The European Union is always on the look out for new business developing opportunities and currently their eyes are set in Costa Rica. The EU is formulating new proposals for exports between them and the Central America country.

They want to take advantage of the current business slowdown in the US to” invade” CR.

The United States buys nearly 40% of Costa Rica’s exports; never the less month-on-month export growth to the United States, registered a mere 0.31%. (January month-on-month exports to the U.S. actually shrunk, by 6 %.) We all know the reason why this is happening, and it is no surprise that the EU is looking to establish a business agreement with the Costa Rica government.

Let’s have a look at the numbers!

Export growth to EU countries came in at around 30%, with $149 million in goods crossing the Atlantic. Agricultural exports led that growth, with strong showings from pineapple, banana, and decorative plant exporters. The computer and electrical parts are also strong; the Foreign Trade Ministry officials singled out Costa Rica’s promising medical supplies manufacturers as a particularly bright spot. For a little over 30 multinational exporters including Baxter, Boston Scientific and Alergan are now exporting $660 million worth of medical products annually.

But the things are not going to be that easy for the EU!

Costa Rica had showed its dissatisfaction with the European Union’s initial proposal for the free-trade element of the association agreement under negotiation between the EU and Central America. The Costa Rican negotiators led by Costa Rica Foreign Trade Minister Marco Vinicio Ruiz released a statement saying that the offer was “not satisfactory” and omitted “many of Costa Rica’s key exportable products.”The Central American negotiating teams are meeting in El Salvador this week to come out with a unified negotiating position.

I’ll keep you posted on any new development with this one!