The reduction in purchases of inputs for the electrical and electronics industry, plus the decline in the oil bill are the main factors accounting for this drop in national imports. As a result the trade balance has also experienced a decline of 21% in the first quarter, compared to the same period last year.

Nacion.com reports that "... The drop in imports of raw materials for the manufacturing industry has mainly been recorded in the free trade zone and is an effect of the closure of the Intel plant. Also local companies require fewer raw materials for production. " In response, the economist Alberto Franco, adding that "... Prices of other raw materials distinct from those imported by Intel has shown a sustained downward trend. "

According to the Central Bank of Costa Rica, "... it is the first time there has been a reduction in the trade deficit in the last six years, as the trend was growing."

Read the report on the economic situation in April 2015.

Source: Nacion.com

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Cement in Costa Rica: More Competition and Better Prices

May 2016

The lower speed at which cement prices are growing is due to a dip in production costs and the market opening up to imports of the product from China.

The completion of large-scale construction projects, such as the Reventazon hydroelectric station, also explains the change in the price of cement which has gone from 7.8% in the first quarter of 2015 to 1.5% in the same period this year.

Projections for Commodity Prices

July 2015

The World Bank has forecast a reduction in the international price of beef and chicken, cocoa, arabica and robusta coffee, and bananas, and increases in the price of corn.

From a statement issued by the World Bank:

WASHINGTON, July 22, 2015 –The World Bank is nudging up its 2015 forecast for crude oil prices from $53 in April to $57 per barrel after oil prices rose 17 percent in the Apr-Jun quarter, according to the Bank’s latest Commodity Markets Outlook, a quarterly update on the state of the international commodity markets.

Prices of Raw Materials Drop

October 2011

As a result of the the contagious effect of the financial crisis in Europe, along with slow U.S. recovery, commodity prices have reversed their upward trend and started to decline.

The IMF's report last September on expectations about the global economic situation indicated a slow recovery for the more advanced economies.

Trade Deficit In Costa Rica Grows by 49%

September 2011

In the first eight months of the year a trade deficit of $3,724 million has been accumulated, which is 49% higher than in the same period in 2010.

According to data published by the Central Bank of Costa Rica, from January to August, exports totaled $6,783 million compared to $10,507 million in imports.