Costa Rica's Trade Gap Hits $2.9B as September Widens

Costa Rica’s goods trade deficit hit US$2,898.22 million in the first nine months of 2026, and the gap keeps widening. Preliminary Banco Central de Costa Rica (BCCR) data put the cumulative shortfall at US$2,396.24 million through August and US$1,957.33 million through July. Subtract those totals, and September’s deficit comes to about US$502 million. August’s was about US$439 million.

That’s a jump. September’s gap was roughly US$63 million wider than August’s and about 68% above the average monthly deficit of around US$300 million during the first eight months of the year.

The Numbers Behind the Gap

The BCCR table, titled Balance comercial acumulado, uses customs records from the Dirección General de Aduanas. The bank adjusts raw customs figures to account for processing services performed for third parties, maintenance and repairs. The series labels figures from January 2025 onward as preliminary and identifies the series as FUES.

There’s a catch. The table lists cumulative balances only, so separate September export and import totals aren’t available, nor can readers see the split between weaker exports and stronger imports. The monthly gaps here come from calculations based on cumulative figures; the bank didn’t state them directly. The data also offer no comparison with the same period in 2025, and officials could revise earlier figures.

Exports Still Growing

The export side looks healthier than the deficit suggests. 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, up 1%. Electrical and electronic exports climbed 18%. Plastics fell 5%.

The regional picture was mixed. North America received US$7.47 billion, or 48% of exports, but that figure fell 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 climbed 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 supply these export figures, which come from a series separate from the BCCR trade balance. Comex’s press page didn’t have September export figures when checked on 22 October.

The U.S. Tariff Factor

Washington’s trade policy looms in the background. 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 had been in force for 90 days as of 22 October. The tariff followed a Section 301 investigation into rules against forced-labour imports in 60 economies.

Not everything got hit. Coffee, pineapple, bananas and orange juice remained excluded, and Comex said officials added additional products to the exemption list. Still, available figures don’t separate exports by U.S. tariff treatment, so the tariff’s contribution to the 2% decline in exports to North America isn’t known.

What Comes Next

The BCCR hadn’t specified when it would release its October trade balance. Comex hadn’t announced when it would publish export totals including September. Until both arrive, the question of why the gap widened stays open.

Why This Matters:

A goods deficit nearing US$2.9 billion in nine months, with September running 68% above the earlier monthly pace, puts the focus on how a small, trade-dependent economy pays for imports. Export figures show real strength in electronics and medical equipment, yet nearly half of all goods exports still go to North America, where sales fell 2% as a 12.5% U.S. tariff took hold. Diversifying into Asia and Europe is the market-driven response, and the numbers show it working. But without a breakdown of imports and exports, nobody can say whether September reflects weaker sales or stronger buying. The next BCCR release will matter. So will whether the preliminary figures hold.