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Costa Rica's external sector: exports, free zones, foreign direct investment and reserves

Argentina. For full detail on Argentina, go to The Argentine Thread.

Last verified: 2026-10-29 · Status: Changing

Costa Rica is a small open economy whose exports reached a record US$35,243 million in 2025: US$22,855 million of goods (up 14 percent, nearly half medical devices) and US$12,512 million of services. Foreign direct investment inflows were US$5,121.8 million in 2025, and free zone companies generated 15 percent of GDP and 65 percent of goods exports in 2024. The current account deficit is small (0.6 percent of GDP in 2025, projected 1.4 percent in 2026) and more than financed by long term inflows, and net international reserves were US$20,805.4 million on 28 July 2026.

USD figures use the Banco Central de Costa Rica reference selling rate of ₡454.82 per US dollar (buying rate ₡449.44) published for 29 October 2026 (indicators 318 and 317 on bccr.fi.cr), rounded. Conversions are for orientation only.

Key facts

Total exports of goods and services, 202535243 USD millionPROCOMER Memoria 2025, as of 2026-05-01 · in force
Goods exports, 202522855 USD millionPROCOMER Memoria 2025, as of 2026-05-01 · in force
Goods export growth, 202514 %PROCOMER Memoria 2025, as of 2026-05-01 · in force
Services exports, 202512512 USD millionPROCOMER Memoria 2025, as of 2026-05-01 · in force
Precision and medical equipment share of goods exports, 202548 %PROCOMER Memoria 2025, as of 2026-05-01 · in force
North America share of goods exports, 202550 %PROCOMER Memoria 2025, as of 2026-05-01 · in force
Free zone share of goods exports, 202465 %PROCOMER Memoria 2025, as of 2026-05-01 · in force
FDI inflows, 20255121.8 USD millionBCCR data cited in PROCOMER Memoria 2025, as of 2026-05-01 · in force
Current account deficit, 2025 (estimate)0.6 % of GDPBCCR IPM July 2026, as of 2026-07-30 · in force
Current account deficit, 2026 projection1.4 % of GDPBCCR IPM July 2026, as of 2026-07-30 · pending
Net international reserves (28 July 2026)20805.4 USD millionBCCR IPM July 2026, as of 2026-07-28 · in force
Net international reserves to GDP (28 July 2026)18.1 % of GDPBCCR IPM July 2026, as of 2026-07-28 · in force
Free zone minimum new fixed asset investment150000 USDLey 7210 art. 1, as of 1998-09-22 · in force
Central bank registration or approval of FDINot required; free convertibility under Ley 7558 ruleLey 7558 art. 2, as of 1995-11-03 · in force

