The Republic of Nicaragua's major imports include petroleum products, raw materials, machinery and equipment, consumer goods and packaged medicines. About 17 percent of the top five imports of Nicaragua come from the United States, 12 percent from Venezuela, and roughly 25 percent are divided among China, Mexico and Curacao.Continue Reading
The United States and Central America are the biggest trade partners of the country, with the U.S. providing nearly 23 percent and Central America supplying 20 percent of Nicaragua's total imports. China is the country's main supplier of light rubberized knitted fabric, which Nicaragua utilized by boosting its knit and woven apparel industry. Though it is mainly an agricultural country, it needs to import agricultural raw materials, such as crude fertilizer, precious stones and minerals, excluding petroleum and coal. Aside from crude and refined petroleum, Nicaragua also imports delivery trucks from the United States, which make up about 2 percent of the country's total imports.
The current imports of Nicaragua far exceed its exports, resulting in a negative balance of trade. As of 2014, the country has a total of $214 million of trade deficit, which is higher compared to the previous $200 million in 2013. This may be due to the high taxes on exports, such as goods and services, imposed by Nicaragua's national government.Learn more about Central America