7 60.0 69.4 75.6 74.3 
Lobster  47.0 47.3 55.9 75.2 64.1 65.0 57.6 70.9 
Crude oil  48.8 44.7 41.4 40.5 39.2 42.2 48.3 53.1 
Fish, whole  21.0 22.7 28.2 24.7 19.1 20.0 25.1 42.4 
Articles of jewellery  0.4 0.3 0.3 0.3 7.0 18.1 34.1 38.2 
Bananas  2.6 2.3 8.7 27.8 37.8 41.8 42.5 34.3 WT/TPR/G/404 /Rev.1 • Nicaragua  
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  Product  2012  2013  2014  2015  2016  2017  2018  2019  
Powdered milk  41.5 38.1 40.5 29.8 30.2 30.9 31.8 31.4 
Unmanufactured 
tobacco  17.9 22.5 21.8 26.1 22.1 22.5 28.1 25.5 
Water, including mineral 
and aerated water  10.5 10.7 15.1 13.5 13.4 12.2 13.7 25.2 
Bovine meat offal 13.3 13.6 18.6 14.3 16.3 21.6 20.8 22.0 
Rum 17.5 15.5 18.8 16.8 15.8 18.4 24.9 21.3 
Other furnishing articles  17.5 14.0 14.9 22.3 19.4 18.4 17.2 20.6 
Instant coffee  21.7 22.0 20.7 22.5 18.2 17.3 18.6 18.0 
Cane molasses  8.9 22.1 20.1 16.4 18.7 16.6 16.4 14.2 
Bovine cattle  18.4 39.1 40.0 36.5 27.9 20.9 9.6 5.3 
Liquid milk  27.5 29.8 42.4 52.6 19.0 19.5 5.7 4.2 
Edible oil  50.4 42.2 58.8 33.5 3.3 2.5 2.1 2.4 
Leather footwear  34.9 11.2 21.6 29.4 19.7 7.8 6.0 2.3 
Bread, pastry, cakes, 
biscuits and other 
bakers' wares  25.9 31.1 25.8 22.7 11.6 0.7 0.5 0.5 
Rest 417.8  434.1  515.9  418.1  412.2  466.0  533.7  492.9  
Table A1. 5 C.i.f. imports by use or economic purpose, 2012 -19a 
(USD million)   
2012  2013  2014  2015  2016  2017  2018  2019a 
TOTAL  6,029.7  5,498.8  5,746.4  5,866.5  7,481.0  7,707.9  7,351.0  6,985.5  
Consumer goods  1,779.0  1,761.1  1,895.9  2,073.4  3,189.2  3,328.5  3,502.4  3,278.1  
Non-durable  1,460.1  1,456.9  1,563.1  1,704.8  2,151.9  2,257.6  2,154.4  2,052.0  
Durable  319.0  304.3  332.8  368.6  422.7  401.6  300.7  288.1  
Oil, fuel and 
lubricants  1,461.6  1,033.0  1,009.5  739.0  614.6  669.3  1,047.3  938.0  
Crude oil  440.5  505.5  508.1  300.8  195.1  255.3  397.6  267.4  
Fuel and 
lubricants  1,021.0  527.5  501.4  438.2  419.5  414.0  649.7  670.5  
Intermediate 
goods  1,511.2  1,563.6  1,540.8  1,635.5  2,720.1  2,904.4  2,774.5  2,855.7  
For agriculture  286.6  299.5  298.8  335.8  263.8  340.0  252.6  337.8  
For industry  937.3  957.4  954.0  985.6  2,105.8  2,214.4  2,232.0  2,261.1  
Construction 
materials  287.4  306.7  288.0  314.1  350.5  350.0  290.0  256.8  
Capital goods  1,269.9  1,133.1  1,292.1  1,410.5  1,558.1  1,466.6  1,071.8  849.9  
For agriculture  81.1 65.0 68.7 62.9 64.6 60.0 54.3 20.2 
For industry  753.0  619.5  777.7  825.3  948.8  899.4  709.5  616.9  
Transport 
equipment  435.8  448.6  445.7  522.3  544.7  507.2  308.0  212.9  
Miscellaneous  7.9 8.0 8.0 8.1 13.5 8.4 2.3 1.8 
a Preliminary.  
Source:  DGA. 
