Costa Rica's Trade Gap Widens as US Tariff Bites

Costa Rica’s goods trade deficit reached US$2,898.22 million in the first nine months of 2026, and the pace is picking up. Preliminary data from the Banco Central de Costa Rica (BCCR) show September alone added roughly US$502 million to the total—about 68% above the average monthly gap of around US$300 million recorded through August.

The running total makes the shift clear. It stood at US$1,957.33 million through July, then US$2,396.24 million through August. Subtracting those totals puts August’s deficit at about US$439 million. September’s came in about US$63 million wider. Those monthly figures are calculations from the cumulative totals, not numbers the bank states outright.

The Tariff Backdrop

The widening gap follows a change in trade terms by Washington. The Office of the U.S. Trade Representative confirmed on 23 July a 12.5% tariff on certain Costa Rican export goods. Comex, the Foreign Trade Ministry, 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.

Some goods remain exempt. Coffee, pineapple, bananas and orange juice stayed off the list, and Comex said it added more products to the exemption list. But the available figures don't break out exports by U.S. tariff treatment, so the tariff's contribution to the 2% decline in exports to North America isn't known. That's a gap in the public record, and it matters to anyone trying to judge who's paying the price.

What the Export Numbers Show

Exports aren't collapsing. Comex announced on 24 September that goods exports reached US$15.68 billion in January to August, up 4%, or US$655 million, from a year earlier. Trade Minister Indiana Trejos called that growth "favourable" given geopolitical and trade uncertainty.

The sources of growth tell a different part of the story. Precision and medical equipment accounted for US$7.29 billion, or 46% of goods exports, up just 1%. Electrical and electronic exports rose 18%, while plastics fell 5%. North America took US$7.47 billion, or 48% of exports, but slipped 2%. 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.

Costa Rica is diversifying, and sectors such as plastics are already losing ground. Yet nearly half of exports still rely on one region now imposing higher duties.

What We Still Don't Know

The BCCR table, titled Balance comercial acumulado, draws on customs records from the Dirección General de Aduanas. The bank adjusts raw customs figures for processing services performed for third parties, maintenance and repairs, and marks figures from January 2025 onward as preliminary. Since the table provides cumulative balances only, separate September export and import totals aren't available. Nobody can yet say whether weaker exports, stronger imports, or both explain the gap. The data also lack a comparison with the same period in 2025, and officials may revise earlier figures.

Comex hadn't posted September export figures on its press page when checked on 22 October. The BCCR hadn't specified a release date for its October trade balance, and Comex hadn't announced when it would publish export totals including September.

Why This Matters:

A widening trade deficit isn't just an accounting entry. It affects jobs, wages and the public finances that pay for schools, clinics and social programs. Costa Rica's economy depends heavily on a handful of export sectors and one dominant market, and a new tariff from that market lands on workers and producers who had no say in the investigation behind it. Public data remain too thin to show which industries and communities absorb the hit, limiting democratic oversight. With the tariff in force for 90 days and official numbers still preliminary, policymakers face decisions on trade support and diversification without a full picture. Transparent, timely and disaggregated trade reporting would help the public judge whether the burden is shared fairly or falls on those least able to carry it.