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

Honduras Votes in High-Stakes Presidential Election Amid Trump Threats

Hondurans are electing a president this Sunday in a tightly contested vote held under pressure from United States President Donald Trump, who urged voters...

Landslides Prompt Closure of Costa Rica’s Route 32 at Cerro Zurquí

Transit Police shut down Route 32 at Cerro Zurquí early this morning after landslides dumped debris onto the highway amid ongoing heavy rains. The...

Miami eyes first MLS final with Messi in unstoppable form

Inter Miami is within reach of its first MLS final in Saturday’s clash against New York City, a game it enters as favorite thanks...

U.S. Embassy in Costa Rica Issues Security Alert Due To Rising Crime Threats

The U.S. Embassy here released a security alert, warning its citizens about a spike in crimes targeting foreigners across our country. Officials pointed to...

Nicaragua moves 40 political prisoners to house arrest amid US pressure

The Nicaraguan government placed 40 political prisoners under house arrest on Saturday, at a time when pressure from the United States is mounting against...

Costa Rica Joins Forces in Bid to Host 2031 FIFA Women’s World Cup

Costa Rica has stepped into the global spotlight with a joint bid to co-host the 2031 FIFA Women’s World Cup alongside the United States,...
Avatar
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica