Costa Rican exports surpass annual goal

December 20, 2012

Costa Rican exports in November increased from $9.7 billion in 2011 to $10.4 billion this year, representing an 8.2 percent increase, according to data released Wednesday by the Foreign Trade Promotion Office (PROCOMER).

One of the main reasons for the increase is the growth of exports to the European Free Trade Association (Norway, Switzerland, Liechtenstein and Iceland, EFTA), which accounted for 95.2 percent (compared with the same period in 2011), while exports to the European Union (EU) increased by 8.7 percent.

The increase in exports to EFTA mainly is due to the positive performance of coffee, bananas, palm oil, and medical devices. Meanwhile, growth to the EU was driven by products such as integrated circuits, medical supplies, pineapple, coffee and palm oil, among others.

The majority (38.9 percent) of Costa Rican exports go to the United States, followed by 7.6 percent to Holland; Panama is third, receiving 5.2 percent of domestic goods.

Costa Rica’s figures exceeded by 7.25 percent the projected goal of exports for 2012, achieving an estimated income of $16.9 billion.

“This amount is higher by $1.1 billion than the $15.7 billion goal projected by the current administration in 2010,” the Foreign Trade Ministry (COMEX) stated.

Last Saturday, COMEX officials concluded a trade negotiations round with EFTA, while the Association Agreement with the European Union received approval by the International Relations and Foreign Trade Commission of the Legislative Assembly and is expected to be discussed by lawmakers on Jan. 21.

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