Goods exports grow 19% in the first month of the year

• Medical devices lead with the highest percentage of growth.

• By region, South America stands out as the destination receiving the highest number of shipments.

San José, 22 de febrero de 2022. Costa Rica started 2022 with a 19% growth in goods exports reaching $1,145 million during the month of January. The figure represents a total of $185 million more exports compared to January 2021. It is also the January with the highest recorded growth in the last five years.

“Such positive results make us optimistic for the rest of the year and demonstrate that Costa Rica has an efficient and effective export model. The data alone is encouraging, especially considering that the growing and sustained base behavior is occurring during a time of pandemic and global market impacts,” said the Minister of Foreign Trade, Andrés Valenciano.

The increase in exports is reflected across all sectors with the exception of agriculture, which fell by 1% compared to January of the previous year.

The drop is attributed to fewer banana shipments to the United States and Europe, and a reduction in pineapple exports to markets such as the Netherlands and Turkey.

Despite the decline, agriculture remains the second most important sector, representing 20% ​​of total exports in the first month of the year and a total of $226 million.

Meanwhile, Precision and Medical Equipment continues to consolidate itself as the country’s main export sector, with a 34% share and 20% growth ($63 million more than January 2021). Products such as medical devices (28%), needles and catheters (21%), and equipment for intravenous injections (124%) were the leading contributors.

Other sectors such as the food industry grew by 34% ($43 million more). Syrups for soft drinks, palm oil, and fruit juices and concentrates (mainly pineapple) were the biggest drivers of the sector.

Similarly, the Chemical Pharmaceutical sector (with a 6% share) grew by 32%. Followed by Electricity and Electronics (36% growth), Metalworking (31%), and Livestock and Fish (23%) boosted by beef exports to Asia and filets and other fish product exports to the United States.

“We are facing an export sector that continually renews itself and seeks new opportunities. The data we present today is commendable and reflects the work put into diversifying markets and exports with the sole purpose of providing more global market opportunities for our exporters,” added PROCOMER General Manager Pedro Beirute Prada.

By region, exports continued to show positive behavior: North America, the main destination market, grew by 18%, Central America by 33%, Asia by 39%, the Caribbean by 11%, South America by 63%, and Europe by 0.4%.

In the case of South America, the increase in exports is attributed to greater product dynamism, such as glass containers, iron scrap, and soft drink syrups. At the same time, the slight growth rate in Europe was associated with the decrease in shipments of prostheses for medical use, pineapples, and bananas.