No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

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

Costa Rica Highway to Close Temporarily for Wildlife Crossing Installations

Motorists traveling between the capital and the Caribbean coast need to adjust their plans this week. Route 32, the key highway linking San José...

Argentina’s Tomás Etcheverry Prepares for Australian Open Challenge

In the competitive ranks of men's tennis, few players have shown the steady climb of Tomás Martín Etcheverry. The 26-year-old from La Plata, Argentina,...

Maduro’s Cult of Personality and Repression Defined Venezuela’s Lost Decade

Venezuela's Nicolas Maduro, who has been seized by US special forces after more than a decade in power, ruled with an iron fist while...

Costa Rica’s Liberia Airport Faces Demand Boom

The Daniel Oduber International Airport has grown beyond what planners first imagined when it opened in 2011. Officials from Costa Rica's Federated College of...

Costa Rica Police warn of Rising Tourist Targeted Crimes After Violent Incident

Police in Guanacaste rescued four American tourists from a violent home invasion in Nuevo Arenal de Tilarán on Thursday evening. The confrontation with armed...

Novak Djokovic Steps Away from PTPA, Citing Transparency Issues

Novak Djokovic, the 24-time Grand Slam champion, has ended his association with the Professional Tennis Players Association (PTPA), the players' group he helped establish...
Avatar
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Travel

Latest News from Costa Rica