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Economy, Currency and Foreign Trade

centimos, Banco Central, Association of Caribbean States, Central American Common Market, crude petroleum

The unit of currency is the colon, consisting of 100 centimos (308.19 colones equal U.S.$1; 2000 estimate). The Banco Central, established in 1950, is the bank of issue and administers foreign reserves. In 2000 the value of imports was $6.4 billion and of exports, $5.9 billion. The chief exports included coffee, bananas, beef, textiles, and sugar. Principal imports were manufactured goods, machinery, transportation equipment, chemicals, crude petroleum, and foodstuffs. Chief purchasers of exports are the United States, Germany, Italy, Guatemala, El Salvador, the Netherlands, the United Kingdom, and France. Leading suppliers of imports were the United States, Japan, Mexico, and Guatemala. The entry in 1963 of Costa Rica into the Central American Common Market brought about major increases in trade in that region although its importance has since waned. In 1995 Costa Rica joined in the formation of the Association of Caribbean States (ACS). A free-trade organization, the ACS comprises the members of the Caribbean Community and Common Market (CARICOM) as well as 12 Latin nations bordering the Caribbean.



Article key phrases:

centimos, Banco Central, Association of Caribbean States, Central American Common Market, crude petroleum, Caribbean Community, CARICOM, foreign reserves, unit of currency, manufactured goods, bananas, ACS, foodstuffs, Salvador, Costa Rica, transportation equipment, beef, Guatemala, textiles, coffee, formation, Japan, Netherlands, Italy, Mexico, Germany, chemicals, machinery, United States, region, United Kingdom, estimate, members

 
 

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