• Costa Rica Coffee Guide

Costa Rica trade deficit shrinks

February 27, 2009

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.

You may be interested

Costa Rica coronavirus driving, business restrictions for July 2021 (updated)
Costa Rica
461 views
Costa Rica
461 views

Costa Rica coronavirus driving, business restrictions for July 2021 (updated)

Alejandro Zúñiga - July 1, 2021

The Costa Rican government will maintain driving restrictions in response to continued highs in coronavirus cases. Below are Costa Rica’s…

Route 36 bridge not expected until Wednesday
Costa Rica
286 views
Costa Rica
286 views

Route 36 bridge not expected until Wednesday

Alejandro Zúñiga - July 26, 2021

A bridge reestablishing transit on Route 36 near Penshurst, Limón, isn't expected to be ready until Wednesday, authorities now say.…

Brisa Hennessy reaches quarterfinals in Olympic surfing
Costa Rica
123 views
Costa Rica
123 views

Brisa Hennessy reaches quarterfinals in Olympic surfing

The Tico Times - July 26, 2021

Costa Rican surfer Brisa Hennessy has reached the quarterfinals of the women's shortboard at the Tokyo 2020 Olympic Games. The…

Costa Rica out of Gold Cup as Canada & USA reach semifinals
Costa Rica
248 views
Costa Rica
248 views

Costa Rica out of Gold Cup as Canada & USA reach semifinals

AFP - July 26, 2021

The United States earned the final spot in the CONCACAF Gold Cup semi-finals on Sunday with a hard-fought 1-0 win…

The Tico Times | Top Costa Rica News, Travel, Culture and Sports