A few days after the end of the year, positive news emerged. Costa Rica’s goods exports show a trend towards recovery, since, for the third consecutive month, they show growth, this time of + 8% in November. This increase means $ 81 million more, going from $ 982 in November 2019 to $ 1,063 in the same month of 2020. Double-digit growth in the macro sectors of precision equipment and medical, food, and pharmaceutical chemical explain this upturn.
In addition, when analyzing the accumulated data from January to November, there is a discrete growth of + 0.6%, that is, $ 58 million more than in the same period of the previous year, reaching a total of $ 10,658 million.
“I want to congratulate the export sector of Costa Rica, a sector that despite all the challenges that the pandemic put us in front of, has known how to reinvent and innovate. These figures give us a break and the certainty that next year we will consolidate this recovery. For this reason, we are going to redouble our efforts to support national exporters, a sector that generates more than one million jobs and that represents 34% of our Gross Domestic Product (GDP) ”, stated the Minister of Foreign Trade and President of the Board of Directors of PROCOMER, Andrés Valenciano.
For his part, Pedro Beirute, General Manager of the Promoter, explained that the macro sectors of precision equipment and medical, agricultural, food, pharmaceutical chemical, and electrical and electronics; are responsible for this growth in November, since they had increases of + 20%, + 5%, + 11%, + 20% and + 2%, respectively, in relation to November 2019.
When analyzing the accumulated exports from January to November, the sectors that show growth are: precision and medical equipment (+ 6%), agriculture (+ 0.5%), food (+ 7%) and pharmaceutical chemical (+ 4%).
While electricity and electronics -despite the increase in November- fell by -8% in the accumulated, as well as metalworking (-9%), livestock and fishing (-6%), plastic (-6%) and rubber (- 17%).
As of November 2020, the precision and medical equipment sector represents 33% of Costa Rica’s goods exports and is positioned as the most important, followed by the agricultural sector with a share of 24%, food industry 14%, pharmaceutical chemist 7%, and electrical and electronic 4%.
In terms of export markets, there is growth in North America (+ 4%), explained by an increase in shipments of medical devices, palm oil and gold coffee; in Asia (+ 6%) for sugar, pork and stomatal devices; and South America (+ 16%) for beverage syrups, stomata devices, and batteries.
The markets that experienced a fall in the accumulated are Europe (-1%) due to lower shipments of pineapple, bananas and palm oil; Central America (-5%) for glass containers and fertilizers; as well as the Caribbean (-6%) for glass containers.