Published On : 22-Nov-2021
The country of Costa Rica is situated in the middle of Central America, being home to widespread rainforests, wildlife and biodiversity. With its long coastline and important trading neighbours such as Mexico, Nicaragua and the United States of America, Costa Rica becomes a compelling choice for every import-export trader to consider trading with. In a noticeably troubled region of organized crime, gang violence, smuggling and corruption, Costa Rica has managed to maintain relative peace and calm within its frontiers. Trade and tourism, therefore, thrive in Costa Rica.
Time and again India assists Costa Rica with foreign aid and disaster management. Costa Rica maintains an Embassy in New Delhi. Prominent Indian IT firms such as L&T, Cognizant, Infosys and CSS Corp have established delivery centres in San José, the Costa Rican capital. TCS and Wipro have also maintained offices in San Jose. Proximity to the USA and similar time zones give Indian companies the incentive to set up shop in Costa Rica, a move which CSS Corp says saved them 15-20% cost. In 2020, India exported goods worth $112.23 Million with Chemicals($26.87 Million), Vehicles($24 Million) and Pharma Products ($15.66 Million) as the top exports.
Meanwhile, Costa Rican exports to India totalled $22.85 Million during 2020 and consisted of items such as wood and charcoal($17.02 Million), Aluminium ($1.83 Million) and Electrical equipment($1.07 Million).
United States of America ($5.40 Billion) is the main trading partner of Costa Rica. Next, come China ($2.09 Billion), Mexico ($976.56 Million), Guatemala ($408 Million) and Germany ($382.56 Million). Costa Rica also earns a considerable part of its GDP through tourism. It is a favoured hide among American and Canadian travellers.
Costa Rica imports Mineral Fuels, Oils, Distillation Products ($1.69 Billion) the most, with the United States of America as its top exporter. The other top import categories are Electrical, Electronic Equipment ($1.63 Billion), Plastics ($1.39 Billion), Machinery, Nuclear Reactors and Boilers($1.34 Billion), Vehicles other than Railway, Tramway ($957.42 Million) and Pharmaceuticals ($818.61 Million).
The main export partners of Costa Rica are the United States of America ($5.05 Billion). The other top traders are the Netherlands ($895.90 Million), Belgium ($613.66 Million), Guatemala ($596.43 Million) and Panama ($485.34 Million).
The global exports from Costa Rica totalled about $11.88 Billion in the year 2020. Their exports include Optical, Medical, Photo, Technical Apparatus ($3.65Billion), Edible fruits (such as bananas, pineapples) melons, nuts, peel of fruits ($2.16 Billion), Other Edible preparations ($593.87 Million), Electrical, Electronic Equipment ($471.59 Million), Plastics ($378.91 Million) and Vegetable, Fruit, Nut Food Preparations ($334.59 Million).
Costa Rica can become an important hub of trade and economic well-being if they maintain the safety of its citizens and eschew corruption in government departments. More and more companies might be interested in leveraging the discounted rates of operations, to run processes for their American clients.
Cybex.in has mined tonnes of import-export data that will help your firm reach your trade goals. Reach us at [email protected] or call(+911204517800) or WhatsApp(+9971093718) to access the latest Costa Rica trade data.
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