China and Nicaragua launch free trade agreement negotiations, textile products may benefit from it
China and Nicaragua are promoting a comprehensive free trade agreement (FTA) and formally establishing an economic and trade cooperation mechanism between the two governments. According to the Chinese Ministry of Commerce, the two countries have begun negotiations to achieve this goal and promote textile trade between the two countries.
In late July, Chinese Minister of Commerce Wang Wentao and Nicaraguan Foreign Minister Moncada signed the “China-Nicaragua Early Harvest Free Trade Agreement” and jointly announced the launch of the China-Nicaragua Free Trade Agreement. comprehensive negotiations.
In addition, the “Memorandum of Cooperation on the Establishment of the Economic, Trade and Investment Committee” was signed to formally establish an economic and trade cooperation mechanism between the two governments.
In the future, the two countries may increase trade, including clothing and home textiles. Although the current textile and apparel trade volume between China and Nicaragua is small, China still has a trade surplus with Nicaragua.
According to data from Fibre2Fashion market insight tool TexPro, Nicaragua’s clothing imports in 2021 accounted for only 0.02% of China’s total exports. As far as home textiles are concerned, Nicaragua accounts for only 0.01% of China’s total exports to the world.
The value of clothing exports from China to Nicaragua in May 2022 was US$3.24 million, higher than US$2.36 million in April; China’s export value increased from US$2.44 million in January It dropped to US$560,000 in February, and exports in March 2022 were US$970,000. According to TexPro data, China’s apparel exports totaled US$27.8 million in 2021, US$20.02 million in 2020, and US$22.56 million in 2019.
China’s home textile exports in May 2022 were US$130,000, higher than US$70,000 in April. The annual export of home textiles is US$2.74 million in 2021, US$6.99 million in 2020, and US$2.04 million in 2019.
In terms of imports, China imports very few textiles from Nicaragua.
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