Costa Rica: Circuit Breaker Market 2024

Circuit Breaker Market Size in Costa Rica

The Costa Rican circuit breaker market contracted to $X in 2022, with a decrease of -8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed prominent growth. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Circuit Breaker Exports

Exports from Costa Rica

In 2022, exports of automatic circuit breakers from Costa Rica declined to X units, which is down by -7.9% compared with 2021 figures. In general, exports, however, recorded a tangible expansion. The growth pace was the most rapid in 2017 when exports increased by 420%. As a result, the exports reached the peak of X units. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, circuit breaker exports reduced to $X in 2022. Overall, exports, however, continue to indicate a tangible expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 369%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Honduras (X units) was the main destination for circuit breaker exports from Costa Rica, with a 36% share of total exports. Moreover, circuit breaker exports to Honduras exceeded the volume sent to the second major destination, Guatemala (X units), twofold. Nicaragua (X units) ranked third in terms of total exports with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Honduras amounted to +8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+11.7% per year) and Nicaragua (+9.1% per year).

In value terms, the largest markets for circuit breaker exported from Costa Rica were Honduras ($X), Guatemala ($X) and Panama ($X), together comprising 67% of total exports.

In terms of the main countries of destination, Guatemala, with a CAGR of +14.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average circuit breaker export price stood at $X per unit in 2022, shrinking by -5% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average export price increased by 20%. The export price peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Guatemala (+2.7%), while the prices for the other major destinations experienced more modest paces of growth.

Circuit Breaker Imports

Imports into Costa Rica

After two years of growth, supplies from abroad of automatic circuit breakers decreased by -11.3% to X units in 2022. Overall, imports, however, saw prominent growth. The pace of growth was the most pronounced in 2016 when imports increased by 67% against the previous year. Over the period under review, imports reached the maximum at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, circuit breaker imports shrank to $X in 2022. In general, total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +3.4% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of 33%. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X units) constituted the largest supplier of circuit breaker to Costa Rica, with a 55% share of total imports. Moreover, circuit breaker imports from the United States exceeded the figures recorded by the second-largest supplier, Colombia (X units), threefold. The third position in this ranking was taken by the Dominican Republic (X units), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at +20.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+15.6% per year) and the Dominican Republic (-2.3% per year).

In value terms, the United States ($X) constituted the largest supplier of automatic circuit breakers to Costa Rica, comprising 68% of total imports. The second position in the ranking was taken by the Dominican Republic ($X), with an 11% share of total imports. It was followed by Colombia, with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +14.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Dominican Republic (-8.3% per year) and Colombia (-0.6% per year).

Import Prices by Country

In 2022, the average circuit breaker import price amounted to $X per unit, growing by 9.1% against the previous year. Over the period under review, the import price, however, recorded a deep slump. The most prominent rate of growth was recorded in 2019 an increase of 21% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Colombia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform