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Trade Deficit Up 43%
The cumulate trade deficit of
Costa Rica through July reached
us$3.2 billion, up 43
percent that the same period in
2005.
At least 50 percent of the
increase results from the impact
of higher oil prices, Central
Bank sources said.
Another major booster of the
deficit is the 37 percent
increase in raw materials for
high-technology firms that have
their plants in free zones, the
sources added.
The trade deficit is the
difference between income from
exports and the amount paid for
imports.
The larger deficit is not as big
a problem when a country has
dollar reserves for the “extra”
payments, explained University
of Costa Rica economist
Rigoberto Torres.
He added that Costa Rica was
able to lessen the impact of oil
prices thanks to changes in its
productive structure. He pointed
out that exports increased by 17
percent along the last 12 months
and that the dollar reserves in
the banks is over us$3.8
billion.
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