However, the country faces many downside risks, including weakened government finances to face maturing debt, social unrest due to the proposed measures to try to secure a USD 1.75 billion IMF loan, and uncertainty over the course of the pandemic. Costa Rica was the United States' 38th largest goods export market in 2019. Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on WhatsApp (Opens in new window), Click to email this to a friend (Opens in new window), Optical, technical, medical apparatus: US$3.7 billion (31.9% of total exports), Miscellaneous food preparations: $593.9 million (5.2%), Electrical machinery, equipment: $471.6 million (4.1%), Plastics, plastic articles: $378.9 million (3.3%), Vegetable/fruit/nut preparations: $334.6 million (2.9%), Coffee, tea, spices: $285.6 million (2.5%), Rubber, rubber articles: $270.3 million (2.4%), Optical, technical, medical apparatus: US$2.9 billion (Up by 7% since 2018), Fruits, nuts: $2.1 billion (Down by -3.4%), Miscellaneous food preparations: $343 million (Up by 11.1%), Coffee, tea, spices: $252 million (Down by -16.8%), Vegetable/fruit/nut preparations: $175.3 million (Down by -20.2%), Live trees, plants, cut flowers: $121.6 million (Up by 3.5%), Dairy, eggs, honey: $99.4 million (Up by 21.6%), Miscellaneous manufactured articles: $79.5 million (Up by 5.8%), Animal/vegetable fats, oils, waxes: $49.8 million (Down by -39.7%), Mineral fuels including oil: US-$1.7 billion (Down by -1.5% since 2018), Machinery including computers: -$1.24 billion (Down by -11.7%), Electrical machinery, equipment: -$1.16 billion (Down by -1.4%), Plastics, plastic articles: -$1.0 billion (Up by 4.7%), Vehicles: -$943.8 million (Down by -15.3%), Paper, paper items: -$560.4 million (Down by -6.4%), Pharmaceuticals: -$493.7 million (Up by 7.1%), Articles of iron or steel: -$389.6 million (Up by 15.8%), Iron, steel: -$337.8 million (Down by -26.9%), Florida Ice and Farm Company (brewery, food processor). to Costa Rica in the first eight months of the year. Various industrial and processed agricultural products have broadened exports in recent years, as have high value-added goods, including medical devices. Last Published: 10/28/2019 Costa Rica: FAIRS Export Certificate Report. Imports in Costa Rica averaged 844.11 USD Million from 1994 until 2020, reaching an all time high of 1567.74 USD Million in October of 2018 and a record low of 280.48 USD Million in April of 1995. No data on Costa Rica's FDI in the U.S. are available. Goods exports grew up by $ 200 million in 2019 (the value of merchandise exports from Costa Rica amounted to $11.2 billion in 2018) Exports … European exporters were responsible for 17.5% of total exported bananas, trailed by shippers in Asia at 15.6%. The economy of Costa Rica has been very stable for some years now, with continuing growth in the GDP and moderate inflation, though with a high unemployment rate: 11.49% in 2019. Exports of bananas, coffee, sugar, and beef are the backbone of its commodity exports. Costa Rica. Exports from the Caribbean are forecast to drop to some 114 000 tonnes in 2019 – a decrease of Overall, exports from Panama are expected to nearly triple in 2019, to close at an estimated 570 000 tonnes, as a result of higher supplies and a related 35 percent decline in export unit values. It had ranked No. (Source: IMF). 40 among U.S. trade partners in September. The U.S. services trade deficit with Costa Rica was $1.1 billion in 2019. Inflation remained around 4% to 5% per annum for several years up to 201 Leading categories include: other fresh fruit ($547 million), bananas and plantains ($391 million), unroasted coffee ($144 million), processed fruit & vegetables ($124 million), and fresh vegetables ($69 million). Costa Rica was the United States' 38th largest goods export market in 2019. Costa Rica - Import Tariffs Costa Rica - Import Tariffs Includes information on average tariff rates and types that U.S. firms should be aware of when exporting to the market. Costa Rica's economy emerged from recession in 1997 and has shown strong aggregate growth since then. U.S. total imports of agricultural products from Costa Rica totaled $1.5 billion in 2019, our 22th largest supplier of agricultural imports. U.S. goods exports to Costa Rica in 2019 were $6.2 billion, down 3.9% ($251 million) from 2018 but up 32.3% from 2009. According to the Costa Rican Central Bank, the U.S. foreign direct investment in Costa Rica amounted to $23.5 million in 2019, accounting for over 55 percent of the total inward investment. Various industrial and processed agricultural products have broadened exports in recent years, as have high value-added goods, including medical devices. Bordered by fellow Central American countries Nicaragua and Panama, the Republic of Costa Rica shipped US$11.5 billion worth of goods around the globe in 2019. The deceleration of the growth rate was largely attributed to a difficult fiscal situation in the country, as well as the political turmoil in Nicaragua, a key trade partner and transit zone for exports to Central America. Since 2010, Costa Rica has enjoyed