Table A1. 6 C.i.f. imports by region and origin , 2012 -19a 
(USD million)  
Origin  2012  2013  2014  2015  2016  2017  2018  2019a 
TOTAL  6,029.7  5,498.8  5,746.4  5,866.5  7,481.0  7,707.9  7,351.0  6,985.5  
North America  1,569.8  1,401.0  1,515.6  1,707.5  2,537.4  2,704.3  2,815.3  2,714.0  
CANADA  40.3 35.2 36.2 42.6 38.8 49.0 35.7 38.3 
UNITED STATES OF 
AMERICA  1,086.1  903.9  933.6  1,054.8  1,662.0  1,805.5  2,039.2  1,980.3  
MEXICO  443.3  462.0  545.8  610.1  836.6  849.8  740.4  695.3  WT/TPR/G/404 /Rev.1 • Nicaragua  
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  Origin  2012  2013  2014  2015  2016  2017  2018  2019a 
Central America  1,234.5  1,262.6  1,280.3  1,367.3  1,746.0  1,829.1  1,790.2  1,803.1  
COSTA RICA  462.5  477.5  464.5  479.0  485.3  488.6  450.8  430.9  
EL SALVADOR  272.2  278.7  284.2  307.7  327.7  349.1  317.7  304.8  
GUATEMALA  341.4  352.5  372.1  407.4  470.1  476.8  454.8  459.5  
HONDURAS  158.4  153.8  159.4  173.1  463.0  514.6  566.9  607.9  
Rest of Latin America 
and the Caribbean  1,671.1  1,248.7  1,150.0  799.3  671.1  697.7  698.9  578.2  
ARGENTINA  36.5 51.2 34.1 30.4 39.0 90.2 57.8 44.2 
CHILE  26.9 41.2 43.4 42.9 42.0 43.4 40.5 27.3 
COLOMBIA  18.0 18.8 19.9 19.7 22.9 38.8 171.9  69.3 
CUBA  2.6 1.5 2.7 1.7 1.6 0.6 0.2 0.9 
ECUADOR  8.2 8.8 7.2 71.2 102.3  47.0 50.3 197.4  
PANAMA  11.9 9.8 11.2 27.2 27.1 61.7 18.7 41.5 
PUERTO RICO  2.2 2.1 2.1 2.0 2.3 2.5 2.4 1.6 
DOMINICAN 
REPUBLIC  33.3 10.6 9.0 8.2 21.9 25.2 23.1 38.4 
BOLIVARIAN 
REPUBLIC OF 
VENEZUELA  806.9  102.2  456.0  55.1 21.4 36.0 48.6 31.4 
Other  724.5  1.002.6  564.3  540.9  390.6  352.4  285.4  126.2  
European Union  348.3  315.8  326.9  420.9  428.8  459.5  377.1  355.5  
GERMANY  68.4 73.5 97.5 88.4 137.4  145.2  135.0  122.3  
BELGIUM  11.2 13.0 10.8 11.4 16.8 14.7 11.0 8.5 
SPAIN  107.0  81.8 68.3 65.6 70.9 84.3 69.8 72.9 
FINLAND  4.8 1.7 3.3 4.8 4.7 4.4 3.3 1.0 
FRANCE  29.0 32.9 23.3 110.5  27.3 28.6 29.9 25.0 
HOLLAND 
(NETHERLANDS)  15.0 12.9 12.5 26.0 23.7 26.1 21.3 20.6 
ITALIA  39.7 34.7 36.3 38.6 57.3 51.6 37.0 35.0 
UNITED KINGDOM  14.9 18.9 26.3 22.4 16.6 16.4 12.9 12.2 
SWEDEN  19.5 20.4 17.0 16.9 13.5 12.1 10.7 6.6 
Other  38.8 25.9 31.5 36.3 60.5 76.2 46.2 51.5 
Rest of Europe  23.3 30.0 17.2 97.4 74.9 82.1 89.2 78.8 
NORWAY  6.1 6.1 0.9 0.8 3.1 3.2 1.3 1.6 
RUSSIAN 
FEDERATION  - - - 62.3 47.3 48.5 62.6 60.5 
SWITZERLAND  11.2 17.6 12.8 17.6 20.9 25.5 20.5 14.3 
Other  6.1 6.3 3.5 16.6 3.5 4.8 4.8 2.4 
Asia 1,169.2  1,228.2  1,429.0  1,462.4  2,003.0  1,913.8  1,560.1  1,433.4  
JAPAN  175.7  146.9  142.1  148.5  142.3  158.1  118.2  98.8 
REPUBLIC OF KOREA  81.8 82.8 78.2 86.6 168.3  144.0  134.9  102.8  
CHINESE TAIPEI  22.4 25.3 29.3 33.0 54.7 55.5 41.1 40.0 
Other  889.4  973.3  1,179.4  1,194.2  1,637.7  1,556.2  1,265.8  1,191.8  
Rest of world  13.4 12.5 27.5 11.8 19.8 21.4 20.1 22.6 
a Preliminary.  
Source:  DGA. 
