Six countries, one moment: why Central America should be on the radar of every Spanish exporter.
In recent years, the evolution of Central American markets has become increasingly important for export-oriented companies. The macroeconomic context has changed significantly: global supply chains are being reshaped by the rise of nearshoring, making the region a strategic bridge between the Americas.
With the Panama Canal moving towards carbon neutrality by 2030 and key logistics hubs like the PSA Panama International Terminal operating at a capacity of 2 million TEUs, the region's logistics infrastructure is stronger than ever. For Spanish companies, this is an opportune moment to analyze in detail what this rapidly transforming corridor has to offer.
One of the main factors explaining this context is the Association Agreement between the European Union and Central America, fully in force since May 2024, which provides a transparent and predictable legal environment for investors. Between 2012 and 2023, trade between the EU and the region grew by 154%, reaching €22.000 billion.
Furthermore, under the Global Gateway strategy promoted by the European Commission, a €45.000 billion investment agenda for Latin America and the Caribbean has been launched, focused on the green and digital transition. In this context, the opportunities created by trade tensions between the United States and China are being seized by an expanding middle class, increasingly drawn to quality European products.
Country by country: opportunity map
Guatemala It is the region's leading economy, with IMF-projected growth of around 4% by 2026. It offers a large domestic market and a diversified economy based on manufacturing and services, with particularly clear opportunities in the agri-food sector and industrial machinery.
Costa Rica It is the regional leader in technology and life sciences. The country is the world's tenth largest exporter of medical devices and the fifth largest supplier to the US market, with sector exports exceeding $10.800 billion in 2025—a 25% increase over the previous year. It accounts for 52% of all new foreign direct investment in the medical device sector in Latin America and aims for carbon neutrality by 2050.
Panama It is the region's logistics hub. In addition to the Canal, it will host the Forum.
EU-Central America 2026, which reinforces its role as a hub for attracting investment
sustainable and international connectivity.
Honduras The country is implementing the Resilient Roads Program, financed by the Central American Bank for Economic Integration (CABEI) with $606,9 million to rehabilitate and expand 308 kilometers of strategic road network. The country aims to achieve 80% renewable electricity generation by 2038, which opens up concrete opportunities for Spanish companies specializing in clean energy construction, engineering, and infrastructure.
El Salvador It is driving its logistical and digital modernization, with the ambition of becoming a regional hub for Central American trade. Its maritime connectivity with Europe—including routes to the Port of Algeciras—facilitates trade with Spain in sectors such as ICT and energy.
Nicaragua It is the market with the greatest regulatory complexity in the bloc, but it presents competitive labor costs and potential in renewable energy and manufacturing for companies with a higher tolerance for regulatory risk.
Sectors with the greatest potential for Spanish companies
The agri-food sector stands out as one of the main areas of opportunity, especially in precision agriculture and sustainable innovation. Renewable energies also present high potential: Honduras is moving towards a predominantly renewable energy mix, and Costa Rica is already a global leader in geothermal and wind power.
Spain's expertise in infrastructure aligns directly with key projects in the region, such as Honduras' road program and the expansion of the Panama Metro. At the same time, the demand for digital solutions continues to grow, driven by the modernization of the economic and logistical systems in the six countries.
Spanish SMEs can benefit from using Free Trade Zones in countries like Costa Rica and Panama to optimize their tax position and accelerate market entry. ICEX offices provide solid institutional support for the initial steps, although the technical and regulatory complexity of some markets makes specialized assistance advisable for a successful entry.
Arzorai Espinoza
Junior Business Consultant
Gedeth Network
FAQ
Why does 2026 represent a significant moment? Due to the convergence of structural factors: the fully operational EU-Central America Association Agreement, the €45.000 billion European investment agenda, and the continued improvement of logistics infrastructure throughout the region.
How can Spanish companies prepare? Through a structured strategy that combines the use of existing trade agreements, the support of institutional bodies and specialized technical advice to manage the regulatory and fiscal frameworks of each market.
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