Costa Rica records 24% increase in exports in first half of 2023
During the first half of 2023, the government announced that Costa Rica’s merchandise exports reached a total of US$9.061 billion, marking a 24% increase from the US$7.333 billion recorded during the same period in the previous year.
Despite considerable challenges and external geopolitical context, the country witnessed growth across all sectors and regions.
The precision equipment and medical sector saw a 40% rise in exports, making it the country’s leading export sector, accounting for 40% of total exports.
This was followed by the agricultural sector, which grew by 14%, and the food industry, which increased by 6%.
The chemical-pharmaceutical sector registered a 32% growth, the electrical and electronic sector 38%, the metal-mechanic sector 9%, the plastic sector 20%, and livestock and fishing sector 3%.
Pedro Beirute, General Manager of the Foreign Trade Promoter (Procomer), highlighted the innovation and resilience of the agricultural sector, stating that product and market diversification has helped the sector to flourish and gain global recognition.
Regarding export destinations, North America saw a 30% increase, Central America a 28%, Europe and Asia both saw a 19% increase, the Caribbean a 9% increase, and South America a 16% increase.
Regarding service exports, data from the first quarter of 2023 showed a 28% increase to US$3.689 billion compared to the same period in 2022, primarily driven by the recovery of the travel sector post-COVID-19 pandemic, which saw a 21% growth.
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This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief