Trading Partner Portal: Costa Rica
Overview
Trade Overview
Costa Rica is a small nation in Central America with a geographical size slightly smaller than West Virginia. Costa Rica has a population of over 5.3 million people and a nominal GDP of $95 billion. U.S. Department of Commerce
Costa Rica is a major exporter of agriculture products, such as, bananas, pineapples, coffee, melons, and sugar. U.S. Department of Commerce
U.S. – Costa Rica Trade
Costa Rica has a well-founded trade relationship with the United States. Two-way trade totaled 21.31 billion in 2024, with the U.S. being not only Costa Rica’s #1 export destination, but it’s also the #1 importer of goods into the country.
In 2024, the U.S. exported $9.6 billion worth of goods. The United States’ key exports to Costa Rica include petroleum and coal products ($2.05 billion), computers and electronic products ($1.62 billion), miscellaneous ($742 million), chemicals ($713 million), and plastics & rubber products ($642 million). Costa Rica is the 36th export destination of the United States.
The United States imported $11.64 billion in goods from Costa Rica in 2024, with Costa Rica being the U.S.’ 36th import market. The key imports from Costa Rica are miscellaneous manufactured commodities ($4.26 billion), computer and electronic products ($3.02 billion), agricultural products ($1.63 billion), goods returned ($851 million), and processed foods ($510 million).
Costa Rica – California Trade
Out of all the states in the U.S., California is one of the largest export destinations for goods from Costa Rica. California received $1.72 billion of imports from Costa Rica in 2024. The top category of merchandise imported from Costa Rica is computer and electronic products at $571 million. Other key imported products are miscellaneous manufactured goods ($528 million), reimporting ($203 million), agricultural products ($197 million), and processed foods ($141 million).
California exported $586 million worth of goods in 2024. Those exports include computer and electronic products ($103 million), miscellaneous manufactures ($90 million), plastics and rubber products ($80 million), chemicals ($64 million), and processed foods ($40 million). U.S. Department of Commerce
FDI – Costa Rica
According to the U.S. Department of Commerce, an estimated 27,000 jobs in the United States are supported from the U.S. exports to Costa Rica alone. US Department of Commerce, BEA.
U.S. FDI into Costa Rica in 2023 totaled $3.8 billion, while Costa Rican FDI into the U.S. based on balance of payments and direct investment position was -$243 million in 2023. (Bureau of Economic Analysis).
Preliminary Overview of the Economies of Latin America and the Caribbean
ECLAC, December 2019
Trade Agreements
Trade Agreements
Yes, Really: It’s Time to Revive Hemispheric Trade Talks
Latin Trade, August 6, 2020
CAFTA-DR (Dominican Republic- Central America Free Trade Agreement)
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.
Events
Events
Central American Ambassadors Promote Benefits of Trade Agreement with U.S. (03/08/2005)
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.