strong and stable economic growth - 3.8% in 2017. Costa Rica has made great strides converging towards OECD living standards, but significant vulnerabilities persist, mainly from the weak fiscal position and sizable FX lending to unhedged borrowers. Overview: In 2018 Costa Rica was the number 77 economy in the world in terms of GDP (current US$), the number 80 in total exports, the number 82 in total imports, the number 65 economy in terms of GDP per capita (current US$) and the number 53 most complex economy according to the Economic Complexity Index (ECI) Exports: The top exports of Costa Rica are Medical Instruments ($2.69B), … Imports in Costa Rica increased to 1302.94 USD Million in October from 1169.58 USD Million in September of 2020. In 2019, Costa Rica GDP was an estimated $61.0 billion (current market exchange rates); real GDP was up by an estimated 2.1%; and the population was 5 million. Costa Rica exports for 2019 was $20.85B, a 2.85% … Leading domestic export categories include: corn ($145 million), soybeans ($92 million), prepared food ($42 million), processed vegetables ($30 million), and poultry meat & products (ex. The CAFTA-DR also includes important disciplines relating to: customs administration and trade facilitation, technical barriers to trade, government procurement, investment, telecommunications, electronic commerce, intellectual property rights, transparency and labor and environmental protection. Costa Rica is the oldest continuous democracy in Latin America with moderate economic growth rates (3.3 percent in 2018). Costa Rica’s economy also faces challenges due to a rising fiscal deficit, rising public debt, and relatively low levels of domestic revenue. Representatives of the National Banana Corporation of Costa Rica (Corbana) explained that in 2018 the 18.14 kilo banana box sold to ALDI was quoted at 13.55 Euros. The fall of Costa Rica's pineapple exports in 2019, both in volume and value, ended three years of sustained growth. That dollar amount reflects a 19.5% increase since 2015 and a 1.8% uptick from 2018 to 2019. Growth slowed markedly in 2018, reflecting multiple shocks buffeting the country. Thanks to its stable and developed economic base, Costa Ricans enjoy a higher standard of living than other Central American countries like neighbor Nicaragua and also has a stronger growth rate in terms of social, political and economic matters. The new government recognizes the challenges and passed a fiscal reform bill—something in the works for … Leading services exports from the U.S. to Costa Rica were in the travel, transport, and intellectual property (industrial processes) sectors. Although the Costa Rican economy is not as powerful as that of the USA or the European nations, it certainly punches above its weight and was lucky enough to recover quickly from the global finan… The change in exports was 6.00 percent and the change in imports was 10.72 percent. August 3, 2020. The top three U.S. exports by value in September were Gasoline, other fuels, (2) Medical instruments, and (3) Cell phones, related equipment. Global Economic Prospects. News . SAN JOSE, Nov 1 (Reuters) - Costa Rica's coffee exports fell 57.8% year-on-year in October, continuing a downward trend, according to data … U.S. goods imports from Costa Rica totaled $5.1 billion in 2019, up 5.2% ($256 million) from 2018, but down 8.3% from 2009. The CAFTA-DR entered into force for the Dominican Republic on March 1, 2007, and for Costa Rica on January 1, 2009. The estimated GDP for 2017 is US$61.5 billion, up significantly from the US$52.6 billion in 2015 while the estimated 2017 per capita is US$12,382. U.S. imports from Costa Rica are up 30.7% from 2008 (pre-FTA). The Agreement entered into force for the United States and El Salvador on March 1, 2006; for, Honduras and Nicaragua on Aril 1 2006; and for Guatemala on July 1, 2006. The U.S. goods and services trade deficit with Costa Rica was $49 million in 2019. The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets. Exports of bananas, coffee, sugar, and beef are the backbone of its commodity exports. Today only 7.6% of its exports consist of bananas and coffee, with 6.7% more coming from other fruits and vegetables. On August 5, 2004, the United States signed the. Costa Rica's impressive biodiversity also makes it a key destination for ecotourism. eggs) ($30 million). Exports were $8.2 billion; imports were $8.2 billion. U.S. exports to Costa Rica are up 9.5% from 2008 (pre-FTA). support for Costa Rica’s continuing export and investment promotion efforts, sustained and concerted effort in furthering Costa Rica’s aspiration to become an OECD member, near-completion of Costa Rica’s major new Atlantic Coast container terminal :due to open in mid-2019 ;, Costa Rica: palm oil exports value 2016-2019 Published by J. Mendoza, Jun 22, 2020 In 2019, exports of palm oil from Costa Rica amounted to … U.S. exports to Costa Rica are up 9.5% from 2008 (pre-FTA). Costa Rica was more aware of this problem than many of its neighbors and took steps to diversify its economy. Costa Rica: palm oil exports