Costa Rica, situated in the South American region of the U.S.A, has been growing swiftly in the international trade market. In the past few years, this American country has widely grown in the context of Gross Domestic Product value. According to the statistics, it's GDP widely depends on the service sector (75%) approximately. Whereas, agriculture only compensates the total GDP of Costa Rica by 5%. And, the rest is industry. Even so, the country's unemployment rate is only 11.9%. This unemployment rate is a lot more than what countries like India and Germany are facing. Therefore, Costa Rica's Export and Import business in partnership with other countries helps its GDP to stabilize and grow.
But, since the agriculture sector of Costa Rica is negligibly small, the question remains what are its main exports? To find out, Cybex. brought to you a glimpse of Costa Rica's import and export data conditions and a few observations made by our experts.
Import Export data plays a crucial part in deciding whether partnering with a country will be helpful for your business or not. To know more, read ahead:
What is Costa Rica's main export?
According to the Cybex's data, Costa Rica Export companies are widely involved in exports of eatables. The Costa Rica main exports list includes: Coffee, Bananas, Sugar, Cocoa, Meat, and such products. Do you know? In 2015, Costa Rica was the third-largest Banana exports in the international trade market. Apart from this, Costa Rica's production of coffee is considered most volumized and quality effective. World statistics say that Costa Rica is accountable for 1% of the world's total consumption and production of coffee.
Apart from the exports of eatables, Costa Rica also contributes in the manufacturing and exports of medical equipment and electronics. According to a few inside resources, Costa Rica is the upcoming star in the economy for manufacturing high-quality and useful medical equipment.
However, Costa Rica's trade balance reveals a deficit of 4.34 billion Dollars. The reason for the deficit is simple: the country exports less and imports more. So, what does Costa Rica import?
What is Costa Rica's main import?
To begin with, Costa Rica highly invests in the imports of raw material for in-country industrial use, consumer goods, capital equipment, construction material, and petroleum. According to a report, Costa Rica's annual expenditure of exports of the following is in billions:
- Refined Petroleum: 1.25 billion USD
- Equipment for broadcasting: ½ billion USD
- Automobile: 500 million USD
- Medical equipment and packaged pharmaceuticals: 800 million USD
Who does Costa Rica trade with?
For import purposes, Costa Rica import companies are highly dependent on exporters of the U.S.A., China, Mexico, Japan, and Guatemala. The U.S.A and China hold the strongest position with Costa Rica trade data.
In the context of exports, Costa Rica's major partners are The United States, Belgium, Netherland, Panama, Guatemala, and Nicaragua.
Who is the main trading partner of Costa Rica?
According to the above-mentioned statistics, clearly, The United States is the main trading partner of Costa Rica. Costa Rica trade data reveals that the country imports over 6 billion USD worth of goods from the USA. Whereas, the USA is responsible for 40% of exports made from Costa Rica.
How much does Costa Rica export to the USA?
Aforementioned, 40% of Costa Rica's exports go to the United States. The total value of goods exported from Costa Rica to the USA in 2018 was approximately 4 million. Whereas, the import balance was approximately 6 million. The export stream included miscellaneous goods or consumer goods at the highest. Apart from that, capital goods, raw material, vegetables, footwear, transportation goods, stone and glass, textile and clothing, wood, chemicals, hides and skin were also included.
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