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• Costa Rica: a look at the market (1)

Costa Rica's Economic Overview (2022)

In 2022, Costa Rica ranked as the 83rd largest economy globally in terms of GDP (current US$), and the 82nd largest exporter and 84th largest importer. It was the 66th in GDP per capita and held the 51st position in economic complexity, according to the Economic Complexity Index (ECI), reflecting its relatively advanced but still developing economic structure.

Exports

Costa Rica's top exports in 2022 included: medical instruments ($4.56B), orthopedic appliances ($1.41B), bananas ($1.22B), tropical fruits ($1.16B), other edible preparations ($676M).

These goods were primarily exported to:

1. United States ($6.83B)
2. Netherlands ($1.22B)
3. Guatemala ($821M)
4. Belgium ($775M)
5. Nicaragua ($593M)

Costa Rica has established itself as a leading exporter of high-value medical products, particularly in the medical instruments and orthopedic sectors, alongside agricultural exports like bananas and tropical fruits.

Imports

Costa Rica's top imports in 2022 were: refined petroleum ($2.16B), medical instruments ($737M), cars ($663M), broadcasting equipment ($551M), integrated circuits ($512M).

The country sourced these imports mainly from: United States ($8.09B), China ($3.01B), Mexico ($1.03B), Guatemala ($641M), Brazil ($558M).

The high value of petroleum imports highlights Costa Rica's energy dependency, while imports of cars, medical instruments, and technology reflect the country’s growing infrastructure and healthcare sectors.

Geographic Context: Costa Rica shares land borders with Nicaragua to the north and Panama to the south. It also has maritime boundaries with Colombia and Ecuador, connecting it to international trade routes across the Pacific.

This summary highlights Costa Rica’s strategic position as both an exporter of specialized medical products and agricultural goods, as well as a significant importer of energy, technology, and vehicles. Despite its smaller size, the country's economic complexity and export profile suggest a highly specialized economy with growing potential in both high-tech and agricultural sectors.

Costa Rica's Most Specialized Products

Costa Rica exhibits strong specialization in certain exports, as measured by the RCA (Revealed Comparative Advantage) Index. The top specialized products include:

1. Bananas (RCA: 124)
2. Tropical Fruits (RCA: 99.9)
3. Medical Instruments (RCA: 40)
4. Cassava (RCA: 36.2)
5. Plant Foliage (RCA: 30.5)

The RCA index compares the proportion of Costa Rica's exports in these products to the global average, highlighting areas where the country excels.

Data Source: BACI HS6 REV. 1992, 1995–2022.

Source: https://oec.world/en/