Potential for export of footwear to Costa Rica
June 17, 2022
Members of the Council
Sub : Potential for export of footwear to Costa Rica
We have received a communication from the Dept of Commerce informing about the potential to export footwear to Costa Rica. The communication states the following.
Footwear, gaiters and the like; parts of such articles : HS code No. 64 : Revenue in the Footwear segment is projected to reach US$42m in 2022. Revenue is expected to show an annual growth rate (CAGR 2022-2025) of 18.08%, resulting in a projected market volume of US$ 68m by 2025. In the Footwear segment, the number of users is expected to amount to 2.0m users by 2025. Which means that the Costa Rican population is now becoming vivid when it comes to clothing and footwear, this sector is growing day by day as social media is on the peak, population tries to follow day to day fashion, that’s why this commercial sector is a good potential to import from India.
With regard to the above, it may be mentioned that as per the statistics of International Trade Centre, Geneva, the import of footwear and components by Costa Rica during 2020 was USD 90.54 million.
As per information available, there is 14% import duty in Costa Rica for import of footwear and 9% import duty for import of footwear components under 6406.
Members may kindly note the above.
Thanks and regards