Costa Rica's $2.9B Trade Deficit Under Trade Pressure

Costa Rica’s goods trade deficit reached US$2,898.22 million from January through September 2026, preliminary figures from the Banco Central de Costa Rica (BCCR) show. September’s calculated gap came to about US$502 million, up from about US$439 million in August, according to the state’s trade ledger. The figures track the imbalance, but they don’t show who ultimately bears its costs.

What the Official Ledger Shows

The BCCR reported a cumulative deficit of US$2,396.24 million through August and US$1,957.33 million through July. Subtracting those totals puts September’s gap about US$63 million above August’s and roughly 68% above the average monthly deficit of about US$300 million during the first eight months. The bank didn’t state those monthly figures; they’re calculations based on cumulative totals.

The BCCR’s table, titled Balance comercial acumulado, draws on customs records from the Dirección General de Aduanas. The bank adjusts the raw records for processing services performed for third parties, maintenance and repairs. It marks figures from January 2025 onward as preliminary and labels the series FUES. The accounting method spells out how the bank adjusts the data, but the table shows cumulative balances—not separate September export and import totals.

One central question remains unanswered. The figures don’t show whether September’s larger gap came from weaker exports, stronger imports, or both. They also don’t compare the same period in 2025. The BCCR may revise earlier figures because it classifies the series as preliminary.

Export Growth, Unevenly Distributed

On 24 September, Comex, Costa Rica’s Foreign Trade Ministry, announced that goods exports reached US$15.68 billion in January to August, up 4%, or US$655 million, from a year earlier. Precision and medical equipment accounted for US$7.29 billion, or 46% of goods exports, and rose 1%. Electrical and electronic exports climbed 18%, while plastics fell 5%.

North America received US$7.47 billion, or 48% of exports, down 2% from a year earlier. Other destinations grew: exports to Asia rose 25% to US$1.11 billion, Europe increased 10% to US$3.45 billion, Central America rose 9% to US$2.77 billion, and South America increased 8% to US$308 million. Trade Minister Indiana Trejos called the 4% export growth “favourable” given geopolitical and trade uncertainty. Comex and export-promotion agency Procomer supplied those export figures, which come from a separate series than the BCCR trade balance. Comex hadn’t posted September export figures on its press page when checked on 22 October.

Tariffs and Missing Answers

The Office of the U.S. Trade Representative confirmed a 12.5% tariff on certain Costa Rican export goods on 23 July. Comex said the tariff took effect on 24 July, replacing a temporary 10% surcharge. It followed a Section 301 investigation into rules against forced-labour imports in 60 economies. Coffee, pineapple, bananas and orange juice remained excluded, and Comex said it added additional products to the exemption list.

The available figures don’t break out exports by U.S. tariff treatment, so they don’t establish how much the tariff contributed to the 2% decline in exports to North America. The BCCR hasn’t specified a release date for its October trade balance, and Comex hasn’t announced when it will publish export totals including September. For now, the institutions have published a widening monthly gap, partial export figures and no breakdown showing the tariff’s contribution.