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Trade deficit widens with high crude oil imports
25 Jun '08
1 min read
Trade results of Costa Rica haven't been very encouraging and it is not expected to be so with a 95 percent deficit in the period between May 2007 and the same month this year.
Mounting imports have been zeroed in as one of the major reasons for trade deficit moving from $1.2 billion in 2007 to $2.3 billion this year. However, the imbalance in trade has been registered despite a 7.8 percent increase in exports which touched $4.2 billion, a rise of $300 million in terms of value.
Experts believe that ever-increasing crude oil prices have been a major reason behind this contradictory trade condition. Costa Rica imported around $448.5 million of fuel in May 2007 while in the corresponding period of 2008, it amounted to $843.1 million, recording an 88 percent increase.
Even the textile industry has been reported to have plunged by 21 percent in sales compared to last year. Only agriculture sector remained an exception by procuring a gain of 9.5 percent.
However, it was relief for the country that despite an unstable economy, trade with the US witnessed only a marginal decline as exports to the North American giant's market dropped by a meager 0.1 percent or $2 million.
Mounting imports have been zeroed in as one of the major reasons for trade deficit moving from $1.2 billion in 2007 to $2.3 billion this year. However, the imbalance in trade has been registered despite a 7.8 percent increase in exports which touched $4.2 billion, a rise of $300 million in terms of value.
Experts believe that ever-increasing crude oil prices have been a major reason behind this contradictory trade condition. Costa Rica imported around $448.5 million of fuel in May 2007 while in the corresponding period of 2008, it amounted to $843.1 million, recording an 88 percent increase.
Even the textile industry has been reported to have plunged by 21 percent in sales compared to last year. Only agriculture sector remained an exception by procuring a gain of 9.5 percent.
However, it was relief for the country that despite an unstable economy, trade with the US witnessed only a marginal decline as exports to the North American giant's market dropped by a meager 0.1 percent or $2 million.
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