Costa Rica - Foreign trade



Costa Rica Foreign Trade 1237
Photo by: jimdeli

Among Costa Rica's major exports are coffee, bananas, sugar, cocoa, and cattle and meat products—all commodities vulnerable to world market prices. The major markets for Costa Rican exports are the US, the UK, Germany, Italy, Guatemala, El Salvador, Honduras, and Belgium.

Imports consist mainly of raw materials for industry and mining, followed by consumer goods and capital goods for industry, mining, and transportation. Major suppliers include the US, Mexico, Venezuela, Japan, Spain, Guatemala, and Germany.

In 1996, falling terms of trade due to lower international prices for coffee, beef, and sugar, and the drop in banana production, caused traditional exports to perform less well than in previous years. However, the growth of non-traditional exports picked up part of the slack, despite some adverse effects from much-enhanced competitiveness of competing Mexican exports. Despite the economic recession, the value of imports of goods increased by 16% in 1996, well above the 8% for the previous year. A major factor was the substantial increase in international fuel prices and a relatively strong local currency. As a result, the trade deficit worsened from 1995 by almost 117% to $76 million.

The value of imports continued to rise into 1998, by after 1997 the value of imports as compared to exports was balanced. Exports in 1999 climbed above imports because of the sale of computer chips, but in 2000 the trade deficit returned.

Costa Rica relied mostly on agriculture to sustain its commodity export market in 1996. Fruits and nuts made up almost a third of exports (30%), and coffee was the second-largest export (15%). Other agricultural exports included non-edible vegetable oils (4.6%), fruit (2.5%), edible vegetables (2.4%), meat (2.0%), and sugar (1.5%). Small amounts of medicines and gold were exported from Costa Rica (2.1% and1.7%).

In 2000 Costa Rica's imports were distributed among the following categories:

Costa Rica

Consumer goods 19.2%
Food 6.2%
Fuels 8.0%
Industrial supplies 28.9%
Machinery 30.6%
Transportation 7.1%
Other 0.0%

Principal trading partners in 2000 (in millions of US dollars) were as follows:

Costa Rica

COUNTRY EXPORTS IMPORTS BALANCE
United States 2,855 3,096 -242
Netherlands 393 92 301
United Kingdom 300 45 255
Guatemala 193 140 53
Germany 140 124 16
El Salvador 135 89 46
Honduras 115 49 66
Belgium 115 41 74
Italy 99 73 26
Mexico 98 389 -291
Japan 51 215 -164
Venezuela 27 337 -310

User Contributions:

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Jun 15, 2011 @ 6:18 pm
Expensively Madam, Sirs,
We appear us, we are two French students, in training course of international trade in Colombia in a company which exports bags of leather craft.
At present, our work consists in looking for the conditions required to export of Colombia towards other countries of Americas among which Costa Rica.
And thus, we would like to know if there are agreements between these 2 countries and the modalities which it is necessary for the customs.

Thank you in advance of all the help that could you bring us.

Sincere greetings,

Xavier BROUILLET , Vincent BAYARD
Limon Piel
Pasto, Colombia
Alex Erikson
Report this comment as inappropriate
Jan 26, 2014 @ 6:18 pm
This article was extremely helpful and was perfect information.

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