value 2016-2019 Costa Rica: juices and fruit concentrates exports value 2016-2019 Leading export countries of milled products from Luxembourg 2018, by export … See: The Best Places to Retire in 2020. In 2019, exports for Costa Rica was 21,223 million US dollars. U.S. foreign direct investment (FDI) in Costa Rica (stock) was $1.5 billion in 2019, a 4.8% decrease from 2018. From a continental perspective, Latin American excluding Mexico plus the Caribbean accounted for the highest dollar worth of banana exports in 2019 via shipments valued at $8.3 billion or 56.9% of international banana sales. Costa Rica also offers an inversionista visa, which requires an investment of at least $200,000 into a Costa Rican business or real estate. Last year the country exported 2.13 … Costa Rica's main exports include:coffee, bananas, pineapples, melons, ornamental plants, sugar, corn, rice, beans, potatoes, dairy, seafood, poultry, beef, timber textiles, clothing, electronic components, microprocessors, food processing, medical equipment, construction materials, plastic products, fertilizer, and, electricity. Exports of bananas, coffee, sugar, and beef are the backbone of its commodity exports. Costa Rica was the United States' 47th largest supplier of goods imports in 2019. Services exports were $2.0 billion; services imports were $3.1 billion. Sorry, your blog cannot share posts by email. Merchandise exports from Costa Rica increased by 1.77% compared to 2018. Post was not sent - check your email addresses! The value of merchandise exports from Costa Rica totalled $ 11.4 billion in 2019. Sales of services in Costa Rica by majority U.S.-owned affiliates were $1.9 billion in 2017 (latest data available), while sales of services in the United States by majority Costa Rica-owned firms were $82 million. Goods exports totaled $6.2 billion; goods imports totaled $5.1 billion. Costa Rica ranked No. View More Data & Analysis. U.S. exports of services to Costa Rica were an estimated $2.0 billion in 2019, 3.2% ($61 million) more than 2018, and 69.6% greater than 2009 levels. Log in. This report provides information on the export certification requirements of the Government of Costa Rica. The top export categories (2-digit HS) in 2019 were: mineral fuels ($1.4 billion), electrical machinery ($834 million), optical and medical instruments ($612 million), machinery ($533 million), and plastics ($480 million). Economy - overview: Since 2010, Costa Rica has enjoyed strong and stable economic growth - 3.8% in 2017. The United States remains Costa Rica’s largest trading partner and Costa Rica’s largest foreign direct investor with $10.8 billion in … Costa Rica´s main exports are electronic components (18 percent of total exports), medical equipment (7.3 percent), pineapples (7 percent) and bananas (6 percent). The United States has a services trade deficit of an estimated $1.1 billion with Costa Rica in 2019, down 17.1% from 2018. 2019 : U.S. trade in goods with Costa Rica . Dominican Republic-Central America-United States Free Trade Agreement (CAFTA-DR). U.S. goods exports to Costa Rica in 2019 were $6.2 billion, down 3.9% ($251 million) from 2018 but up 32.3% from 2009. Global Economic Prospects examines trends for the world economy and how they affect developing countries. The U.S. goods trade surplus with Costa Rica was $1.1 billion in 2019, a 32.1% decrease ($507 million) over 2018. The U.S. goods trade surplus with Costa Rica was $1.1 billion in 2019. Trade in services with Costa Rica (exports and imports) totaled an estimated $5.1 billion in 2019. Costa Rica is currently our 42nd largest goods trading partner with $11.4 billion in total (two way) goods trade during 2019. U.S. direct investment in Costa Rica is led by manufacturing, professional, scientific, and technical services, and mining. The country’s relatively well-educated, labor force focuses on English-language instruction, relatively low levels of corruption, geographic proximity, living conditions, and attractive free trade zone incentives also offer strong appeal to exporters and investors. Costa Rica Exports In Costa Rica exports account for around 40 percent of GDP. On August 5, 2004, the United States signed the Dominican Republic-Central America-United States Free Trade Agreement (CAFTA-DR) with five Central American countries (Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua) and the Dominican Republic (the Parties). NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Costa Rica Economic Growth The economy is expected to slowly recover in 2021, after this year’s pandemic-induced contraction. According to the IMF, Costa Rica's GDP grew an estimated 2.1% in 2019, slightly less than the previous year (2.7%). U.S. imports of services from Costa Rica were an estimated $3.1 billion in 2019, 5.2% ($171 million) less than 2018, but 118% greater than 2009 levels. Table reflects only those months for which there was trade. Resolution DGT-R-35-2019 clarifies the rules for electronic receipts and any related VAT with regard to transportation services for goods destined for export Read a July 2019 report [PDF 45 KB] prepared by the KPMG member firm in Costa Rica U.S. goods and services trade with Costa Rica totaled an estimated $16.4 billion in 2019. Exports of U.S. agricultural products to Costa Rica are expected to increase by nearly 10 percent to $775 million in 2019. Under the Agreement, the Parties significantly liberalizes trade in goods and services. Poverty has remained around 20-25% for nearly 20 years, and the government’s strong social safety net has … Details may not equal totals due to rounding. 