One reason for these good results, according to ECLAC analysts, are the efforts made by the country to diversify its export destinations and minimize its dependence on Europe.
This has mitigated the effect of the economic crisis affecting Europe and the subsequent reduction in consumption, which has had a major impact on export sales in many Central American countries.
On the other hand, Nicaraguan exports to other regions in Latin America have shown mixed results.
An article on laprensa.com.ni article reads: "Exports to South America, in particular Venezuela, Chile, Colombia and Ecuador increased by 17%, while those made to Central America rose by only 1%.
However, North America strengthened its position as the Nicaragua’s leading trading partner, as exports to the region consisting of Canada, the United States and Mexico grew by 35%, and constituted 44% of the $1.957 million worth of total exports during the first ten months of the year."
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In the first eight months of the year, sales to the Asian market increased by 44% compared to the same period in 2010.
The latest report from the Center for Exports (CETREX) reveals that the biggest buyers are Taiwan, Japan, South Korea and India and the most popular products are seafood, meat, coffee and sugar.
The country's principal markets are South Korea, Japan, the Republic of China Taiwan with which it has had free trade agreement (FTA) since 2008
In the first three months of 2011 exports totaled $46.7 million, 46% more than in the same period of 2010.
Supported by the FTA, Nicaragua has sold Asian markets a total of $12 million worth of products in the first quarter of 2011, according to a report by the country's Center for Export Prodedures (Cetrex).
Exports to that market have increased in recent years, from $13 million in 2007 to $19 million in 2008.
For the Association of Producers and Exporters of Nicaragua, APEN, Japan represents a huge opportunity, which is why APEN has undertaken the task of training its members on export requirements.
A history has been published of 85 successful Latin American companies exporting goods and services to the Asian giant.
From the introduction of "Pathways to China: The History of Latin American firms in the Chinese Market"
A number of LAC multinationals have invested heavily in China, claiming a share in rapidly growing markets.