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

 

Facebook Comments

You may be interested

Pic of the Day: Costa Rica’s Isla Nublar (aka Cocos Island)
Pic of the Day
81 views
Pic of the Day
81 views

Pic of the Day: Costa Rica’s Isla Nublar (aka Cocos Island)

Alejandro Zúñiga - April 18, 2019

Isla Nublar, the setting for much of the "Jurassic Park" series, is unfortunately not a real Costa Rican island. Cocos…

Costa Rica holds Maduro regime responsible for diplomat’s safety
Costa Rica
12 views
Costa Rica
12 views

Costa Rica holds Maduro regime responsible for diplomat’s safety

AFP and The Tico Times - April 18, 2019

The Costa Rican Foreign Ministry said on Wednesday that it places responsibility with the Venezuelan government of Nicolás Maduro for…

Venezuela withdraws diplomatic credential from Costa Rican diplomat
Latin America
28 views
Latin America
28 views

Venezuela withdraws diplomatic credential from Costa Rican diplomat

AFP and The Tico Times - April 17, 2019

Venezuela withdrew the diplomatic credential from the Costa Rican chargé d'affaires on Tuesday in retaliation for the country’s acceptance of…

Do NOT follow this link or you will be banned from the site!