flag Costa Rica Costa Rica: Trade Profile

Foreign Trade in Figures

Costa Rica is very open to foreign trade, which represents 60 of GDP. The country is the 78th largest export economy and the 87th largest importer in the world. Costa Rica mainly exports instruments and appliances used in medical sciences (26.6%), various fruits (17.3%), orthopaedic appliances (5.2%), food preparations (4.1%), and coffee (2.8%). Its main imports include petroleum oils (5.8%), medicaments (4%), electrical apparatus for line telephony (2.9%), instruments and appliances used in medical, surgical, dental or veterinary sciences (2.6%), and motor vehicles (2.5%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by an estimated 11.9% in 2021 and is expected to increase by 9.4% in 2022, while the volume of imports of goods and services increased by an estimated 8.9% in 2021 and is expected to increase by 7.1% in 2022.

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 2020, exports of goods totalled USD 12,1 billion, while imports equalled USD 14,9 billion, resulting on a trade deficit of USD 2,8 billion. Concerning the trade of services, the imports amounted to USD 3,4 billion and the exports to USD 6,8 billion, thus Costa Rica was a net exporter of trade in 2020. 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 20172018201920202021
Imports of Goods (million USD) 15,32218,28917,57314,94220,728
Exports of Goods (million USD) 9,55611,34411,71212,17415,494
Imports of Services (million USD) 3,6913,8994,1613,4074,624
Exports of Services (million USD) 8,6729,0359,5696,8148,991
Imports of Goods and Services (Annual % Change) 53-2-1016
Exports of Goods and Services (Annual % Change) 754-1117
Trade Balance (million USD) -4,367-4,620-3,868-1,708-2,848
Foreign Trade (in % of GDP) 6567666071
Imports of Goods and Services (in % of GDP) 3233312934
Exports of Goods and Services (in % of GDP) 3334343236

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

Return to top

Main Partner Countries

Main Customers
(% of Exports)
2021
United States 43.7%
Netherlands 7.2%
Belgium 5.2%
Guatemala 4.9%
Panama 4.1%
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%
See More Countries 34.9%

Source: Comtrade, Latest Available Data

Return to top

 

Main Products

14.4 bn USD of products exported in 2021
Instruments and appliances used in medical,...Instruments and appliances used in medical, surgical, dental or veterinary sciences, incl. scintigraphic apparatus, other electro-medical apparatus and sight-testing instruments, n.e.s. 28.6%
Bananas, incl. plantains, fresh or driedBananas, incl. plantains, fresh or dried 7.5%
Dates, figs, pineapples, avocados, guavas, mangoes...Dates, figs, pineapples, avocados, guavas, mangoes and mangosteens, fresh or dried 7.3%
Orthopaedic appliances, incl. crutches, surgical...Orthopaedic appliances, incl. crutches, surgical belts and trusses; splints and other fracture appliances; artificial parts of the body; hearing aids and other appliances which are worn or carried, or implanted in the body, to compensate for a defect or disability 5.9%
Food preparations, n.e.s.Food preparations, n.e.s. 4.5%
See More Products 46.1%
18.4 bn USD of products imported in 2021
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 8.3%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 3.4%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.8%
Instruments and appliances used in medical,...Instruments and appliances used in medical, surgical, dental or veterinary sciences, incl. scintigraphic apparatus, other electro-medical apparatus and sight-testing instruments, n.e.s. 2.6%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 2.5%
See More Products 80.4%

Source: Comtrade, Latest Available Data

 

To go further, check out our service Import Export Flows

 
 

Main Services

Source: United Nations Statistics Division, Latest Available Data

Return to top

Commercial Policy

International Economic Cooperation
Member of the World Trade Organization (WTO)
Consult the Free Trade Agreement signed by Costa Rica.
Member of Central American Common Market (CACM)
Member of
Latin American Integration Association (ALADI) (in Spanish)
Member of Group of 77 (G-77)
Assessment of Commercial Policy
Country’s commercial policy
Barriers to exchanges
Average Customs Duty (Excluding Agricultural Products)
5.89%
 
 

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
International Economic Cooperation
Consult the Free Trade Agreement signed by Costa Rica.
Member of Central American Common Market (CACM)
Member of
Latin American Integration Association (ALADI) (in Spanish)
Member of Group of 77 (G-77)
Useful Resources
Customs web site
National Organisation of Intellectual Property
The National Registry of Intellectual Property.
 
 
 

Return to top

Any Comment About This Content? Report It to Us.

 

© eexpand, All Rights Reserved.
Latest Update: April 2023