If quarantine and mobility restriction measures are extended by two months, annualized demand for carton packaging in the region is forecast to decline by 9% in 2020, and if extended by three months, the decline could be as much as 13%.
While a group of manufacturing companies decided to reduce their operations in Costa Rica, arguing that local production costs are high, another group of companies in the sector decided to increase their investments.
According to the most recent official data, during August 2019 the growth of economic activity in the manufacturing sector was 2.5%, explained by increased external demand for products from special regimes companies, particularly medical implements and steel products such as bars and sheets. This contrasts with the decline in manufacturing activities for the domestic market. See report of the Central Bank of Costa Rica.
Searching for home furnishings, accessories, clothing and gifts, more than 150 local and international buyers will participate in the New World Crafts Fair, to be held in Antigua on September 24 and 25.
From the Agexport statement:
AGEXPORT's Handmade Commission prepares for the 12th. Edition of the New World Crafts Fair (NWC), the most important marketing platform for handmade products from Guatemala in the region and one of the main in Latin America, which will take place on September 24 and 25, 2019 at the Hotel Casa Santo Domingo, Antigua Guatemala.
High operating costs and the contraction of internal consumption are some of the reasons why in Costa Rica manufacturing companies under definitive regime report a decrease in their production, a situation that contrasts with the dynamism of companies in free trade zones.
In Costa Rica, Thermo Fisher Scientific opened a new 1,400 square meter distribution center in Coyol Free Zone, Alajuela.
This investment represents the third expansion of the company in the country in 7 years, and with its new distribution center Thermo Fisher increased its installed capacity by 52%, reported the Costa Rican Coalition of Development Initiatives.
In Costa Rica, businessmen expect job creation to stagnate this year, as only a thousand new jobs are expected to be created, resulting in a year-on-year increase of just 0.7%.
The forecasts of the Chamber of Industries of Costa Rica (ICRC) for this one are the result of the study that the sector carries out every year, which concludes that in the most positive scenario, the performance of production, employment and investment, would be similar to that of 2018.
In 2018, nearly 13,000 new jobs were generated in Costa Rica because of investment in 48 new projects in the service, manufacturing and other productive sectors.
The Costa Rican Coalition of Development Initiatives (CINDE) reported that because of new companies arrived in the country together with investments made by companies already installed, 12,961 new jobs were generated in the sectors of services, digital technologies, life sciences, advanced manufacturing and light manufacturing.
The medical device manufacturer Precision Concepts Medical Technologies will invest $5 million in the construction and operation of a new plant in Costa Rica.
According to the Costa Rican Coalition of Development Initiatives (Cinde), the health sector company's investment will focus on the construction of a building and the implementation of state-of-the-art technology.
From July 30 to August 1, a business meeting will take place between business leaders in the region and Chilean companies from the forestry, agriculture, manufacturing and seafood sectors.
Last year, the region bought $3.874 million worth of plastic and manufactured goods from abroad, 6% more than in 2016, and 35% of imports came from the United States.
Figures from the information system on theMarket for Plastic and its Manufactures in Central America, compiled by the Business Intelligence Unit at CentralAmericaData: [GRAFICA caption = "Click to interact with graph"]
In Costa Rica, the manufacturer of medical devices for continence and ostomy, Coloplast, has announced that it will be building a manufacturing plant in La Lima free zone, in Cartago.
Microvention Terrumo, manufacturer of neuroendovascular devices, will be expanding its plant in Costa Rica, in order to increase the product lines and units that it exports from the country.
The new facilities are expected to start operating during the third quarter of this year.
Plans are underway to build an industrial park on a 124-hectare plot in the province of Limón, Costa Rica, which will operate under the free zones regime.
At the end of January 2018 the company Zona Franca La Francia S.A. submitted an Environmental Impact Study (EIA) to build an industrial park. The project is called "Zona Franca La Francia", and will be located in the canton of Siquirres, province of Limón.
On September 26 and 27, 2018 companies from various sectors will be gathering together in Antigua to take part in business conferences and showcase different types of products.
The event is being run by the Organizing Committee of Manufexport 2018, which is inviting small and medium-sized Guatemalan companies to be part of the SME pavilion, to participate in the international retail fair.
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