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 over 5 million people and a gross domestic product of $61.8 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 $5.35 billion of goods from Costa Rica in 2020. The key imports from Costa Rica are miscellaneous manufactured commodities and agricultural products, valued at $2.25 billion and $1.28 billion respectively. Costa Rica is the 37th export destination of the United States. In 2020, the US exported just $5.7 billion worth of goods. The United States’ key exports to Costa Rica include computers and electronic products, petroleum and coal 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. U.S. FDI into Costa Rica in 2019 totaled $1.52 billion, while Costa Rican FDI into the U.S. based on balance of payments and direct investment position was $77 million (Bureau of Economic Analysis).
Costa Rica- California Trade
Out of all the states in the US, California is one of the largest export destination for goods from Costa Rica. California received $623.87 million of imports from Costa Rica in 2020. The top category of merchandise imported from Costa Rica is miscellaneous manufactured goods at $226 million. Other key imported products are agricultural products, food manufactures, and computer products. California is Costa Rica’s fourth largest exporter out of all the states. California exported $390 million worth of goods in 2020. Those exports include mostly computer and electronic products, chemicals, plastics and rubber products, and miscellaneous manufactured goods. US Department of Commerce
Preliminary Overview of the Economies of Latin America and the Caribbean
ECLAC, December 2019
Yes, Really: It’s Time to Revive Hemispheric Trade Talks
Latin Trade, August 6, 2020
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.