Costa Rica Tourism Falls for a Second Month as US Arrivals Drop

Costa Rica received 118,888 international visitors in September, 2.4% fewer than in September 2025, according to figures from the Costa Rican Tourism Institute (ICT). It was the second consecutive month of year-over-year decline. The United States, our largest market, sent 55,207 visitors in September, down 3.3%. Travelers arriving by air, the main entry for tourists fell 1.7% to 102,474, the third monthly drop in air arrivals so far in 2026. The decline followed a weaker August, when air arrivals fell 5.9% compared with the same month a year earlier. The September figures show a sharp split between our two main airports. Juan Santamaría International Airport near San José handled 77,644 visitors, down 5.4%, while Daniel Oduber International Airport in Liberia, Guanacaste, received 24,801, up 11.8%. Arrivals through land and river border crossings fell 5%. U.S. travelers drove most of Liberia’s traffic, accounting for 20,408 of its arrivals. Canada remained the fastest-growing major market, with Canadian arrivals up 18.9% to 6,116, while European visitors held essentially flat at 18,366. The ICT attributed the slowdown to geopolitical conflicts, economic weakness in its main source markets and a post-World Cup effect. Despite two weak months, thankfully, the year as a whole remains ahead of 2025. Arrivals from January through September totaled 2,310,320, up 4.8%, with U.S. visitors up 2.4%, Canadians up 23.9% and Europeans up 7.3%. The tourism numbers come as the broader economy cools. The Central Bank of Costa Rica (BCCR) reported that its monthly index of economic activity grew 2.2% year-over-year in August, down from 5.6% in August 2025, with hotels and restaurants growing 2.6%. The colón has also strengthened sharply. BN Valores estimates the currency has gained about 9.9% against the dollar so far in 2026, and the BCCR reference selling rate stood at 453.25 colones per dollar today. Juan Pablo Arias, investment strategist at BN Valores, said the Costa Rican economy maintains solid fundamentals but the firm noted that the strong colón erodes the competitiveness of exporters and the income of those who earn in dollars. Because most tourism spending is in dollars, a stronger colón means each dollar converts into fewer colones for hotels, tour operators and restaurants that pay wages and suppliers in local currency. The figures also add pressure on the ICT, which the Comptroller General’s Office questioned in September after the institute tripled its advertising spending without clear gains in visitor arrivals. December marks the start of Costa Rica’s high season, when arrivals from North America traditionally peak. The October through December figures will show whether the August and September dip is a pause or the start of a longer slowdown.