Although Costa Rica is a small country, it is considered as one of the most attractive destinations in Central America for foreign investment. Costa Rica holds a strategically advantageous geographic location, with ease of access to the main economic powers in the region through comprehensive maritime logistics.
The country has been no stranger to the economic impact of Covid-19 on certain industries. However, there have been new recovery initiatives designed to positively reinvent . Where different industries have successfully implemented telework, new businesses have quickly implemented virtual platforms to continue working. Currently, Costa Rica shows a promising future in the trade, production, and services sector.
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Costa Rica’s promising export sector
According to Pedro Beirute, director of Procomer “in addition to traditional tropical fruits such as pineapple, apple, banana and mango, Costa Rica exports a wide variety of tropical fruits, such rambutan, pitahaya, star fruit, and uchuva”.
Furthermore, the largest consumer of Costa Rican fruits is the United States, as its imports from Costa Rica comprise 42.2% of products exported from the country. The United States consumes four times the amount required by the second-largest importer of Costa Rican fruits”.
Likewise, The United States is Costa Rica’smain trading partner, as confirmed by data from the Central Bank of Costa Rica and the Ministry of Foreign Trade.
The country produces globally famous coffee
According to the presidency of Costa Rica, the world has begun to change its food customs, including the tasting of coffee. According to data from the Coffee Institute of Costa Rica (ICAFE), the export of this product has increased to the point that the export between the months of March and April of 2019 was about 130 containers per week of grain.
Consumption of coffee has changed to a modality that could be known as ‘consumption at home’ in response to the closing of different commercial premises that offered these prepared products to the public. The International Monetary Fund (IMF), indicated that the only market that shows a positive trend in the world was Arabica coffee, which is harvested 100% in Costa Rica.
Costa Rica’s coffee exports benefit more than 38 thousand producing families in the region of the central valley, composed by Tres Ríos, Turrialba, Brunca, Gianacaste, Tarrazú, Orosí and Valle Occidental. These areas represent more than 90 thousand hectares and 1.8% of the national territory.
Export of pork to China
Costa Rica has recently begin to export pork to China. Becoming the first country in Centra America to supply China with pork.
An export volume of 3 million kilos of pork is expected in the coming years. This continues to increase every year, since 24 thousand kilos of meat were exported in the first shipment. In addition, it must be taken into account that Costa Rica already imported 15 million kilos of beef in 2019.
Costa Rica’s privileged location for production
Costa Rica is well-known for being a country where both the Caribbean and Pacific ocean converge. This means that the nation has a great variety of biological diversity, lands, and ecosystems that enable the development of many forms of agricultural livestock and other production activities.
Costa Rica shows a promising future to produce exports due to geographical localization. For example, Guanacaste – a region in the peaceful north – has livestock land, producers of grain, fodder, and aquaculture with dry climates almost all year round. Puntarenas, located in the Pacific, is rich in fruits like melon, watermelon, palm, and rambutan. Lemon is abundant in the Caribbean with the production of bananas, palm, and coca. Likewise, the central valley area is famous for coffee production.
Take advantage of business opportunities in Costa Rica
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The information provided here within should not be construed as formal guidance or advice. Please consult a professional for your specific situation. Information provided is for informative purposes only and may not capture all pertinent laws, standards, and best practices. The regulatory landscape is continually evolving; information mentioned may be outdated and/or could undergo changes. The interpretations presented are not official. Some sections are based on the interpretations or views of relevant authorities, but we cannot ensure that these perspectives will be supported in all professional settings.