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Nicaragua’s Free Zone Exports Edge Up Slightly in 2024, Driven by Agro-Industry and Textiles
By Guy José Bendaña-Guerrero & Asociados
Nicaragua’s free zone exports totaled US$3.524 billion in 2024, marking a modest 0.4% increase compared to 2023, according to a report released Thursday by the Central Bank of Nicaragua.
The slight rise in export value was primarily driven by strong performance in several key sectors. Palm oil exports surged by 21.2%, while fruits and vegetables rose 8.3%, textile products increased 5%, and tobacco exports grew by 2%, the Central Bank noted.
These gains, however, were partially offset by significant declines in other categories. Processed seafood exports fell sharply by 34.6%, and automotive harness exports dropped by 7.9%, reflecting uneven performance across the broader free zone sector.
Textiles continued to dominate Nicaragua’s free zone export landscape, accounting for US$2.013 billion, or 57.1% of total free zone exports in 2024. The United States remained the principal destination, absorbing 80.1% of textile shipments, underlining Nicaragua’s continued reliance on the U.S. market for its manufactured goods.
Looking ahead, the Central Bank projects that Nicaragua’s economy will grow between 3.5% and 4.5% in 2025, with annual inflation expected to range between 3% and 4%. In 2024, inflation closed slightly below that range, at 2.84%.
Recent years have shown a steady recovery path for Nicaragua’s economy. GDP grew 4.6% in 2023, following a 3.8% increase in 2022 and a robust 10.3% expansion in 2021. This marks a significant rebound from the average annual contraction of 2.7% recorded during the 2018–2020 period, a time marked by political instability and external shocks.
Guy José Bendaña-Guerrero & Asociados
GUY JOSE BENDAÑA GUERRERO & ASOCIADOS has a long and prosperous tradition in the field of intellectual property (IP) in Nicaragua, with roots that go back to more than 100 years, resulting on long-term relationships with renowned clients and attorneys worldwide.
The firm has its origins in the law firm Henry Caldera & Henry Caldera-Pallais, founded in 1907 by Mr. Henry Caldera. That same year of 1907, through the efforts of Mr. Caldera, Nicaragua had its first Trademark Law. In the late 1930’s, Mr. Caldera’s oldest son, Dr. Henry Caldera-Pallais, after studying law in Nicaragua, attended the University of Michigan, where he graduated as a Registered U.S. Patent Attorney. Dr. Caldera-Pallais in 1964 was a founding member of the Interamerican Association of Intellectual Property (ASIPI), the first regional intellectual property organization in the Americas. The firm continued to grow during the administration of Dr. Franklin Caldera, son of Dr. Caldera-Pallais, who obtained his doctoral degree in law from the Universidad Centroamericana in 1973.
Since 1985 the current partners, Dr. Guy José Bendaña Guerrero and Mrs. Blanca Aragón de Bendaña, took over the management of the firm. Dr. Bendaña Guerrero, Director of the firm, has distinguished himself as one of the most respected authorities in Central America in the field of intellectual property and law in general, being the author of several books such as “Course of Industrial Property Law”, “Study of the new Laws of Industrial Property” and “New Study of Contracts “, among others. Mrs. Aragón de Bendaña has served as the firm’s general manager and, thanks to her excellent management, the firm has been in constant growth, with a highly qualified staff committed to excellence. Since 1996, partner Julián José Bendaña Aragón joined the firm, and has been standing out as one of the most recognized attorneys in the field of intellectual property.
We have adapted to the constant change of the business world, supporting our clients in finding the most appropriate legal solutions for each moment. The firm distinguishes itself by understanding the needs of its clients, offering personalized service and adding value to its activities.
Nowadays we continue to be the leading firm in Nicaragua in the area of intellectual property, and at the same time, we have been consolidating other areas of service within the civil, commercial and labor fields, as well as litigation and consulting in general. The firm is well positioned to guarantee a pragmatic service that meets the requirements of the most demanding clients.