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ITC by Country Report ITC by Country Report Honduras 05/12/2014 ITC by country - Honduras 1 Table of Contents 1. Country / Territory Brief 2. People and Economy 2.1 People 2.2 Economy 3. Trade Performance 3.1 General Trade Performance 3.2 Sector Trade Performance 4. Trade Strategy and Policy 4.1 Trade and Development Strategies 4.2 Domestic and Foreign Market Access 4.3 Trade Facilitation 4.4 Business and Regulatory Environment 4.5 Infrastructure 5. ITC and the Country/Territory 5.1 ITC Projects 5.2 Events 5.3 ITC Contacts 6. Trade Information Sources and Contacts 6.1 Trade Information Sources 6.2 Trade Contacts This is a pdf version of the captioned country contents in the intracen web site of the International Trade Centre. This document was generated on 05.12.2014. For the latest information about ITC's work and the country, please refer to www.intracen.org © International Trade Centre 2014 ITC encourages the reprinting and translation of its publications to achieve wider dissemination. Short extracts of this document may be freely reproduced, with due acknowledgement of the source. Permission should be requested for more extensive reproduction or translation. A copy of the reprinted or translated material should be sent to ITC. ITC by country - Honduras 2 1. Country / Territory Brief The economy of Honduras is mainly based on agriculture. The country’s principle income comes from the traditional exports of coffee, bananas, cultivated shrimp and, more recently, apparel and automobile wire harnessing. Honduras is also the country with the third- largest maquiladora sector in the world. Despite its continuing growth and important inward foreign direct investment, Honduras is the second poorest country of Central America. The country faces high inflation and dependence on the US market with a narrow export base and a small manufacturing sector. In 2014, ITC signed a Memorandum of Understanding with the Secretaría de integración económica centroamericana (SIECA) to support Central America economic development and regional integration. In this context, over the next 3 years ITC work in Central America will mainly focus on regional initiatives that address cross-cutting issues including trade information and market intelligence, regional branding and women economic empowerment. ITC is also partnering with the Inter-American Development Bank (IDB) to strengthen Trade Promotion Organizations on results-based-management. ITC by country - Honduras 3 2. People and Economy 2.1 People Total population 7,322,368 in 2012 with growth rates of 2.0% p.a during 2008-2012 (growth rates per annum) Population density (people per sq. km of 65 in 2012 land area) Female population 50.1% in 2012 Population below 15 35.7% in 2008 ; 38.0% in 2012 years of age Urban population 50.4% in 2012 Population living below $1.25 a day at purchasing 21.4% in 2012 power parity (PPP) Ranking in the Human 120 out of 186 in 2012 Development Index (HDI) Evolution of the Human Development Index (HDI) Source: United Nations Development Programme Human Development Indicators Note: The Human Development Index measures the overall development of a nation and ranges from 0 (low level of development) to 1 (highest level of development). The United Nations Development Programme (http://hdr.undp.org) provides a detailed explanation. ITC Regional group refers to ITC definition Life expectancy at birth (years) (73); Mortality rate, under-5 (per thousand live births) (22.9) in Health 2012 Education Education index - expected and mean years of schooling (rank) ( 123 out of 191) in 2012 Income level GNI per capita in PPP terms (constant 2005 international $) (3,414) in 2012 Inequality Inequality-adjusted HDI (rank) (84 out of 191)in 2012 Poverty Multidimensional Poverty Index (rank)( 40 out of 191) in 2012 Gender Gender inequality index (rank) (48 out of 191) in 2012 Sustainability Adjusted net savings (% of GNI) (n.a) in 2012 ITC by country - Honduras 4 2.2 Economy 2004 2008 2012 Sector added value US $ %GDP US $ %GDP US $ %GDP Agriculture 1,080 13.4 1,687 13.1 N.A. N.A. Industry 2,354 29.1 3,603 28 N.A. N.A. Added value per sector Manufacturing 1,699 21 2,472 19.2 N.A. N.A. (current US$ and % of GDP) Services 4,646 57.5 7,577 58.9 N.A. N.A. Source: World Bank World Development Indicators (WDI) Note: Added value is US$ terms are expressed in million, GDP US$, and "6,976 to be read 6'976" Evolution of GDP (constant 2005 US$) Source: World Bank World Development Indicators (WDI) Note: ITC calculations based on the World Bank WDI Evolution of GDP per capita (constant 2005 US$) Source: World Bank World Development Indicators (WDI) Note: ITC calculations based on the World Bank WDI ITC by country - Honduras 5 Aid Dependency (Official Development Assistance/Gross National Income) Source: World Bank World Development Indicators (WDI) Note: ITC calculations based on the World Bank