Costa Rica is very open to foreign trade, which represents 80% of GDP. According to data by INEC, in 2023, the country’s main exports were other medical instruments and appliances (12%), syringes, needles, catheters, and the like (10.9%), other articles and appliances for prostheses (7.5%), fresh tropical pineapples (5.9%), and fresh bananas (5.1%); whereas imports comprised petrol (9%), diesel (7.1%), hybrid integrated circuits (2.3%), containers (1.8%), and medicinal products for human use (1.6%).
Costa Rica's main export partners in 2023 were the United States (45.0%), Netherlands (8.2%), Guatemala (4.97%), Belgium (4.24%), and Nicaragua (3.88%), with imports coming chiefly from the United States (43.75%), China (13.30%), Mexico (5.36%), Brazil (2.29%), and Guatemala (2.28%). The top five trading partners accounted for over 66% of the total customs value exchanged by the country in both trade flows. Notably, the United States stands out as the primary destination for Costa Rican exports and the source of Costa Rican imports, surpassing 40% of the total value in both trade flows (data INEC). There are no significant trade barriers affecting the entry of most goods and services into Costa Rica. Customs duties are relatively low and generally do not exceed 15%. Costa Rica offers many incentives for export companies, especially export subsidies and tax exemptions. Moreover, exports of high-value goods, such as electronics and medical equipment, which are supported by the 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.
According to preliminary data from Costa Rica's Institute of Statistics, foreign trade in 2023 revealed an export customs value of USD 19.211 billion, while imports amounted to USD 26.396 billion, resulting in a trade deficit of approximately USD 7.185 billion. 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 goods. 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, and bananas. However, that increase should not offset the growth in imports, driven by demand for capital goods and commodities, notably hydrocarbons. On the services side, tourism is a major export earner: the latest data from the WTO shows that Costa Rica is a net service exporter (USD 5.5 billion in imports against USD 11.8 billion in exports in 2022). Therefore, when computing goods and services, the World Bank estimated the country’s trade balance to be positive by 1.5% of GDP in 2022.
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 17,573 | 14,942 | 20,728 | 22,685 | 24,039 |
Exports of Goods (million USD) | 11,864 | 12,319 | 15,494 | 16,597 | 19,025 |
Imports of Services (million USD) | 4,614 | 3,434 | 4,269 | 5,513 | 6,115 |
Exports of Services (million USD) | 10,906 | 7,929 | 8,783 | 12,142 | 14,636 |
Imports of Goods and Services (Annual % Change) | -2 | -13 | 19 | 8 | 5 |
Exports of Goods and Services (Annual % Change) | 4 | -11 | 16 | 19 | 10 |
Trade Balance (million USD) | -3,868 | -2,018 | -2,844 | -4,666 | -3,158 |
Foreign Trade (in % of GDP) | 66 | 60 | 71 | 82 | 72 |
Imports of Goods and Services (in % of GDP) | 31 | 28 | 35 | 40 | 34 |
Exports of Goods and Services (in % of GDP) | 34 | 32 | 36 | 42 | 39 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2023 |
---|---|
United States | 46.1% |
Netherlands | 8.4% |
Guatemala | 4.9% |
Belgium | 4.6% |
Nicaragua | 3.8% |
Panama | 3.5% |
Honduras | 3.3% |
El Salvador | 2.5% |
China | 2.3% |
Japan | 2.1% |
Dominican Republic | 1.8% |
Spain | 1.7% |
Mexico | 1.7% |
United Kingdom | 1.4% |
Italy | 1.2% |
Germany | 0.8% |
Peru | 0.7% |
Canada | 0.6% |
Belize | 0.5% |
Ireland | 0.5% |
See More Countries | 32.2% |
Main Suppliers (% of Imports) |
2023 |
---|---|
United States | 38.2% |
China | 15.1% |
Mexico | 6.4% |
Brazil | 2.9% |
Guatemala | 2.7% |
Germany | 2.5% |
Japan | 2.1% |
Colombia | 1.8% |
Spain | 1.7% |
Chile | 1.5% |
Panama | 1.3% |
Italy | 1.3% |
Canada | 1.3% |
South Korea | 1.3% |
Netherlands | 1.3% |
El Salvador | 1.2% |
India | 1.1% |
Nicaragua | 1.0% |
Belgium | 0.9% |
Thailand | 0.9% |
See More Countries | 34.7% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
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10.9 bn USD of services exported in 2022 | |
---|---|
48.25% | |
28.69% | |
Personal travelPersonal travel | 26.19% |
OtherOther | 66.75% |
Business travelBusiness travel | 2.50% |
17.17% | |
4.56% | |
0.77% | |
0.38% | |
0.11% | |
0.07% |
5.5 bn USD of services imported in 2022 | |
---|---|
32.90% | |
17.57% | |
Personal travelPersonal travel | 10.93% |
OtherOther | 49.53% |
Business travelBusiness travel | 6.64% |
16.70% | |
13.51% | |
7.93% | |
7.47% | |
3.66% | |
0.25% | |
0.01% |
Source: United Nations Statistics Division, Latest Available Data
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