Cielo Vista

Costa Rica trade deficit narrows

May 22, 2009

Costa Rica´s trade deficit has fallen 66 percent from the rate registered during the same period last year, as imports fell more quickly than export numbers, according to data released Friday by the Central Bank.

In the first four months of this year the trade deficit reached $617.6 million, far below the more than $1.8 billion registered after four months into 2008.

Imports are at almost $3.4 billion, a more than 30 percent drop from the $5.1 billion in imports registered through April 2008.

Exports also continued to tumble – albeit more slowly – grossing less than $2.8 billion, about 15 percent below the almost $3.3 billion in goods exported during the same period last year.

The news came after Central Bank President Francisco De Paula Gutiérrez once again readjusted the bank´s economic outlook for 2009.

The economy will contract 1.8 percent, he said Thursday, a substantial change from a more optimistic projection in January of 2.2 percent growth at year´s end. The bank chief also said inflation will reach 8 percent.

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