WDI. Regional group refers to ITC definition 2004 2008 2012 Remittance ($ millions) 1,175 2,821 N.A. Remittance (% GDP) 1324.7 2032 N.A. Remittances as a Share of GDP Remittances as a Share of GDP Source: World Bank World Development Indicators (WDI) Note: ITC calculations based on World Bank WDI, IMF BOP statistics, and "6,976 to be read 6'976" ITC by country - Honduras 6 3. Trade Performance 3.1 General Trade Performance 3.1.1 Evolution of Trade Ratio to GDP - Goods 3.1.2 Evolution of Trade Ratio to GDP - Services ITC by country - Honduras 7 3.1.3 Evolution of Total Trade 3.1.4 Trade Map ITC by country - Honduras 8 3.1.5 Export and Import by Leading Destination - Export 3.1.6 Export and Import by Leading Destination - Import ITC by country - Honduras 9 3.1.7 Evolution of Exports and Imports by Destination - Export 3.1.8 Evolution of Exports and Imports by Destination - Import ITC by country - Honduras10 3.1.9 Total Export Growth Source: ITC, calculations based on ITC’s Trade Competitiveness Map data. Note:Graph shows decomposition of the country’s export growth in value terms by diversification pattern over the indicated period. 3.1.10 Marginal Export Growth Source: ITC, calculations based on ITC’s Trade Competitiveness Map data. Note:Graph shows decomposition of the country’s export growth in value by structural driving effects over the indicated period. Values are in US$ thousands. ITC by country - Honduras11 3.1.11 Composition of Trade in Services - Export 3.1.12 Composition of Trade in Services - Import ITC by country - Honduras12 3.1.13 Evolution of FDI ITC by country - Honduras13 3.2 Sector Trade Performance 3.2.1 Sectoral Diversification in Products - Export 3.2.2 Sectoral Diversification in Products - Import ITC by country - Honduras14 3.2.3 Sectoral Diversification in Destinations - Export 3.2.4 Sectoral Diversification in Destinations - Import Sectoral diversification in origin for Honduras's imports Sector's Share of top 3 import supplying List of the top 3 supplying countries growth countries in Sector in value sector’s imports (% p.a) 2009- 2009 2013 2009 2013 2013 United States of America ; United States of America ; Minerals 18.2 % 70.4 % 91.1 % Netherland Antilles ; Ecuador Colombia ; Peru United States of America ; El United States of America ; Unclassified products 10.7 % 98.0 % 98.1 % Salvador ; Canada Netherlands ; Republic of Korea Guatemala ; United States of China ; United States of America Basic manufactures 9.9 % 55.8 % 54.4 % America ; Mexico ; Guatemala United States of America ; United States of America ; China Electronic components 8.7 % 65.7 % 66.3 % Mexico ; Costa Rica ; Mexico United States of America ; El United States of America ; China Miscellaneous manufacturing 8.3 % 56.4 % 55.2 % Salvador ; Guatemala ; Guatemala United States of America ; United States of America ; Chemicals 8.1 % 53.2 % 46.7 % Guatemala ; Mexico Mexico ; Guatemala United States of America ; United States of America ; Processed food 7.4 % 59.8 % 62.1 % Guatemala ; El Salvador Guatemala ; El Salvador United States of America ; United States of America ; El Wood products 7.3 % 73.2 % 66.4 % Guatemala ; El Salvador Salvador ; Mexico ITC by country - Honduras15 3.2.5 Sectors by World Demand - Export 3.2.6 Sectors by World Demand - Import ITC by country - Honduras16 3.2.7 Trade Performance Index ITC by country - Honduras17 4. Trade Strategy and Policy 4.1 Trade and Development Strategies Year Strategy name Sector Visión de País 2010 – 2038 y Plan de Nación 2010- 2022 2010 The document is composed of two parts. The first part contains the... Plan Nacional de Desarrollo Humano Sostenible 2007 The plan provides an overview of the current social and economic situation... UNDAF Honduras 2007-2011 2006 The United Nations Development Assistance Framework (UNDAF) is aligned with the Poverty... Poverty Reduction Strategy Paper - Honduras 2001-2015 2000 The strategy outlines the characteristics and causes of poverty in Honduras, focusing... ITC by country - Honduras18 4.2 Domestic and Foreign Market Access Overview: Trade Policy and Business Environment The Republic of Honduras is a lower-middle income country facing major challenges, with more than two thirds of the country’s population living in poverty, and around 46 per cent in extreme poverty. Honduras was ranked 78th out of 132 countries in the World Economic Forum (WEF) Enabling Trade Index (2012), which measures institutions, policies and services to facilitate trade in countries. The Honduran trade regime is very open. Globally the country’s exports are facing very good access to external markets. In turn the country is open to receiving imports; however, owing to a poor business environment (in particular, cumbersome and time-consuming bureaucratic regulations) and weak performance in key trade enabling infrastructure services, foreign trade activities are significantly hampered.
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