Trading Partner Portal: Costa Rica
Costa Rica is a small nation in Central America with a geographical size slightly smaller than West Virginia. Costa Rica has a population of 4.8 million people and a gross domestic product of $54.137 billion. World Bank
Costa Rica is a major exporter of agriculture products, such as, bananas, pineapples, coffee, melons, and sugar. US Department of Commerce
Costa Rica has a well founded trade relationship with the United States. The US is not only Costa Rica’s #1 export destination; it is also the #1 importer of goods into the country. The United States imported $4.3 billion of goods from Costa Rica in 2016. However, this is a $5 billion decrease in imports, compared to the $9 billion in imported goods of 2014 from Costa Rica. The key imports from Costa Rica are miscellaneous manufactured commodities and agricultural products, each valuing over$1 billion. Costa Rica is the #41 export destination of the United States. In 2016, the US exported just under $6 billion worth of goods. The United States’ key exports to Costa Rica include petroleum and coal products, computers and electronic products, and chemicals. According to the US Department of Commerce, an estimated 27,000 jobs in the United States are supported from the US exports to Costa Rica alone. US Department of Commerce, BEA
Costa Rica- California Trade
Out of all the states in the US, California is the largest export destination for goods from Costa Rica. California received $559 million of imports from Costa Rica in 201, down from $856 million in 2015. The top category of merchandise imported from Costa Rica is miscellaneous manufactured goods at $186 million, the year before it was computer and electronic products at $378 million. Other key imported products are agricultural products and food manufactures. California is Costa Rica’s third largest exporter out of all the states. California exported $404 million worth of goods in 2016. Those exports include mostly computer and electronic products, chemicals, and miscellaneous manufactured goods. US Department of Commerce
The United States trade deal with some of the small developing countries in Central America was signed by President George W. Bush in 2005 as an expansion of the North American Free Trade Agreement. Members of the CAFTA-DR free trade agreement include the United States, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and the Dominican Republic. Exports from the United States to this group of countries totaled $29 billion in 2015, while imports totaled approximately $24 billion. This trade agreement ensures that 100% of goods from the United States are not subject to tariffs in these countries, it also has a goal of phasing out all tariffs on agricultural products by 2020.
The California Chamber of Commerce hosted five ambassadors representing the nations included in the proposed U.S.- Central American Free Trade Agreement (CAFTA) at an International Luncheon Forum on March 8, 2005.