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Business Profile
Economy: The long-running civil war caused a significant decline in El Salvador’s mainly agricultural economy. Although there has been a steady recovery since the political settlement (see History and Government section) took hold, El Salvador remains one of the poorest economies in the region. The economy is also still vulnerable to the vagaries of the regional climate – hurricanes, floods and drought. The principal commercial crop is coffee, which is the country’s major export earner. Other important crops are cotton, sugar, maize, beans and rice; in addition, shrimps and honey have become important export commodities. There is a sizeable manufacturing sector – the largest in Central America – producing footwear, textiles, leather goods and pharmaceuticals. Hydro-electricity and imported oil are the main sources of energy. Tourism is the main service industry. Although exports have grown strongly since the mid-90s, El Salvador still runs a large trade deficit. This is offset to some extent by remittances from Salvadoreans working abroad. El Salvador, which is a member of the Central American Common Market, relies heavily on US aid and loans from the International Monetary Fund. The USA is the country’s largest trading partner, followed by Guatemala, Germany and Japan.
Business: Businesspeople are expected to wear suits. Although some local businesspeople speak English, a good knowledge of Spanish is important. Visiting cards are essential. The best months for business visits are September to March, avoiding the Christmas period. Office hours: Mon-Fri 0800-1230, 1430-1730.
Commercial Information: The following organisations can offer advice: Cámara de Comercio e Industria de El Salvador, Apartado 1640, 9a Avenida Norte, San Salvador (tel: 771 2055; fax: 771 4461; e-mail: camara@camarasal.com); or Banco Central de Reserva de El Salvador, CENTREX, Alameda Juan Pablo Segundo, Entre 15 y 17Avenida Norte, San Salvador (tel: 281 8087; fax: 281 8086; e-mail: comunicaciones@bcr.gob.sv; website: www.bcr.gob.sv).
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