Exports and FDI flows remain favorable in 2023

  • Exports of goods and services continue to rise in double digits.
  • Reinvestment is the main item in the FDI data for the first half of the year.
San José, October 25, 2023. Costa Rica is increasingly consolidating its position in international markets. In the cumulative period from January to September 2023, exports of goods totaled $13,633 million, a figure that exceeds by $1,957 million the exports of the same period in 2022 and represents a growth of 17%. The figures reflect the second-highest nine-month growth in the last five years. Meanwhile, exports of services in the first half of the year also showed an impressive growth of 22%. Excluding the travel subsector, the increase was 18%. Exports of services reached $6,942 million, $1,249 million more than in the same period of the previous year. “It is a source of optimism to know that the growth in exports, as well as foreign direct investment data, are a reflection of the dynamism that our economy is experiencing and what this means in terms of development and opportunities for Costa Ricans. We are working for Costa Rica to continue selling more to the world and attracting more investment from the world to the country,” said Indiana Trejos, Acting Minister of Foreign Trade. The positive trend in exports of goods and services is also reflected in the attraction of foreign direct investment flows, which in the first half of this year totaled $1.9 billion, explained by 76% reinvestment of profits. “Costa Rica’s value proposition continues to be the differentiating factor to the world, proof of this is the result of the FDI attraction flows in the first half of the year, as well as the strong data on exports of goods and services. We are pleased that both sectors we work for, exports and investment, are performing consistently well and continue to gain ground in international markets,” added Laura Lopez, General Manager of PROCOMER. In terms of goods exports, in the January-September accumulated period, the precision and medical equipment sector had an increase of 30% in exports, while the agricultural sector had an increase of 11%. The food industry grew by 4%. The chemical-pharmaceutical industry by 17%. The electrical and electronics industry by 22%. Metal-mechanics by 13%. Plastics by 9%. Livestock and fishing by 2%. In terms of the participation of goods sectors, Costa Rican exports are led by the precision and medical equipment sector, with a share of 41%, followed by the agricultural sector with 19%, and in third place, the food industry with 14%. They are followed in importance by the chemical and pharmaceutical sector and the electrical and electronics sector, with 5% share each. The metal-mechanics sector with 4%. The plastics sector with 3%. The livestock and fishing sector with 2%. At the regional level, domestic exports to North America grew by 18%, to Central America grew by 12%, to Europe grew by 15%, to Asia grew by 7%, to the Caribbean grew by 3%, and to South America grew by 5%. Regarding services exports, the growth of this sector is explained by the recovery of the travel subsector, which exported $526 million more than in the first quarter of the previous year, followed by other business services, which increased its exports by $521 million. In addition, the computer, information, and telecommunications sector increased its exports by $119 million, and transformation services by $45 million. The composition of this sector is led by the other business service of the subsector, with a share of 43%, followed by travel with 30%, IT, information, and telecommunications with 14%, transformation services with 6%, and transportation with 5%. In terms of FDI attraction, as of the first half of the year, 63% of the goal established in the National Development Plan has been met, which also means an inter-annual increase of 12% compared to the same period in 2022. The United States continues to be the main origin with 69% of total FDI received in the first half of 2023, followed by relevant countries in Europe (e.g., Belgium, Switzerland, Germany, and Spain).

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