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The total exports represent 35% of the Gross Domestic Product, GDP.
 - A.M. Costa Rica illustrative photo -





















Published Monday, February 22, 2021

Products export increased in January, says report


By the A.M. Costa Rica staff

Exports of products made in Costa Rica reached a total of $976 million, a 17% increase from the same month last year, according to a report from the Ministry of Export.

The main markets exporting products are North America, Europe and Central America. In these regions, exports grew 9%, 3% and 2%, respectively.

Other areas where exports increased in January were Asia with 50%, Caribbean countries with 54% and South America with 49%.

According to the ministry, this data is more optimistic even when comparing that exports increased despite the pandemic that has affected the country since 2020. The total exports represent 35% of the Gross Domestic Product, GDP.

Among the most exported products are medical equipment with an increase of 42%, which is equivalent to $102 million more than in 2020. Among these products are prosthetics for medical use, devices for medical use, needles and catheters.

Next with the highest exports are agricultural products representing 22% of total exports, despite a reduction of 3% compared to January 2020. Among the main agricultural products exported are bananas, pineapple, melons and coffee.

The food product exports increased 18% which is equivalent to $21 million more. Among the main exported products are syrup, sugar and fruit concentrated juice.

According to data from the Investment Promotion Agency, CINDE, the export of services in 2020 also registered an increase, despite the pandemic.



The services provided from Costa Rica to abroad companies grew 1.9% in 2020 reaching a record of $11.68 billion, approximately $214 million more than 2019.

The figure exceeds the performance of Latin America and the Caribbean which saw a 13% decline in its exports during the same period, the agency said.

Among the best-exported services are the Life-Sciences sector representing 34% of total exports, or an equivalent 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.
 
In the last two years, corporate services grew 6% each year while ICT services grew 5%.


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How has the pandemic affected your country's economy? We would like to know your thoughts on this story. Send your comments to news@amcostarica.com

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