Exporting to Costa Rica
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.
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.