San Salvador, El Salvador – El Salvador’s Corporación de Exportadores (Coexport) has projected that the country’s total export value will reach $11.6 billion in 2024, marking a 10.48% increase from the $10.5 billion reported in 2023. This growth is primarily attributed to a robust expansion in the services sector.

Coexport president Silvia Cuéllar emphasized that while goods exports have experienced a slight decline in value, the volume has continued to rise. This trend is due to increased shipments of lower-value products, a global market dynamic rather than a country-specific issue.

"We are ending the year almost on par with last year," Cuéllar said. "Volume has continued to grow, albeit slightly, but values have decreased. The products we are sending have a lower value. Not all products maintain the same values. The demand is for products that have a lower value."

However, Cuéllar expressed optimism for 2025, anticipating a rebound in higher-value exports. "We believe that next year we will be recovering that, with products of higher value [...] we estimate that next year (2025) we will grow more," she said.

Services Sector Booming

The services sector, including tourism, business process outsourcing (BPO), information technology, logistics, and aviation services, has been a major growth driver for El Salvador's exports. Cuéllar highlighted that the sector has more than doubled in eight years, from $2 billion to an estimated $5 billion in 2024.

"Services is a sector that is moving forward and can bridge gaps," Cuéllar said. Notably, Coexport has identified 36 companies poised to grant franchises, exporting not only their brands but also the necessary inputs for those businesses.