Exporting to Costa Rica

With a population of 5 million people (IMF, 2019), Costa Rica is a Central American country bordered by the Caribbean Sea to the north east and the Pacific Ocean to the south west. In the year ending June 2019, the total trade in goods and services was £446 million, an increase of 2.5% on the previous year (ONS, 2019).

Demand for UK goods and services

The total UK exports to Costa Rica in the year to June 2019 amounted to £87 million (ONS 2019). There are particular opportunities for UK businesses in the cleantech, food and drink, healthcare, security and infrastructure sectors.

Growth in imports

Imports into Costa Rica have grown consistently since 2014. In 2018 they rose by just 0.1%, but a figure of 1.5% is predicted for 2019 and 4.7% for 2020. The top goods imported by Costa Rica from the UK in the year to June 2019 were cars, specialised machinery, metal manufactures, chemicals and beverages (ONS, 2019). If your business specialises in any of these product sectors, Costa Rica could be a good market for you.

Economic stability

The Costa Rican economy has expanded consistently since 2014. Its GDP grew by 2.6% in 2018, with a rise of 2.0% predicted for 2019 and similar figures expected for the following 5 years (IMF, 2019). With the rate of inflation staying low at 2.2% in 2018 (IMF, 2019), the spending power of the Nicaraguan population should increase, which could benefit UK exporters.

Ease of doing business

74th

out of 190 countries (World Bank, 2019)

Currency

Costa Rican colon

Business languages

Spanish

You may need a translator

GDP per capita

$12,039

UK is $41,030 (IMF, 2019)

Economic growth

2.6%

(IMF, 2019)

Time zone

GMT -6

Next steps

DIT can advise you on doing business abroad, and help put you in touch with other people who can help such as lawyers and distributors.