• Costa Rica Coffee Guide

Imports, Exports Hit Hard in January

February 27, 2009

Import and export numbers both sustained considerable blows in January from the global economic crisis, but the incoming traffic of shipments slowed more 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 (TT, Feb. 20).

“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 Ticomade 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).

All told, exports of 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 the northern neighbor rose by 9.7 percent in January compared with the same month last year, with ornamental plants, tires, pineapples and textiles driving the increase.

–Alex Leff

 

You may be interested

Magnitude 4.9 earthquake rattles Costa Rica
Costa Rica
12 views
Costa Rica
12 views

Magnitude 4.9 earthquake rattles Costa Rica

Alejandro Zúñiga - May 14, 2021

A magnitude 4.9 earthquake shook much of Costa Rica at 9:33 a.m. on Friday, the Volcanological and Seismological Observatory of…

Travelers from Costa Rica must quarantine in France
News
18 views
News
18 views

Travelers from Costa Rica must quarantine in France

AFP and The Tico Times - May 14, 2021

France said Friday that it had ordered a mandatory 10-day quarantine for arrivals from four additional countries in a bid…

Annual romería, Catholic pilgrimage to Cartago, canceled again
Costa Rica
2262 views
Costa Rica
2262 views

Annual romería, Catholic pilgrimage to Cartago, canceled again

Alejandro Zúñiga - May 14, 2021

The traditional romería, an annual pilgrimage of Catholics to the Costa Rican city of Cartago, has been canceled for the…

The Tico Times | Costa Rica News | Travel | Real Estate