Costa Rica recorded a USD 534.0 mln trade deficit in January, improving from the USD 588.5 mln deficit a year earlier. Exports rose by 2.1% YoY, while imports decreased by 1.4% YoY. This trade balance improvement aligns with expectations for a reduced current account deficit in 2024 (0.3% of GDP). Despite the central bank’s FX interventions, which pushed net reserves to a record USD 14.3 bln (16.4% of GDP) by the end of January, there are calls for quicker monetary easing to address currency overvaluation concerns.