The economic crisis continues to slow areas of the Costa Rican economy. A report released by the Costa Rican Foreign Trade Promotion Office (PROCOMER) says exports followed this trend, falling 14.2 percent during the first six months of 2009.
The Costa Rican export market, which has earned over $4.2 billion thus far in 2009, is $706 million behind in earnings compared to the first six months of 2008.
Two products that have seen a significant drop in exports are two of Costa Rica´s staple crops, coffee and bananas.
Coffee exports fell 23.5 percent and those of bananas fell 12.1 percent during the first six months of the year. In monetary terms, coffee and banana exports are down over $1 billion thus far in 2009.
Other industries feeling the pinch of the economic recession of 27.2 percent. This is mainly attributed to a decrease in demand for electronic cables and iron.
Not all results were negative, however, as exportation of meat, shrimp, milk, melon, fruit juices and soy all experienced increases in exportation.
The biggest increase in exportation was in the industrial sector, primarily due to the increase in exports of Intel microprocessors. Intel reported that it exported $449 million during the months of April, May and June, which was over $32 million more than during the same period of 2008. Overall, the industrial sector grossed $910.84 million in exports during the first six months of 2009.
Central America, as a whole, has felt a similar pinch in overseas markets, as exports for the entire region are down 18.4 percent from last year.
–Adam Williams
