At $500 million a year, the balance of trade between the two countries has risen, with growth in Honduran exports of cocoa and coffee to Costa Rica.
Monday, May 22, 2017
Although historically the trade balance has been a surplus for Costa Rica, with an average of $350 million in goods and services sold annually to the Honduran market, authorities have reported a steady increase in sales of Honduran coffee and cocoa to the Costa Rican market.
Latribuna.hn reports that "...The boom in sales of the aromatic is due to the fact that in Costa Rica, other crops have displaced coffee farms, while cocoa has been used to boost the sweet and chocolate industry."
On the Costa Rican side, the food industry, especially the bakery and dairy sectors, remain the main exporters of goods to Honduras.
"...To increase trade, the two countries have instruments to promote foreign trade, including an alliance between the Costa Rican diplomatic authorities and the Chamber of Commerce and Industry of Tegucigalpa (CCIT). The Costa Rican embassy stated:"..."Here we have opened an Foreign Trade Promotion Office where all Honduran businessmen can come to be advised on the products that we need to import."At the CCIT, interested parties also receive support in the export process."
As a result of the blockade that has been in place since July 2020 on the entry of animal products from Costa Rica into the Panamanian market, Costa Rican exports to Panama are reported to have fallen and companies such as Dos Pinos are reporting losses in the millions.
The trade conflict began when Panama informed the National Animal Health Service (SENASA), an agency of Costa Rica's Ministry of Agriculture and Livestock (MAG), of the decision not to extend export authorization to a list of previously authorized Costa Rican establishments that have been trading in the Panamanian market for many years.
The FTA signed between the two countries explains the increase in sales of Peruvian cacao in Canada, which went from $200,000 in 2008 to $3.5 million in 2013.
From a statement issued by the Costa Rican Foreign Trade Promotion Office (Procomer):
Peruvian cocoa exports to Canada, according to the Business Intelligence System of the Exporters Association of Peru (ADEX), went from $200,000 in 2008 to $3.5 million in 2013 and the amount accumulated between January and May this year totaled $644,000.