No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveTrade Deficit Doubles In First Half of ’08

Trade Deficit Doubles In First Half of ’08

Costa Rica’s trade deficit during the first half of the year reached $2.75 billion, more than twice the $1.35 billion deficit registered during the same period last year, according to the Central Bank.

The widening deficit is the result of a 28 percent increase in the country’s imports and a much slower 6 percent increase in exports during the first six months.

Imports increased from $6.01 billion during the first half of 2007 to $7.72 during the same period last year. Exports increased from $4.67 billion to $4.97 billion.

The main import categories were raw materials for industry ($3 billion) and fuels ($1 billion). The speed at which imports have increased is attributed to higher international food and oil prices.

The leading exports were Intel microprocessors ($1.06 billion), followed by other free zone exports ($1.04 billion), processed foods ($531 million), bananas ($338 million), pineapples ($304 million) and coffee ($237 million), among others.

Government officials attributed the slow rate of growth in the country’s exports to delays in the implementation of the Central American Free-Trade Agreement with the United States (CAFTA) and the slowdown in that country, which is by far Costa Rica’s main export market.

Last year, Costa Rica finished the year with a $3.62 billion trade deficit, which marked an eight percent increase over the $3.35 deficit registered in 2006.

 

Popular Articles

U.S. Embassy in Honduras Issues Urgent Alert Over Mass Shooting Threats

The United States Embassy in Honduras issued a security alert warning of potential mass shooting threats targeting three locations in the capital, Tegucigalpa. The...

Costa Rica President’s State of Nation Address Sparks Controversy

Costa Rican President Rodrigo Chaves delivered his third State of the Nation Address to the Legislative Assembly, employing an unconventional approach that blended multimedia...

UNHCR Warns Funding Cuts Threaten Refugee Support in Costa Rica

The United Nations High Commissioner for Refugees (UNHCR) warns that a 41% funding cut is jeopardizing support for refugees in Costa Rica, especially Nicaraguans...
Avatar
spot_img
Costa Rica Tours
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait

Latest Articles