Costa Rican officials probably are not going to be getting any financial help from the People’s Republic anytime soon. And the latest economic report puts the Nicaraguan canal in doubt.
The country’s exports fell 11.2 percent from a year earlier in January, a seventh consecutive month of declines, while imports tumbled for the 15th straight month, 18.8 percent year-on-year, according to data released by the General Administration of Customs Monday.
That means the world’s second largest economy posted a record trade surplus of $63.3 billion last month, compared to $60.09 billion in December last year, partly due to tepid demand and falling commodities prices.
Exports continued their downward trend despite China having allowed its currency to depreciate almost 6 percent since last August in order to make exports cheaper, which indicates the extent to which the global demand has weakened.
Costa Rican officials were hoping that the Chinese would pick up about $1 billion in bonds. In addition, the country was expected to provide the nearly half a billion dollars in financing for the project to widen Ruta 32 from Moín to Río Frio.
Although the Ruta 32 project seems to be moving along in the paperwork and legislative phases, the Chinese companies involved do not seem to be pushing as strongly as they once did.
The Nicaragua canal was purportedly the idea of a Chinese billionaire, but the real promoter of the project was widely believed to be the Chinese government.