Nicaragua pulled off an excellent showing at the recently held Sourcing at MAGIC Trade Show, where local companies successfully promoted the country’s fast-growing textiles, apparel, and footwear sectors to buyers and sellers from around the world.
At the “Closer to Home: Sourcing the Americas” panel participated in by PRONicaragua executive director Javier Chamorro Rubiales during the four-day show, participants were able to discover Nicaragua as a footwear and apparel sourcing option with promising potential. The official investment and promotion agency of Nicaragua highlighted speed to market-speed to profit, preferential market access, attractive fiscal incentives, competitive production costs, and high levels of productivity as the country’s main competitive advantages.
Furthermore, Nicaragua garnered some attention during the “Footwear Sourcing Options: Regional Manufacturing Updates” presentation led by Footwear Distributors and Retailers of America (FDRA) president Matt Priest. The country was recognized as a feasible footwear sourcing destination and it was mentioned that billion-dollar global brand Brown Shoe Company has already began tapping footwear companies in Nicaragua.
In is 2012 Annual Footwear Sourcing Forecast by the FDRA, Nicaragua emerged as a “rising star” in terms of boosting footwear exports t the US and its potential to become among world industry leaders such as Cambodia. It exported USD 35.2 million in footwear to the US and the European Union in the same year compared to USD 8.2 million in 2010 (PRONicaragua).
According to a recent study of textile and apparel consulting firm, O’Rourke Group Partners, Nicaragua is also a competitive option for sourcing various apparel products; strong enough to compete with its regional counterparts as well as old-timers from Asia like China, Vietnam, and Bangladesh. From January to May 2012, Nicaragua’s export value rose 17.6% compared to the same period in 2011. Also, the country was the 11th largest worldwide apparel supplier to the US in volume in 2011.
The country hosted a cocktail during Sourcing at MAGIC, which was attended by the major international fashion brands and industry leaders. Commerce of the International Trade Administration under secretary Francisco Sanchez gave a welcoming speech in the said event.
Sourcing at MAGIC opened for the second time this year on August 20 and came to a close on August 23. The most anticipated event in the global fashion industry took place in Las Vegas, Nevada and was also attended by ToptenWholesale.com CEO Jason Prescott along with his team.