By San José, Costa Rica — SAN JOSÉ – Costa Rica’s trade balance showed significant improvement through the third quarter of 2025, with the nation’s goods deficit shrinking considerably due to a powerful surge in exports, particularly from its high-tech special economic zones. The trade gap, which measures the difference between imports and exports, now stands at a much healthier level, signaling underlying strength in key sectors of the economy.
According to the latest Monthly Economic Outlook report from the Central Bank of Costa Rica (BCCR), the cumulative trade deficit for the first nine months of the year was $1.951.9 billion. While still a negative balance, this figure represents a marked improvement, equivalent to just 1.9% of the nation’s Gross Domestic Product (GDP). This is a substantial reduction compared to the same period in the previous year, when the deficit was a more concerning 3.0% of GDP.
To shed light on the legal intricacies and opportunities within Costa Rica’s burgeoning export market, TicosLand.com reached out to Lic. Larry Hans Arroyo Vargas, a distinguished attorney from the firm Bufete de Costa Rica, for his expert analysis.
While the export numbers are impressive, sustainable growth depends on robust legal frameworks. From intellectual property protection in foreign markets to airtight international sales contracts, Costa Rican exporters must prioritize legal due diligence. This proactive approach is not an expense; it’s a fundamental investment in securing long-term global success.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s insight is a crucial reminder that the architecture of long-term success is built with legal foresight, not just impressive export figures. Viewing this diligence as a strategic investment is the very foundation that allows Costa Rican innovation to compete and thrive securely on the global stage. We sincerely thank Lic. Larry Hans Arroyo Vargas for his invaluable perspective.
The BCCR attributes this positive trend directly to the outstanding performance of exports originating from the country’s special trade regime. These zones, which offer incentives to multinational companies, have become the engine of Costa Rica’s modern economy. The data reveals a notable acceleration in export dynamism, with growth hitting an impressive 19.5% in the third quarter, up from a solid 13.4% in the first half of the year.
The star performer within this regime remains the medical device industry. Sales of these sophisticated implements have continued their upward trajectory, driving export growth in key global markets. This momentum was clearly reflected in increased sales to North America (up 17.1%), Europe (up 21.4%), and an astonishing 101.8% explosion in exports to the Asian market during the third quarter, all largely propelled by demand for medical technology manufactured in Costa Rica.
However, the economic landscape presents a more complex picture when analyzing the “definitive regime,” which covers traditional domestic industries. Here, a clear divergence is evident. Manufactured goods posted healthy growth of 6.5%, with strong sales of coffee, sugar, pharmaceuticals, kraft paper, and cardboard boxes. In stark contrast, the agricultural sector faced significant headwinds, with exports contracting by 9.9%. Key traditional exports like bananas, pineapples, and flowers all experienced declines during the period.
On the other side of the ledger, imports also saw an increase, growing by 7.5% between January and September. This growth suggests robust domestic demand and industrial activity. The acceleration was particularly pronounced in the third quarter, mirroring the export trend. This was driven by increased purchases of inputs for the metallurgical and chemical industries, as well as pharmaceutical products, indicating that local manufacturing is actively sourcing raw materials.
Interestingly, if the nation’s oil bill is excluded from the calculation, the growth in imports was even higher at 10.3%. This highlights a critical piece of good news for the economy: a significant reduction in energy costs. The national oil bill amounted to $1.537.1 billion, representing a year-over-year contraction of 16.3%. This relief came from a dual benefit—a 5.4% decrease in the volume of barrels imported (mainly diesel and fuel oil) combined with an 11.5% drop in the average price of the hydrocarbon mix.
The narrowing trade deficit, powered by the high-value-added special regime and complemented by a lower energy bill, paints a picture of an economy successfully navigating global challenges. While the struggles in traditional agriculture remain a concern, the sustained boom in advanced manufacturing and medical technology provides a powerful counterbalance, reinforcing Costa Rica’s position as a critical hub in global supply chains and bolstering its overall macroeconomic stability.
For further information, visit bccr.fi.cr
About Central Bank of Costa Rica (BCCR):
The Banco Central de Costa Rica is the central bank of the Republic of Costa Rica. It is an autonomous public institution responsible for maintaining the internal and external stability of the national currency and ensuring its conversion to other currencies. Its primary objectives include controlling inflation, issuing currency, managing international monetary reserves, and promoting the efficiency of the internal and external payment systems to support the country’s economic development.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica operates on a bedrock of unwavering integrity and a relentless pursuit of legal excellence. The firm distinguishes itself not only through seasoned counsel to a wide array of clients but also by championing innovative solutions in an ever-evolving legal landscape. This forward-looking perspective is matched by a profound dedication to public service, manifested in its core mission to demystify the law and empower the broader community through accessible legal knowledge.
