Costa Rica: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Costa Rica

The Costa Rican chemically modified oils market dropped to $X in 2022, with a decrease of -4.8% against the previous year. Over the period under review, consumption, however, recorded a strong expansion. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Chemically Modified Oils Production in Costa Rica

In value terms, chemically modified oils production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a buoyant increase. The pace of growth was the most pronounced in 2015 when the production volume increased by 68%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Chemically Modified Oils Exports

Exports from Costa Rica

After two years of growth, overseas shipments of animal or vegetable fats and oils chemically modified decreased by -23.8% to X tons in 2022. Over the period under review, exports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 1,064%. Over the period under review, the exports reached the maximum at X tons in 2021, and then shrank significantly in the following year.

In value terms, chemically modified oils exports shrank to $X in 2022. Overall, exports, however, recorded a significant increase. The growth pace was the most rapid in 2020 with an increase of 623%. Over the period under review, the exports reached the peak figure at $X in 2021, and then dropped in the following year.

Exports by Country

The Netherlands (X tons), Panama (X tons) and Nicaragua (X tons) were the main destinations of chemically modified oils exports from Costa Rica, together comprising 88% of total exports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +197.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) emerged as the key foreign market for animal or vegetable fats and oils chemically modified exports from Costa Rica, comprising 46% of total exports. The second position in the ranking was taken by Nicaragua ($X), with a 19% share of total exports. It was followed by Panama, with a 19% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands amounted to +185.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (+49.3% per year) and Panama (+41.0% per year).

Export Prices by Country

In 2022, the average chemically modified oils export price amounted to $X per ton, growing by 20% against the previous year. Overall, the export price continues to indicate a tangible expansion. The most prominent rate of growth was recorded in 2015 when the average export price increased by 58%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Panama ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Nicaragua (+5.4%), while the prices for the other major destinations experienced a decline.

Chemically Modified Oils Imports

Imports into Costa Rica

In 2022, after five years of decline, there was growth in purchases abroad of animal or vegetable fats and oils chemically modified, when their volume increased by 3.5% to X tons. In general, imports, however, saw a abrupt shrinkage. The growth pace was the most rapid in 2014 when imports increased by 99%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, chemically modified oils imports fell to $X in 2022. Overall, imports, however, faced a deep slump. The pace of growth appeared the most rapid in 2014 with an increase of 84% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Panama (X tons), Argentina (X tons) and Malaysia (X tons) were the main suppliers of chemically modified oils imports to Costa Rica, together comprising 79% of total imports. Indonesia, the United States, Brazil, Canada and Spain lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +16.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest chemically modified oils suppliers to Costa Rica were Argentina ($X), Panama ($X) and Malaysia ($X), together accounting for 74% of total imports. Brazil, Indonesia, the United States, Spain and Canada lagged somewhat behind, together comprising a further 17%.

Among the main suppliers, Indonesia, with a CAGR of +14.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average chemically modified oils import price stood at $X per ton in 2022, falling by -9.7% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 26%. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+10.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform