Costa Rica Registers $19.9 Billion in Exports for 2024, Led by Medical Devices
Medical devices dominate Costa Rica's export landscape with significant growth observed across various sectors in 2024.
Costa Rica's export revenues reached $19.894 billion in 2024, with a notable contribution of 44% from the medical devices sector, amounting to $8.753 billion.
This marks a continued expansion for the industry, which has progressively become a larger segment of the country's overall exports.
In terms of agricultural exports, pineapple emerged as the second-largest export product with a 7% share (approximately $1.400 billion), followed by bananas at 6% ($1.200 billion), according to a joint statement by the Ministry of Foreign Trade (Comex) and the Foreign Trade Promoter (Procomer).
Overall exports from Costa Rica saw a 9% increase compared to 2023, with the precision and medical equipment sector experiencing a 14% rise.
The agricultural sector, accounting for 18% of the total exports, saw a 7% increase, while the food industry reported an 8% growth.
Key exports from Costa Rica also included products such as syrups and concentrates for soft drinks, gold coffee, electrical cables, fruit juices and concentrates, palm oil, tires, and electrical materials.
These trends have helped position Costa Rica as a regional leader in export growth, surpassing countries including Brazil, Chile, Colombia, and Mexico, as noted by Laura López, General Manager of Procomer.
In 2023, Costa Rica achieved the highest growth rate in goods and services exports in Central America and Panama, with a 16% increase, according to projections by the Economic Commission for Latin America and the Caribbean (ECLAC) presented in November.
The medical device sector's success is attributed to decades of investment and diversification, as highlighted by Marianela Urgellés Batalla, Director General of the Costa Rican Coalition for Development Initiatives (Cinde).
Over the years, the sector expanded from five areas of specialization to 16, involving fields such as cardiovascular systems, respiratory devices, neurovascular, and orthopedics.
Currently, Costa Rica exports medical devices worldwide, enhancing both the diversity and complexity of its offerings.
Until November, the main export destinations included North America, primarily the United States, followed by the European Union and Central America.
Costa Rica's exports to North America grew by 13%, with sales to South America and Europe increasing by 10% each.
Exports to Central America rose by 5%, and the Caribbean by 2%.
In contrast, exports to Asia saw a 4% decline, partly due to reduced shipments of medical devices to Japan.
Meanwhile, Costa Rica's export services grew by 12% by the third quarter of 2024, totaling $12.190 billion.
This growth was driven by service sectors, which accounted for 41% of the total, followed by travel at 35%, information and telecommunication at 14%, transformation services at 5%, and transport at 3%.
The travel sector increased by $655 million, business services went up by $379 million, information and telecommunication grew by $217 million, and transformation services rose by $49 million.
The expansion of business and information technology services has been emphasized as crucial for Costa Rica's role as a hub for innovation and talent.
Notably, the domestic workforce's expertise continues to support the country's growing position in international markets.
This marks a continued expansion for the industry, which has progressively become a larger segment of the country's overall exports.
In terms of agricultural exports, pineapple emerged as the second-largest export product with a 7% share (approximately $1.400 billion), followed by bananas at 6% ($1.200 billion), according to a joint statement by the Ministry of Foreign Trade (Comex) and the Foreign Trade Promoter (Procomer).
Overall exports from Costa Rica saw a 9% increase compared to 2023, with the precision and medical equipment sector experiencing a 14% rise.
The agricultural sector, accounting for 18% of the total exports, saw a 7% increase, while the food industry reported an 8% growth.
Key exports from Costa Rica also included products such as syrups and concentrates for soft drinks, gold coffee, electrical cables, fruit juices and concentrates, palm oil, tires, and electrical materials.
These trends have helped position Costa Rica as a regional leader in export growth, surpassing countries including Brazil, Chile, Colombia, and Mexico, as noted by Laura López, General Manager of Procomer.
In 2023, Costa Rica achieved the highest growth rate in goods and services exports in Central America and Panama, with a 16% increase, according to projections by the Economic Commission for Latin America and the Caribbean (ECLAC) presented in November.
The medical device sector's success is attributed to decades of investment and diversification, as highlighted by Marianela Urgellés Batalla, Director General of the Costa Rican Coalition for Development Initiatives (Cinde).
Over the years, the sector expanded from five areas of specialization to 16, involving fields such as cardiovascular systems, respiratory devices, neurovascular, and orthopedics.
Currently, Costa Rica exports medical devices worldwide, enhancing both the diversity and complexity of its offerings.
Until November, the main export destinations included North America, primarily the United States, followed by the European Union and Central America.
Costa Rica's exports to North America grew by 13%, with sales to South America and Europe increasing by 10% each.
Exports to Central America rose by 5%, and the Caribbean by 2%.
In contrast, exports to Asia saw a 4% decline, partly due to reduced shipments of medical devices to Japan.
Meanwhile, Costa Rica's export services grew by 12% by the third quarter of 2024, totaling $12.190 billion.
This growth was driven by service sectors, which accounted for 41% of the total, followed by travel at 35%, information and telecommunication at 14%, transformation services at 5%, and transport at 3%.
The travel sector increased by $655 million, business services went up by $379 million, information and telecommunication grew by $217 million, and transformation services rose by $49 million.
The expansion of business and information technology services has been emphasized as crucial for Costa Rica's role as a hub for innovation and talent.
Notably, the domestic workforce's expertise continues to support the country's growing position in international markets.
