Exports from Costa Rica grow 15.5% in 2023 driven by medical devices

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By Marco Echevarria

Costa Rica’s exports reached $18.244 million in 2023, 15.5% more than the previous year, driven by the precision equipment and medical sectors and agriculture, the Promoter of Foreign Trade of Costa Rica (Procomer) reported Tuesday.

The main products exported in 2023 were medical devices, bananas, pineapple, syrups and concentrates for soft drinks and gold coffee. The agricultural sector showed growth in non-traditional products such as cassava, chayote, packed coyote coriander, as well as palm walnut and almond, the official entity said.

The precision equipment and medical sector leads Costa Rican exports with a 42 per cent share and a growth of 28 per cent over the previous year.

For its part, the agricultural sector, second in importance for Costa Rica, reached 18% of the total goods exported, for an 11% growth; the food industry increased its sales abroad by 4%, the pharmaceutical chemical sector by 13%; and that of electricity and electronics by 18%.

The general manager of Procomer, Laura López, said that the diversification of Costa Rica’s export model of goods and services allows this sector to represent 40.5% of the country’s Gross Domestic Product (GDP), bringing more than 2,500 Costa Rican products to more than 150 destinations and employing more than 690,000 people.

In terms of the destination of Costa Rican exports, the North American region grew by 17% compared to 2022, Central America by 16%, Europe by 15%, Asia 19%, South America by 2%, while to the Caribbean they fell 0.03%.

Are we clear that international trade is a tool for economic growth, cheapening the cost of living, stimulating investment and thus generating employment. Continuing to place our products in international markets is one of our great goals, which is why we are also diversifying opportunities for trade with more countries, explained the Minister of Foreign Trade, Manuel Tovar.

This article has been translated from the original which first appeared in El Mundo