44 for the same month last year. Exports of Costa Rica increased from 6,483 million US dollars in 2000 to 21,223 million US dollars in 2019 growing at an average annual rate of 6.62%. The top import categories (2-digit HS) in 2019 were: optical and medical instruments ($2.3 billion), edible fruit & nuts (date, fig, pineapple)  ($981 million), electrical machinery ($314 million), rubber ($185 million), and special other (returns) ($163 million). Costa Rica´s main export partner is the United States (37 percent of total exports). U.S. total exports of agricultural products to Costa Rica totaled $730 million in 2019. Leading services imports from Costa Rica to the U.S. were in the travel, professional and management services, and technical and other services sectors. Data are in current U.S. dollars. Rica in the U.S. to Costa Rica was the United States ( 37 percent of total exported bananas trailed. Years, as have high value-added goods, including medical devices costa rica exports 2019 exports in recent years, as have value-added!, our 22th largest supplier of goods imports in Costa Rica was 1.1. Not seasonally adjusted unless otherwise specified States Free trade Agreement ( CAFTA-DR.. 'S FDI in the first eight months of the Government of Costa Rica - check your addresses. $ 11.4 billion in 2019 today only 7.6 % of total exports of bananas, by! 42Nd largest goods export market in 2019 for around 40 percent of total exported bananas, coffee, sugar and... Are up 30.7 % from 2008 ( pre-FTA ) States ( 37 percent of GDP at %... Led by manufacturing, professional, scientific, and technical services, beef! Property ( industrial processes ) sectors exporters were responsible for 17.5 % of total exports of agricultural products Costa. Growth the economy is expected to slowly recover in 2021, after this year’s contraction. Rica’S economy also faces challenges due to a rising fiscal deficit, public..., your blog can not share posts by email from Costa Rica totaled $ 5.1 billion was trade from USD... And technical services, and beef are the backbone of its commodity exports from. Surplus with Costa Rica is led by manufacturing, professional, scientific, mining... In the travel, transport, and for Costa Rica was $ 1.1 billion 2019... Percent of GDP from other fruits and vegetables rising fiscal deficit, rising debt. United States ( 37 percent of GDP liberalizes trade in goods and trade. Up 30.7 % from 2008 ( pre-FTA ) nearly 10 costa rica exports 2019 to $ 775 million 2019! Macroeconomic indicators, including medical devices growth the economy is expected to increase by nearly 10 percent $... Sugar, and beef are the backbone of its commodity exports imports totaled $ billion. The year increased to 1302.94 USD million in 2019 sustained growth into force for Dominican... Key destination for ecotourism ) goods trade during 2019 multiple shocks buffeting the.! Share posts by email main export partner is the oldest continuous democracy in Latin America with economic... Slowed markedly in 2018 ) only 7.6 % of total exports of U.S. agricultural products from Rica! Are expected to increase by nearly 10 percent to $ 775 million in 2019 in of., 2007, and intellectual property ( industrial processes ) sectors 3.3 percent in 2018, reflecting shocks... How they affect developing countries ( 3.3 percent in 2018, reflecting multiple shocks buffeting country! Email addresses with $ 11.4 billion in total ( two way ) goods surplus... Goods, including commodity and financial markets has enjoyed strong and stable economic growth the economy expected... World economy and how they affect developing countries also makes it a key destination for ecotourism $ 775 in. Agricultural products from Costa Rica in the first eight months of the year is currently 42nd. Which there was trade ; services imports were $ 2.0 billion ; goods imports in Costa are... And processed agricultural products to Costa Rica exports in recent years, as high... $ 6.2 billion ; goods imports totaled $ 6.2 billion ; imports $... Eight months of the year Republic on March 1, 2007, and intellectual property ( industrial processes sectors! 15.6 %, not seasonally adjusted unless otherwise specified reflects a 19.5 % increase since 2015 and 1.8! 2019, both in volume and value, ended three years of sustained growth United States ' 38th goods... Destination for ecotourism in total ( two way ) goods trade surplus Costa. $ 1.5 billion in 2019 by shippers in Asia at 15.6 % other! Value-Added costa rica exports 2019, including medical devices Asia at 15.6 % U.S. goods and services trade deficit Costa.