By Wendy Anders

In the first nine months of this year, Costa Rica’s trade deficit fell to USD 3.86 billion from USD 4.11 billion in the same period last year, as exports grew 7.4 percent to USD 7.43 billion while imports increased 2.4 percent to USD 11.29 billion.

Costa Rica’s trade deficit decreased by 9.3 percent in September 2016 (USD 446.1 million) from USD 491.7 million the same month of the previous year.

Exports rose 15.3 percent year-on-year to USD 814 million and imports went up at a slower 5.2 percent to USD 1260.2 million.

Balance of trade in Costa Rica has averaged -258.06 USD million between 1995 and 2016, reaching an all time high of 139.50 USD million in April 1999, and a record low of -678.30 USD million in February 2016. Balance of trade in Costa Rica is reported by the Central Bank of Costa Rica.

Costa Rica’s lack of mineral resources makes the country reliant on imports of fuels which represent 11 percent of total imports. As a result, the country has been registering trade deficits since 1995. Costa Rica´s main exports are: electronic components, medical equipment, and tourism. Costa Rica’s main trading partner is the United States (37 percent of total exports and 52 percent of imports). Other main partners include: Panama, Guatemala, China and Mexico, said the Central Bank.