World Country Guide

Business Profile

Economy
The economy of Honduras, which is one of the poorest nations in the western hemisphere, relies on agriculture and timber. The main agricultural products are bananas, beans, coffee, cotton, maize, rice, sorghum and sugar; there is also some dairy and beef farming, and a trade in shellfish. Apart from wood and wood products, light industries produce a variety of consumer goods. There is a small mining industry which produces lead, zinc and silver for export. The economy draws heavily on various forms of US-sponsored aid – both direct and multilateral (through the IMF, Inter-American Development Bank and others). Export earnings have been badly hit in recent years by low world prices and slack demand within the Central American Common Market, of which Honduras is a member. To compound its difficulties further, Honduras was badly affected by Hurricane Mitch in 1998, which caused an estimated US$3 billion worth of damage. The USA is the principal market for exports, followed by Germany, Belgium and the UK.

Business
It is customary to address a professional person by his or her title, particularly on first meeting or during early acquaintance. Businesspeople are generally expected to dress smartly and some dining rooms require men to wear a jacket. There are very few local interpreter or translation services available. Though many businesspeople throughout the country also speak English, correspondence should be in Spanish. Office hours: Mon-Fri 0800-1200 and 1400-1700, Sat 0800-1100. Government offices: Mon-Fri 0830-1200 and 1300-1630.

Commercial Information
The following organisations can offer advice: Cmara de Comercio Hondureo-Americana, Seccin Comercial Hotel Honduras Maya, Apdo 1838, Tegucigalpa (tel: 232 7043; fax: 232 2031; e-mail: amcham@t.hn2.com; website: www.amcham.hn2.com); or Cmara de Comercio e Industrias de Tegucigalpa, Bulevar Centroamrica, Apdo 3444, Tegucigalpa (tel: 232 4200; fax: 232 0159; e-mail: ccit@ccit.hn; website: www.ccit.hn).