Sunday 4 June 2023

Costa Rica Goods Exports Decline

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In 2019, exports of goods are estimated to total nearly US$11.5 billion, barely 2% higher than reported in the previous year, and far from the 6% increase recorded in 2018, according to estimates by the Ministerio de Comercio Exterior (Comex) – Ministry of Foreign Trade.

Sales of services were more dynamic and rose 5%, according to an estimate by the Comex, and already represent almost half (45%) of the total amount that the country exports abroad, which reached US$21 billion last year.

These results are part of the 2019 export report, presented this January 22 by Comex and the Promotora del Comercio Exterior (Procomer) – Foreign Trade Promoter.

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By sector, the results contrast, as the sale of precision and medical equipment increased 12%, according to the boom in recent years and that of fishing, although smaller, rose 13%.

However, agricultural sales, food, electrical or electronic implements, metalworking, and rubber fell.

The sale of medical devices represented 31% of the total, followed by banana with 9% and pineapple with 8%.

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.”

Source: La Nacion

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