Table A1. 7 Consolidated non -financial public sector operations,2017 -19a/b 
(Córdobas  million)   
2017  2018  2019  2017  2018  2019  
(Córdobas  million)  (Percentage of GDP)  
1. Revenue  114,700.0  110,025.3  123,678.8  27.7 26.7 29.8 
 Taxes  71,818.6  67,486.2  76,142.1  17.3 16.4 18.4 
 Social contributions  23,867.7  24,624.3  27,585.8  5.8 6.0 6.7 
 Other revenuec 19,013.7  17,914.8  19,950.9  4.6 4.3 4.8 
2. Expenditure  105,417.8  108,545.3  111,578.6  25.4 26.3 26.9 
 Employee remuneration  30,935.0  32,141.8  32,960.5  7.5 7.8 7.9 
 Purchasing of goods and services  26,445.5  25,664.2  27,504.5  6.4 6.2 6.6 
 Interest  4,820.2  4,871.7  5.641.1  1.2 1.2 1.4 
 Current and capital transfers  21,033.6  21,350.0  19,093.5  5.1 5.2 4.6 
 Social benefits  17,297.3  20,082.0  22,261.4  4.2 4.9 5.4 
 Other expenditure  4,886.1  4,435.5  4,117.6  1.2 1.1 1.0 
3. Net operating profit  9,282.3  1,480.1  12,100.2  2.2 0.4 2.9 WT/TPR/G/404 /Rev.1 • Nicaragua  
- 26 - 
   
2017  2018  2019  2017  2018  2019  
(Córdobas  million)  (Percentage of GDP)  
4.  Net acquisition of non -financial 
assetsc 22,092.5  20,372.7  21,256.2  5.3 4.9 5.1 
5. Cash surplus or benefit  12,810.3  18,892.6  9,156.0  3.1 4.6 2.2 
6. Total grants  4,321.8  2,763.8  2,422.5  1.0 0.7 0.6 
7. Cash surplus or benefit  8,488.4  16,128.8  6,733.5  2.0 3.9 1.6 
8. Financing  8,488.4  16,128.8  6,733.5  2.0 3.9 1.6 
 Internal, net  4,933.3  8,148.6  5,677.3  1.2 2.0 1.4 
 Bank financing  6,744.7  9,073.1  3,851.7  1.6 2.2 0.9 
 Non-bank financing  1,811.4  924.5  1,825.6  0.4 0.2 0.4 
 External, net  13,421.7  7,980.2  12,410.8  3.2 1.9 3.0 
 Privatization revenue  0.0 0.0 0.0 0.0 0.0 0.0 
Memorandum:        
Current saving  17,114.3  9,217.7  15,842.4  4.1 2.2 3.8 
a Methodology used in accordance with the Government Finance Statistics Manual (GFSM, analytical 
framework 2001) as of 2001.  
b Includes Central Government, INSS, ALMA, ENATREL, ENACAL, ENEL, EPN, EAAI, ENABAS and 
PETRONIC.  
c Includes revenue from ENATREL, ENACAL, ENEL, EPN, TEL COR, EAAI, ENABAS and PETRONIC 
services.  
Source:  MHCP, BCN, INSS, ALMA, TELCOR, ENATREL, ENACAL, ENEL, EPN, ENABAS, EAAI and PETRONIC.  
Table A1. 8 Public debt balance, 2014 -19 
(USD million)   
2014  2015  2016  2017  2018  2019  
Total debt balance  5,800.3  5,753.5  5,930.5  6,486.7  6,914.2  7,164.3  
External debt balance  4,796.0  4,804.4  5,042.1  5,546.1  5,949.6  6,278.7  
Central Government  2,848.3  3,128.9  3,408.5  3,931.4  4,161.8  4,533.5  
Rest of non -financial public sector  65.5 60.8 57.3 57.3 53.2 48.7 
Central Bank  1,882.2  1,614.7  1,576.3  1,557.4  1,734.6  1,696.5  
Rest of financial public sector  0.0 0.0 0.0 0.0 0.0 0.0 
Domestic debt balance  1,004.3  949.1  888.4  940.6  964.6  885.6  
Central Government  714.7  672.3  660.0  655.8  634.3  649.8  
Central Bank  289.6  276.8  228.4  284.9  330.3  235.8  
Source : Central Bank of Nicaragua.  
Table A1. 9 Public debt balance as a percentage of GDP, 2014 -19 
 
2014  2015  2016  2017  2018  2019  
Total debt balance  48.8 45.1 44.6 47.1 52.9 57.2 
External debt 
balance  40.4 37.7 38.0 40.2 45.5 50.1 
Domestic debt 
balance  8.5 7.4 6.7 6.8 7.4 7.1 
Source : BCN. 
