HomeArchiveCosta Rica trade deficit shrinks

Costa Rica trade deficit shrinks

Import and export numbers both sustained considerable blows in January from the global economic crisis, but the traffic of incoming shipments slowed further than that of outgoing goods, bringing down Costa Rica´s trade deficit by 52.7 percent.

Imports shrank in January by 32.6 percent from the same month last year, while exports went down 17 percent. Economists continue to declare a recession, though state officials and the Central Bank are still avoiding the “R” word (see last week´s story).

“The drop in imports reflects a lower domestic demand, resulting from the rise in interest rates, the recession the country is experiencing, and the drop in the prices of fuel,” consulting firm Aldesa said.

In terms of exports, the recession in the United States, the chief importer of Tico-made goods, continued to cut into companies´ earnings here. Last month saw $220.7 million in goods exported to the U.S., down by 17.6 percent from January 2008, according to the Foreign Trade Ministry (COMEX).

Of all exports, computer parts were hit the hardest, said COMEX, citing losses of as much as $56 million, or 30 percent.

“One of the principal causes of the lower level of operation of exporting companies is based on the difficulty in this sector to attain lines of credit,” Foreign Trade Minister Marco Vinicio Ruiz said in a statement.

Amid the grim figures, the Foreign Trade Promotion Office found a ray of hope: Canada. Against the grain, exports to Canada rose by 9.7 percent in January compared with the same month last year, with ornamental plants, tires, pineapples and textiles driving the increase.

Trending Now

Landslide Forces Closure of Costa Rica’s Road to Limon Again

Heavy rain triggered a landslide on Route 32 late last night, forcing authorities to close the mountain crossing used by drivers traveling between San...

Dollar Slips Back Toward 450 Colones, Shrinking What Your Dollars Buy

The dollar closed Friday at 452.92 colones on Monex, down from 460.45 on Oct. 1, reducing what anyone earning or saving in dollars gets in Costa Rica.

Credit Card Purchases Offer New Leads in Killing of American in Costa Rica

Supermarket purchases and a hotel stay allegedly paid for with a dead American’s credit cards have given investigators new leads in the search for...

Costa Rica’s Lesser-Known Juan Castro Blanco Park Prepares for Tourists

Construction is underway on new visitor facilities at Juan Castro Blanco National Park, a lesser-known protected area in northern Costa Rica, as officials work...

Costa Rica Weather Today Brings Dry Mornings and Stormy Pacific Afternoons

Expect a calmer morning, then afternoon storms in the Central Valley and Pacific, heaviest on the Central and South Pacific. Check Route 32 before you drive to the Caribbean.

Panama Celebrates Removal From European Union Tax Blacklist

The European Union announced today that it had removed Panama and Vietnam from its tax haven blacklist, citing progress made by both countries. The...

ATP Proposes $350 Million Player Compensation Plan and Major Ranking Changes

The ATP has unveiled plans to increase annual player compensation to approximately $350 million by 2028, alongside major changes to the men's professional tennis...

ICE Sent Two Costa Rican Children to a Texas Family Detention Center

ICE apprehended two Costa Rican children, ages 9 and 11, near New Orleans and moved them 12 hours by road to the Dilley family detention center in Texas.

Costa Rica’s First Artificial Beach Runs on Well Water as Guanacaste Dries Out

Costa Rica's first artificial beach draws on well water as Guanacaste heads into an El Niño dry season with forecasts of 80% less rain.
Loading…

Latest News from Costa Rica

Costa Rica Coffee Maker Chorreador
Costa Rica Car Rentals
Costa Rica Travel Insurance
Costa Rica Travel