Costa Rica is very open to foreign trade, which represents 71% of GDP. The country is the 78th largest export economy and the 87th largest importer in the world. Costa Rica mainly exports medical instruments and appliances (28.6%), various fruits (14.8%), orthopaedic appliances (5.9%), food preparations (4.5%), and coffee (2.3%). Its main imports include petroleum oils (8.3%), medicaments (3.4%), motor vehicles (2.8%), medical instruments and appliances (2.6%), and telephone sets (2.5%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by an estimated 8.8% in 2022 and is expected to increase by 5.3% in 2023, while the volume of imports of goods and services increased by an estimated 4.6% in 2022 and is expected to increase by 4.2% in 2023.
Costa Rica's main trade partners are the United States, China, Guatemala, the Netherlands, Mexico, Belgium, Panama, and Germany. There are no significant trade barriers affecting the entry of most goods and services into Costa Rica. Customs duties in are relatively low, and in general do not exceed 15% - with the exception of dairy products, livestock and agricultural products. No tax is levied on imports coming from Mexico, Guatemala, Honduras, El Salvador and Nicaragua. Costa Rica offers many incentives for export companies, especially export subsidies and tax exemptions granted to export companies. Greater transparency is expected, due to a rational and comprehensive evaluation of this incentive policy, which could boost foreign trade over the long term. Moreover, exports of high-value goods, such as electronics and medical equipment, which are supported by government, play a key role in stimulating foreign trade. Costa Rica is a member of CARICOM and has several trade agreements with numerous countries, including the EU, Peru, China, Singapore, and the countries in Central America. In 2021, Costa Rica became an OECD member, and the country is also in process of becoming a full member of the Pacific Alliance.
In 2021, exports of goods totalled USD 15,4 billion, while imports equalled USD 20,7 billion, resulting on a trade deficit of USD 2,8 billion. Concerning the trade of services, the imports amounted to USD 4,6 billion and the exports to USD 8,9 billion, thus Costa Rica was a net exporter of trade in 2021. The country's structural deficit is due to the fact that a large proportion of manufactured exports depend on imported inputs, as well as the reliance on imports of consumer good. According to estimates, Costa Rica should maintain a trade deficit over the medium-term. Exports are expected to perform strongly on increased external demand for both capital and agricultural goods, mainly medical devices, pineapples, bananas. However, that increase should not offset the growth in imports, driven by demand for capital goods and commodities, notably hydrocarbons.
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 18,289 | 17,573 | 14,942 | 20,728 | 22,685 |
Exports of Goods (million USD) | 11,495 | 11,864 | 12,319 | 15,494 | 17,752 |
Imports of Services (million USD) | 4,212 | 4,614 | 3,434 | 4,269 | 5,498 |
Exports of Services (million USD) | 9,751 | 10,906 | 7,929 | 9,164 | 11,790 |
Imports of Goods and Services (Annual % Change) | 3 | -2 | -13 | 0 | 21 |
Exports of Goods and Services (Annual % Change) | 5 | 4 | -11 | 0 | 30 |
Trade Balance (million USD) | -4,620 | -3,868 | -2,018 | -2,798 | -3,803 |
Foreign Trade (in % of GDP) | 67 | 66 | 60 | 72 | 80 |
Imports of Goods and Services (in % of GDP) | 33 | 31 | 28 | 35 | 39 |
Exports of Goods and Services (in % of GDP) | 34 | 34 | 32 | 37 | 41 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2021 |
---|---|
United States | 43.7% |
Netherlands | 7.2% |
Belgium | 5.2% |
Guatemala | 4.9% |
Panama | 4.1% |
Nicaragua | 4.0% |
Honduras | 3.3% |
El Salvador | 2.6% |
Mexico | 2.5% |
Dominican Republic | 2.2% |
China | 2.2% |
Japan | 1.8% |
United Kingdom | 1.6% |
Spain | 1.5% |
Italy | 1.2% |
Germany | 1.0% |
Canada | 0.7% |
Colombia | 0.6% |
Peru | 0.6% |
South Korea | 0.6% |
See More Countries | 34.9% |
Main Suppliers (% of Imports) |
2021 |
---|---|
United States | 37.8% |
China | 15.9% |
Mexico | 6.4% |
Guatemala | 2.7% |
Germany | 2.3% |
Brazil | 2.2% |
Japan | 2.0% |
Spain | 1.9% |
Colombia | 1.9% |
Chile | 1.5% |
Costa Rica | 1.4% |
El Salvador | 1.3% |
South Korea | 1.2% |
Panama | 1.2% |
Italy | 1.2% |
Canada | 1.1% |
India | 1.0% |
Vietnam | 1.0% |
Nicaragua | 1.0% |
Ukraine | 1.0% |
See More Countries | 34.9% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
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9.4 bn USD of services exported in 2019 | |
---|---|
42.76% | |
Personal travelPersonal travel | 38.99% |
Business travelBusiness travel | 3.77% |
36.37% | |
14.23% | |
5.29% | |
0.93% | |
0.33% | |
0.07% | |
0.03% |
4.2 bn USD of services imported in 2019 | |
---|---|
28.66% | |
26.00% | |
Personal travelPersonal travel | 16.18% |
Business travelBusiness travel | 9.82% |
14.18% | |
10.79% | |
8.21% | |
6.41% | |
5.12% | |
0.62% | |
0.02% |
Source: United Nations Statistics Division, Latest Available Data
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Latest Update: November 2023
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