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Published Monday, February 1, 2021
Exports increased despite
the pandemic, says agency
By the A.M. Costa Rica staff
Despite the covid-19 pandemic, which has created economic chaos worldwide, Costa Rica's exports of goods grew 1.9% in 2020 reaching a record of $11.68 billion, approximately $214 million more than 2019, according to the Investment Promotion Agency, CINDE.
The figure exceeds the performance of Latin America and the Caribbean which saw a 13% decline in its exports during the same period.
The ecosystem’s resilience was a key “ingredient” that made growth possible for Costa Rica, CINDE said in its statement. Although the country’s leading market, the MedTech industry, was affected, particularly for elective therapies and procedures, the overall balance was positive.
"Manufacturing companies were able to continue operating following all health authority protocols without shutdowns and supply chain disruptions," the agency said.
The Life-Sciences sector continues to lead Costa Rica's trade in goods representing 34% of total exports which amounts to $3.9 million. This sector grew 8% from the previous year and showed an increase of $297 million. The United States and Europe were the main buyers.
The services-sector immediately went remote when the pandemic hit, resulting in 98% of the service companies in Costa Rica working 100% remotely.
The Information and Communication Technologies sector, ICT, included 68% of Costa Rica’s total services exports by Q3 of 2020, which increased to $211 million in the same period in 2019.
According to CINDE data for the third quarter, in the last two years, corporate services grew 6% each year while ICT services grew 5%.
“Despite the pandemic, the closure of borders, and other barriers, the exports sector demonstrated a high resilient capacity, reinforced by good practices in topics such as diversification of destinations, customers, transportation, and innovation in sales channels," Andrés Valenciano, Minister of Foreign Trade said. "We thank the export sector for the great work done last year and reiterate that they have an ally to continue consolidating their presence in international markets.”
The growth in exports also benefited from traditional products from the agricultural sector, which increased 2% from 2019 to 2020; the food industry with 7% growth and the pharmaceutical chemical sector with 3% increase in the same period, according to CINDE.
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