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 gross domestic product of $86 billion. World Bank
Costa Rica is a major exporter of agriculture products, such as, bananas, pineapples, coffee, melons, and sugar. US Department of Commerce
U.S. – Costa Rica Trade
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 $10.5 billion in goods from Costa Rica in 2023, with Costa Rica being the U.S.’ 37th import market. The key imports from Costa Rica are miscellaneous manufactured commodities ($3.7 billion), computer and electronic products ($2.5 billion), agricultural products ($1.6 billion), and processed foods ($424 million). Costa Rica is the 38th export destination of the United States.
In 2023, the U.S. exported $9.2 billion worth of goods. The United States’ key exports to Costa Rica include petroleum and coal products ($1.9 billion), computers and electronic products ($1.3 billion), miscellaneous ($781 million), chemicals ($728 million), and processed foods ($557 million).
Costa Rica- California Trade
Out of all the states in the US, California is one of the largest export destinations for goods from Costa Rica. California received $1.8 billion of imports from Costa Rica in 2023. The top category of merchandise imported from Costa Rica is miscellaneous manufactured goods at $494 million. Other key imported products are reimporting ($459 million), computer and electronic products (440 million), agricultural products ($203 million), and processed foods ($96 million).
California exported $612 million worth of goods in 2023. Those exports include chemicals ($108 million), Computer and electronic products ($91 million), miscellaneous manufactures ($85 million), plastics and rubber products ($66 million), and processed foods ($41 million). US Department of Commerce
FDI – Costa Rica
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. 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.