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What Are The Advantages And Challenges For United States Food Exporters In Costa Rica 2021
Exports:- The top exports of Costa Rica are Medical Instruments($3.01B), Bananas ($1.18B), Tropical Fruits ($1.11B), Orthopedic Appliances ($817M), and Other Edible Preparations ($464M), exporting mostly to United States ($4.92B), Netherlands ($745M), Belgium($708M), Guatemala ($632M), and Panama ($592M).
Imports:- The top imports of Costa Rica are Refined Petroleum($1.52B), Broadcasting Equipment ($486M), Cars ($467M), Medical Instruments ($445M), and Packaged Medicaments ($331M), importing mostly from United States ($6.02B), China ($1.88B), Mexico ($1.02B), Guatemala ($428M), and Japan ($306M).
Advantages for US Food Exporters in Costa Rica
1. Costa Rica government are beginning to consume higher quantities of frozen and prepared foods.
2. The United States is geographically very close to Costa Rica next to Panama, which gives logistical advantages for marketing and trade.
3. U.S exporters knows U.S. food products are competitive in terms of price and quality .
4. Costa Rica government initiated a new on-line product business registration system, which helps to reduce the registration ...
... time for new imported products from U.S.
5. Costa Rica Export Data Shows- Exports to Costa Rica in the United States increased to 575.19 USD Million in January from 525.18 USD Million in December of 2020.
6. A strong tourism sector (residential and traditional) provides opportunities for U.S. exporters and for development.
7. U.S. exporters can supply different types of food volumes according to Panama local demand and maintain reliable supply throughout the year. U.S take the advantages of closing border.
8. Retailers are interested in stocking more U.S. products, including private-labeled goods.
9. The United States Ministry of Agriculture will build new cold chain facilities in tourist areas to facilitate imports of perishables, machineries, chilled and frozen foods.
10. Surrounded fellow Central America Countries Panama and Nicaragua, Costa Rica Import Data shows around $16.6 billion worth of products in 2019 and $15.9 billion worth of products in 2017. Its show the Panama and USA Trade Increasing year by year.
Disadvantages for US Food Exporters in Costa Rica
1. Many U.S. exporters are unaware that an Apostille can serve to validate the Certificate of Free Sale.
2. Costa Rica’s often slow and cumbersome bureaucracy poses a challenge to doing business in the country.
3. Local producers are increasing in the sector.
4. The Ministry of Health has specific requirements for the wording of Certificates of Free Sale. Failure to meet these requirements slows down product registration.
5. Low volume shipments of high-value products face additional costs since they must go through freight consolidators in Miami or other ports.
6. Strong competition.
7. U.S. food exporters are not geared to meet the needs of the “traditional” market (13,000 mom & pop stores), which sell items packaged in small sizes.
8. U.S. products from the Western United States and the upper Midwest face higher transportation costs relative to alternate suppliers from the rest of Central America.
Costa Rica trade data with the United States was $959.03 million in January, a change of 2.13 percent from the same month one year ago. The change in exports was -2.64 percent and the change in imports was 10.22 percent. Costa Rica ranked №41 among U.S. trade partners in January. It had ranked №41 for the same month last year.
The top three USA Export Data by value in January were Gasoline, other fuels, (2) Cell phones, related equipment, and (3) Medical instruments. The top three U.S. imports from Costa Rica, also by value, were Medical instruments, (2) Bananas and plantains, fresh or dried, and (3) Avocados, dates, figs, pineapples, etc.. By tonnage, the top three U.S. exports were (1) Gasoline, other fuels, (2) Corn, and (3) Soybeans. The top three U.S. imports, also by tonnage, were (1) Bananas and plantains, fresh or dried, (2) Avocados, dates, figs, pineapples, etc., and (3) Cassava, arrowroot, fresh or dry.
This article provides you with some valuable insights about how Costa Rica & United States can be beneficial for the growth and expansion of the business. What are the factors that one should consider while assessing import and export data and how it can be used to form business trade policies? In my opinion, USA Trade Data can be worthwhile for any business looking out from expanding its business and strategic decision making. It can provide some groundwork and a great understanding of the prospective markets and make a business move accordingly. Export trade enables one to understand the trade mechanics, supply chain, market conditions, and market opportunities. India importers data aids one to know the exact trade conditions in the country, the trade policies, goods in demand, supply chain, etc. Investing in trade data of growing countries such as Sri Lanka, Paraguay, Costa Rica, Argentina, etc. can help one to cognize the international demand of local goods and services in the market, the speculated market size, trade barriers, etc.
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I am Varun Pratap dealing in Import and Export Data all over the countries. I Started this import export business in 2015. we provide Import Export data of all the major countries which helps to grow your business exponentially. We provide the latest and most accurate import export data that are based on Trade Bills, Bill of Entry, Shipping Bills, Bill of Lading, Invoices, and other import export customs documents. Through our India trade data, we create business intelligence reports that are helpful for any kind of businesses to always be ahead from competitors.
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