Closure of Intel manufacturing slowed export growth, latest report shows

August 21^st, 2014 (InsideCostaRica.com) Costa Rican exports for the first seven months of 2014 grew just 1.4%, according to the latest report by foreign trade promoter, Procomer.

According to the report, issued this week, January-July exports totaled $6,868,000,000, compared to $6,771,000,000 during the same period last year.

However, if the loss of Intel’s manufacturing operations was removed from the equation, export growth would have stood at 4.6% for the period, Procomer said.

Minister of Foreign Trade, Alexander Mora, said the numbers are still positive for the export sector, noting growth in exports to non-traditional markets.

“An increase of 14.5% in exports to Norway and 217.2% to Switzerland shows that market diversification strategies that have been implemented are producing results,” Mora said.

The largest growth figures in exports were witnessed in medical devices, which grew 18.7%, pineapple (15.1%), melons (19.1%) and milk (39.7%).

Procomer general manager, Jorge Sequeira, highlighted the growth in exports of medical devices, saying the devices would soon be Costa Rica’s primary export.

“The continued growth in sales of medical devices will make them the main export of the country by the end of this year,” Sequeira said.