Costa Rica: Goods Exports Decline

In 2019, exports of goods are estimated to total nearly $11.526 million, barely 2% higher than reported in the previous year, and far from the 6% increase recorded in 2018.

Thursday, January 23, 2020

According to estimates by the Ministry of Foreign Trade, foreign sales of services registered greater dynamism last year, since between 2018 and 2019, they went from Ch$9,090 million to Ch$9,565 million, equivalent to a 5% increase.

In the case of medical precision equipment exports, which represent 31% of total trade, recorded a 12% year-on-year increase. The medical devices that reported the greatest growth were contact lenses and needles and catheters.

Dyalá Jiménez, Minister of Foreign Trade, told that "... by 2020 there are national and international challenges. In the international framework there is a challenge that we are going to understand very well because we are preparing a lot, it is the Brexito, the departure of the United Kingdom from Europe, and another challenge is the global economic slowdown."

Jiménez added that "... internally, there are the usual structural challenges, the costs in Costa Rica, such as the issue of employer's quotas, which is being addressed, and the paperwork, where the one-stop shop of the Foreign Trade Promotion Agency (Procomer) is working."

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More on this topic

Agreement with United Kingdom Against Time

August 2019

In order to guarantee the continuity of trade relations between Costa Rica and the European country, the agreement must still be approved by the Legislative Assembly and published in the Official Newsletter before October 31st.

In July, the agreement was signed and this guarantees Central American countries that with the departure of the United Kingdom from the European Union, there will be no legal vacuum and trade relations with that country will be interrupted and tariff preferences will be maintained, with all legal guarantees for Central American exporters to the United Kingdom.

Costa Rican Exports Increase 6%

November 2018

Due to the performance of the manufacturing sector, from January to September of this year the country reported $8.473 million in foreign sales, 6% more than that recorded in the same period of 2017.

According to figures from the Foreign Trade Promoter of Costa Rica (Procomer), in the first nine months of the year exports of precision and medical equipment represented 28% of total sales, and registered an increase of 14% compared to what was reported in the same period in 2017.

Costa Rica: FDI Falls 28%

October 2018

Foreign Direct Investment decreased from $1.658 million to $1.199 million between the first half of 2017 and the same period in 2018.

According to data from the Central Bank of Costa Rica reported a decrease in the flow of the Foreign Direct Investment (FDI) during the first half of 2018, contrasts with the increase of 52% recorded in the same period last year, given that between the first six months of 2016 and the same period in 2017, the flow went from $1.088 million to $1.658 million.

Costa Rica: Exports Up 6%

June 2018

During the first five months of the year the country sold abroad for $4.719 billion worth of goods, which is equivalent to an increase of 6.4% over the same period in 2017.

According to the figures of the Foreign Trade Promoter (Procomer), from January to May, exports from Costa Rica to the other countries in the Central American region totaled $1.049 billion, 9% more than the $959 million registered in the same period in 2017.

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