Friday, October 26, 2007

Bilateral trade between China, Costa Rica to hit $3 billion this year

Costa Rica's president Oscar Arias inspects the guard of honor outside the Great Hall of the People in Beijing, China, Wednesday, Oct. 24, 2007. Oscar Arias was in the Chinese capital on Wednesday for talks with the country's leaders on his first visit since switching diplomatic ties from Taiwan. (AP Photo/Andy Wong) China's Vice Commerce Minister Ma Xiuhong said on Thursday that trade between China and Costa Rica would hit a record $3 billion this year on the back of strong demand from the China, up from 2.16 billion U.S. dollars reported last year.

China is expected to import $2.5 billion of goods from Costa Rica by the end of this year, Ma estimated at the China-Costa Rica economic and trade forum in Beijing.

China is the second largest trade partner of Costa Rica, while the latter was the eighth largest to China in Latin America.

Bilateral trade between the two countries was recorded at $1.04 billion in the first five months, up 69.5 percent over the same period last year, with Chinese exports to Costa Rica at $164 million and imports from Costa Rica at $877 million.

China's imports from Costa Rica range from electronic products and integrated circuits to micro-electronic components, diodes and other mechanical and electrical products.

Costa Rica mainly imports from China shipping containers, computers, telecommunications products and also electronic products and integrated circuits.

Ma said at the forum that the two countries enjoyed good groundwork for economic cooperation, and the forging of the bilateral diplomatic relations in June would further promote trade between the two sides.

Costa Rican President Oscar Arias, currently visiting China, extended hopes for businesses in both countries to enhance exchanges and cooperation while addressing the forum.

A Costa Rica-China Expo was held in Beijing from Oct. 24 to 26,and 28 trading companies from Costa Rica attended the expo.

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