Table A1. 10 F.o.b. exports of 10 principal products, 2012 -19 
(USD million)  
Product  2012  2013  2014  2015  2016  2017  2018  2019  
TOTAL  4,550.6  4,594.1  4,973.5  4,667.4  4,592.0  4,925.6  5,013.9  5,272.6  
Total 10 principal 
products  3,525.0  3,595.2  3,806.1  3,572.0  3,637.8  3,879.9  3,889.7  4,176.6  
Articles of apparel and 
clothing accessories, 
knitted or crocheted  489.9  621.4  759.3  756.7  786.7  819.7  1.006.2  1.126.1  
Bovine meat  451.4  383.8  448.0  454.3  420.4  507.7  481.0  522.5  WT/TPR/G/404 /Rev.1 • Nicaragua  
- 27 - 
  Product  2012  2013  2014  2015  2016  2017  2018  2019  
Wire, cable and other 
electric conductors  451.0  572.8  562.1  567.6  656.7  587.4  531.0  509.0  
Gold, unwrought  432.0  436.6  387.0  313.7  357.9  328.4  370.9  499.0  
Green coffee  521.8  349.5  395.5  392.3  402.3  510.0  417.9  458.1  
Articles apparel and 
clothing accessories, not 
knitted or crocheted  640.5  653.1  609.0  523.9  486.1  477.1  411.2  375.6  
Cigars and cigarillos  125.8  139.0  145.1  156.2  175.1  203.6  225.4  221.6  
Cane sugar  194.9  176.7  207.5  153.1  113.9  183.0  178.5  184.7  
Farmed shrimp  122.9  167.6  196.4  140.9  124.5  145.7  151.9  156.4  
Cheese  94.7 94.7 96.1 113.4  114.4  117.3  115.7  123.6  
Table A1. 11 Exports of fishery and aquaculture products, 2012 -19 
(USD million)   
SHRIMP  TOTAL BY RESOURCE  
Year Farmed  Marine  Total  SHRIMP  LOBSTER  FINFISH  OTHER  TUNA  TOTAL  
2012  117.95  6.39 124.34  124.34  47.67  25.13  13.10  26.67  236.91  
2013  173.05  4.34 177.39  177.39  48.48  26.63  19.60  26.84  298.94  
2014  188.36  5.73 194.08  194.08  57.13  33.93  22.04  25.75  332.94  
2015  135.90  5.14 141.04  141.04  72.43  29.45  26.52  14.05  283.50  
2016  125.14  5.66 130.80  130.80  65.05  24.50  27.71  23.02  271.07  
2017  145.73  5.02 150.75  150.75  65.09  29.38  35.95  37.06  318.22  
2018  152.06  6.99 159.05  159.05  57.42  33.48  44.92  28.84  323.71  
2019  153.67  2.26 155.93  155.93  67.84  30.65  30.05  28.83  313.29  
Source:  INPESCA  fishery and aquaculture annual reports.  
Table A1. 12 Exploited energy potential  
GENERATION TYPE  POTENTIAL (MW)  EFFECTIVE INSTALLED 
CAPACITY (MW)  PERCENTAGE 
EXPLOITED (%)  
HYDROELECTRIC  2,000  146.80  7.34%  
GEOTHERMAL  1,500  91.64  6.11%  
WIND  800 169.80  21.23%  
BIOMASS  200 199.00  99.50%  
SOLAR  500 15.40  3.08%  
TOTAL  5,000  622.64  12.45%  
Source:  Nicaraguan Energy Institute and studies conducted by IECO -LAHMAYER, CNE and Swera. Ministry of 
Energy and Mining (MEM), December  2019.  WT/TPR/G/404 /Rev.1 • Nicaragua  
- 28 - 
  Table A1. 13 Generation projects entering into operation in 2020 -24 
Project  Generation 
type Capacity  
(MW)  Investment 
(USD  million)  Entry into 
operation  
Total  Unit 
1. Projects with a generation licence  
El Veleroa Solar 12.0 18.0 1.5 2021 
Eólico 1  Wind 24.0 33.44  1.39 2023 
La Moraa Hydroelectric  1.9 3.26 1.72 2021 
Subtotal   
37.9 54.70  4.61  
2. Projects with a 
provisional licence that are 
under considerationa      
NG-300MW Ciclo simple  Thermal based 
on natural gas  300 541.8  1.81 2021 
Solar 2  
Solar 3  
Solar 4  
Solar 5  Solar 
Solar 
Solar 
Solar 50.0 
50.0 
50.0 
50.0 60.0 
60.0 
60.0 
60.0 1.2 
1.2 
1.2 
1.2 2021 
2022 
2023 
2024 
Subtotal   
500.0  781.80  6.61  
a Under construction.  
Source:  Ministry of Energy and Mining (MEM), November  2020.  
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