At the end of November, Costa Rican exports increased by 7%, reaching $10.47 billion, and estimates show that 2018 will end with an approximate figure of $11 billion; thus maintaining the growth trend in exports in recent years.
However, the performance of the definitive regime where most export companies are located causes concern in the Chamber of Exporters of Costa Rica (CADEXCO), since their good performance was maintained only during the first quarter of 2018.
In November, the free zone companies showed a growth of 13%, while those of the definitive regime only grew by 1%. The Chamber noticed that this regime began to show significant drops from the moment the crisis in Nicaragua started and after the national strike.
The definitive regime includes mostly SMEs, companies in rural areas that facilitate unskilled employment and brings together other industries of equal importance that contribute to the country’s momentum; so it is urgent to carry out actions that allow for better performance,”
said Laura Bonilla, CADEXCO’s chief.
Another issue highlighted by Bonilla is the future placement of bonds, since it could have side effects on the competitiveness of the export and tourism sector.
External financing is welcome in better terms and rates, but not used to finance current spending. We also do not accept that the Eurobonds bill includes a line of credit of $800 million per year, to finance liquidity that would distort the exchange market, deteriorating the export sector,”
explained Bonilla.
Other key issues for the development of the export sector are improvements in the simplification of procedures and streamlining of the transit of goods in export.
Regarding the positioning of Costa Rican exports, the entrepreneurs highlighted that they currently reach 150 countries with 4,390 products.
The export sector generates 687 thousand direct jobs through 2,405 Costa Rican companies. Its production is equivalent to 34% of the Gross Domestic Product of the country.