Costa Rican exports grow 15.5% in 2023 driven principally by medical devices
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Costa Rica’s exports reached US$18.2 billion in 2023. This figure represents 15.5% more than the previous year. The Foreign Trade Promoter of Costa Rica (Procomer) recently reported that overseas sales of Costa Rican exports were driven principally by precision devices, medical equipment, and products from the country’s agriculture sector.
Costa Rican exports of medical devices and agricultural products lead the way
The main Costa Rican exported products in 2023 were medical devices, bananas, pineapple, syrups, and concentrates for soft drinks and coffee. The official entity said that the agricultural sector grew in non-traditional products such as cassava, chayote, packaged coyote cilantro, and palm nuts and kernels.
The precision device, medical device, and medical equipment categories lead Costa Rican exports with a 42% share and a growth of 28% compared to the previous year.
Over the years, Costa Rica has steadily expanded its precision products, medical devices, and medical equipment exports. The following listing provides information regarding the types of products in these categories that have been growing in Costa Rican exports in recent years:
Precision Products:
- Precision-machined components and parts
- Optical lenses and components
- Electronic components (such as microchips and circuit boards)
- Precision tools and equipment
- Precision-molded plastic components
Medical Devices:
- Orthopedic implants (such as knee and hip replacements)
- Surgical instruments and equipment
- Dental equipment and supplies
- Cardiovascular devices (e.g., pacemakers, stents)
- Diagnostic imaging equipment (ultrasound machines, MRI machines, X-ray machines)
- Rehabilitation and physical therapy equipment
- Disposable medical supplies (syringes, catheters, gloves)
Medical Equipment:
- Hospital beds and furniture
- Patient monitoring systems
- Surgical lights and tables
- Anesthesia machines
- Infusion pumps
- Laboratory equipment (centrifuges, analyzers)
- Medical refrigeration units
Costa Rica has been particularly successful in attracting medical device manufacturing companies due to its skilled labor force, stable political environment, and investment incentives. The country’s exports in these sectors have contributed significantly to its economy and have made it a prominent player in the global medical device market. For the most accurate and up-to-date information on specific companies and products exported from Costa Rica in these sectors, it’s advisable to consult official trade statistics or industry reports.
The agriculture sector is of critical importance
The agricultural sector, second in importance for Costa Rica, reached 18% of total exported goods, for a growth of 11%. The food industry increased its sales abroad by 4%, the chemical-pharmaceutical sector by 13%, and the electrical and electronics sector by 18%. The following is a listing of the leading Costa Rican exports from the industries mentioned above:
Agricultural Exports:
- Bananas: Costa Rica is one of the world’s leading exporters of bananas, with companies like Chiquita Brands International operating in the country.
- Pineapples: Costa Rica is a major exporter of fresh pineapples, supplying markets worldwide with its sweet and juicy fruit.
- Coffee: Costa Rican coffee is renowned for its high quality and is exported to various countries, particularly specialty coffee markets.
- Ornamental plants and flowers: The country exports a wide variety of ornamental plants and flowers, including orchids and tropical foliage, to markets in North America and Europe.
- Sugar: Costa Rica produces and exports raw and refined sugar, with sugar cane cultivation being an essential agricultural activity in the country.
Food Industry Exports:
- Processed fruits and vegetables: Costa Rica exports a range of processed fruits and vegetables, including fruit juices, canned fruits, and frozen vegetables.
- Processed seafood: The country’s seafood processing industry exports products such as frozen shrimp, fish fillets, and canned seafood to international markets.
- Snack foods: Costa Rica produces and exports a variety of snack foods, including plantain chips, taro chips, and cassava chips.
- Chocolate and cocoa products: The country has a growing cocoa industry and exports chocolate bars, cocoa powder, and cocoa butter to global markets.
- Dairy products: Costa Rica exports dairy products such as cheese, yogurt, and milk powder to neighboring countries and beyond.
Chemical-Pharmaceutical Exports:
- Pharmaceuticals: The country produces and exports pharmaceutical products, including generic and over-the-counter drugs, to various markets in Latin America and beyond.
- Chemicals for agricultural use: Costa Rica exports chemicals used in agriculture, such as pesticides, herbicides, and fertilizers, to support its agricultural sector and meet the needs of international markets.
- Biotechnology products: The country is also making strides in the biotechnology sector and exports biopharmaceuticals and biotech products to global markets.
These exports play a significant role in Costa Rica’s economy, contributing to employment, foreign exchange earnings, and economic development.
Costa Rican exports are shipped the world over
Regarding the destination of Costa Rican exports, the North American region grew by 17% compared to 2022, Central America by 16%, Europe by 15%, Asia by 19%, and South America by 2%, while Costa Rican exports to the Caribbean nation’s fell 0.03%.
“We are clear that international trade is a tool for economic growth, lowering the cost of living, stimulating investment and job creation. Continuing to place our products in international markets is one of our great goals. That is why we are diversifying commercial exchange opportunities with more countries,” explained the Minister of Foreign Trade, Manuel Tovar.
In conclusion, Costa Rica’s robust export growth in 2023, led by the remarkable performance of precision devices, medical equipment, and agricultural products, underscores the nation’s position as a key player in global trade. With exports reaching US$18.2 billion, representing a 15.5% increase over the previous year, Costa Rica’s diverse export portfolio continues to drive economic development, job creation, and foreign exchange earnings. The country’s success in attracting medical device manufacturing companies and its agricultural prowess highlight the importance of skilled labor, stable governance, and strategic investment incentives. As Costa Rica expands its trade relationships across North America, Central America, Europe, Asia, and South America, the government’s commitment to fostering international commerce remains steadfast, promising continued growth and prosperity for the nation.
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