The rule

1. Custody and administration of the nation's international monetary reserves is an essential function of the Banco Central, together with maintaining the external value and convertibility of the colón and setting monetary and exchange policy; a subsidiary objective is the good use of reserves for general economic stability.Ley 7558, Ley Orgánica del Banco Central de Costa Rica, art. 2(b) and art. 3(a), (b) and (c), 1995-11-03 official text · verified 2026-10-29
2. The BCCR reported net international reserves of US$20,805.4 million on 28 July 2026, equal to 18.1 percent of GDP and 177.1 percent of its reserve adequacy indicator. In the first half of 2026 the current account deficit was 0.5 percent of GDP, gross direct investment inflows 5.4 percent and reserve accumulation 3.2 percent. For the full years it estimates a current account deficit of 0.6 percent of GDP in 2025 and projects 1.4 percent in 2026 and 1.3 percent in 2027, with direct investment inflows of 5.4, 8.0 and 4.7 percent of GDP. It assumes no foreign currency purchases to build reserves in 2027 and is reviewing the reserve adequacy indicator set in session 6110 of 2023.BCCR Informe de Política Monetaria July 2026 (presentation and press release CP-BCCR-020-2026), Balance of payments and reserves tables, 2026-07-30 official text · verified 2026-10-29
3. In the private FX market, the special regimes (free zones and inward processing) supplied a net 92.7 percent of the net result between January and June 2026, while companies in the regular regime were net buyers (minus 12.3 percent). The Banco Central noted a relative abundance of foreign currency that let it meet the non bank public sector's needs and continued appreciation of the colón during 2026.BCCR Informe de Política Monetaria July 2026, Private FX market and reserves slide; monetary conditions section, 2026-07-30 official text · verified 2026-10-29
4. The Free Zone Regime is the set of incentives the State grants to companies making new investments that manufacture, process, repair or provide services for export or re-export, inside areas without resident population authorised by the Executive. New initial investment in fixed assets must be at least US$150,000; small companies of up to 20 workers may combine their investments to reach it, and extra infrastructure investments count as new investment for companies outside the Greater Metropolitan Area.
Cost to do it: Minimum new fixed asset investment US$150,000 (about ₡68,223,000 at the reference selling rate).Ley 7210, Ley de Régimen de Zonas Francas, art. 1 as reformed by Ley 7830 of 22 September 1998; art. 1 bis, art. 1 and art. 1 bis, 1998-09-22 official text · verified 2026-10-29
5. PROCOMER, the export promotion agency, administers the single foreign trade window, supports the Ministerio de Comercio Exterior in running the special export regimes and monitors foreign trade statistics with the competent institutions. Its 2025 annual report states that goods exports grew 14 percent to US$22,855 million, services exports 8 percent to US$12,512 million and total exports 11 percent to US$35,243 million; precision and medical equipment made up 48 percent of goods exports, North America took 50 percent, Europe 21 percent, Central America 17 percent, Asia 6 percent and the Caribbean 3 percent. FDI inflows were US$5,121.8 million in 2025 according to BCCR data, with 55 new projects. Free zone companies generated 15 percent of GDP, 65 percent of goods exports and 265,000 direct and indirect jobs in 2024, and the regime had 626 companies.Ley 7638, art. 8(b), (c) and (d); PROCOMER Memoria 2025, Ley 7638 art. 8; Memoria 2025, export and investment results, 2026-05-01 official text · verified 2026-10-29
6. For Argentine investors, the relationship rests on a bilateral investment treaty approved by Ley 8068 of 14 February 2001 (published 2 March 2001), which includes a free transfer clause, and a tax information exchange agreement approved by Ley 9007 of 10 November 2011. Trade, FX and tax treatment on the Argentine side is covered in The Argentine Thread guide.Ley 8068 (Costa Rica Argentina investment promotion and protection agreement); Ley 9007 (tax information exchange agreement), Ley 8068 art. 7; Ley 9007 sole article, 2011-11-10 official text · verified 2026-10-29
RegionShare of goods exportsChange in 2025
North America50%+US$1,449 million (+15%)
Europe21%+US$688 million (+17%)
Central America17%+US$263 million (+7%)
Asia6%+US$411 million (+39%)
Caribbean3%+US$21 million (+2%)

Exports by destination, 2025 (PROCOMER Memoria 2025)

Item202520262027
Current account deficit0.61.41.3
Gross direct investment inflows5.48.04.7
Reserve assets16.617.716.3

Balance of payments and reserves, percent of GDP (BCCR, IPM July 2026; 2025 estimate, 2026 and 2027 projections)

Worked example

  • Export proceeds. A free zone exporter selling US$10,000,000 of devices and converting it at the 29 October 2026 reference buying rate of ₡449.44 receives about ₡4,494,400,000; covering a ₡4,494,400,000 colón payroll and supplier bill at the selling rate of ₡454.82 would cost about US$9,881,711.45. The gap is the FX spread a company should budget.
  • Reserve cover. Net reserves of US$20,805.4 million against FDI inflows of US$5,121.8 million in 2025 show reserves are about four times a year of FDI; the BCCR reports them at 177.1 percent of its own adequacy indicator.

Step by step

  1. 1. If your project exports, check free zone or inward processing eligibility first; see trade/free-zone-trade-rules and taxes/tax-incentives.
  2. 2. Read PROCOMER's annual statistics and the BCCR's balance of payments releases to size your sector and destination markets.
  3. 3. Plan your FX: export proceeds and dividends flow freely, with no central bank registration; see fx/overview and fx/dividends-and-profit-repatriation.
  4. 4. Map tariff preferences for your destination markets; see trade/trade-agreements.
  5. 5. For Argentine links (trade flows, FX or tax), check both sides: the Argentine rules are in The Argentine Thread guide; see also taxes/tax-treaties for Costa Rica's treaty network.

Common traps

  • Reading export growth as broad based. Precision and medical equipment were 48 percent of goods exports in 2025 and largely sold to the United States, so US trade policy and a single sector drive the headline.
  • Assuming the FX market will always be long dollars. The net supply of dollars comes mostly from the special regimes; regular regime companies were net buyers in the first half of 2026.
  • Mixing goods and total export shares. PROCOMER reports medical devices at 48 percent of goods exports but 31 percent of total goods and services exports.
  • Treating projections as outcomes. 2026 and 2027 balance of payments figures are BCCR projections and are revised each quarterly report.

Sources

Related pages

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