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Costa Rica Exports to Nicaragua plummeted 51% in June

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01 October 2022 - At The Banks - BCCR

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Exports to Nicaragua plummeted 51% in June says the Promotora del Comercio Exterior de Costa Rica (Procomer) – Foreign Trade Ministry.

The socio-political crisis in Nicaragua has affected Costa Rica exports to Nicaragua, to Central America and Mexico

Francisco Gamboa, executive director of the Chamber of Industries of Costa Rica (ICRC) said that “analyzing the data published on Monday by Procomer, we, unfortunately, concluded that our fears with Nicaragua became a reality: exports to that country collapsed in June of more than ¢14 billion colones (US$25 million dollars) less than in June of last year. “

“More than the blockades, we are now very concerned about the long-term effect on the economy of Nicaragua, which is an important destination for Pymes (Costa Rica’s small and medium enterprises), hence the call we make to regional, hemispheric and government agencies, take note of a situation that has gone out of hand,” he added.

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A concern to Costa Rican businesses is not only exports to Nicaragua, but to the rest of Central America and Mexico.

At the level of short-term actions, the ICRC hopes that the ferry to El Salvador that will bypass Nicaragua will begin operations in the coming weeks.

 

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