Costa Rica: Banana Market 2024

Banana Market Size in Costa Rica

The Costa Rican banana market contracted significantly to $X in 2022, which is down by -28.5% against the previous year. Over the period under review, consumption, however, recorded buoyant growth. As a result, consumption attained the peak level of $X, and then declined significantly in the following year.

Banana Production in Costa Rica

In value terms, banana production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the production volume increased by 15% against the previous year. Banana production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

The average yield of bananas in Costa Rica was estimated at X tons per ha in 2022, picking up by 2.7% against 2021. The yield figure increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the yield increased by 18%. As a result, the yield reached the peak level of X tons per ha. From 2021 to 2022, the growth of the average banana yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the banana harvested area in Costa Rica reached X ha, leveling off at the previous year's figure. The harvested area increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 6.2% against the previous year. Over the period under review, the harvested area dedicated to banana production reached the maximum at X ha in 2019; however, from 2020 to 2022, the harvested area remained at a lower figure.

Banana Exports

Exports from Costa Rica

In 2022, the amount of bananas exported from Costa Rica rose rapidly to X tons, with an increase of 6.6% against the year before. The total export volume increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 when exports increased by 20% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, banana exports totaled $X in 2022. The total export value increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 19% against the previous year. The exports peaked at $X in 2017; afterwards, it flattened through to 2022.

Exports by Country

The United States (X tons) was the main destination for banana exports from Costa Rica, accounting for a 34% share of total exports. Moreover, banana exports to the United States exceeded the volume sent to the second major destination, the UK (X tons), threefold. The Netherlands (X tons) ranked third in terms of total exports with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+1.7% per year) and the Netherlands (+24.7% per year).

In value terms, the United States ($X) remains the key foreign market for bananas exports from Costa Rica, comprising 33% of total exports. The second position in the ranking was taken by the UK ($X), with an 11% share of total exports. It was followed by the Netherlands, with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+4.7% per year) and the Netherlands (+29.2% per year).

Export Prices by Country

The average banana export price stood at $X per ton in 2022, reducing by -5.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The pace of growth appeared the most rapid in 2021 an increase of 12% against the previous year. As a result, the export price attained the peak level of $X per ton, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while the average price for exports to Germany ($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 Norway (+5.8%), while the prices for the other major destinations experienced more modest paces of growth.

Banana Imports

Imports into Costa Rica

In 2022, banana imports into Costa Rica soared to X tons, with an increase of 219% compared with 2021 figures. Over the period under review, imports recorded a significant increase. The pace of growth was the most pronounced in 2019 with an increase of 474%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, banana imports skyrocketed to $X in 2022. In general, imports saw a significant increase. The pace of growth was the most pronounced in 2019 with an increase of 751% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Ecuador (X tons) and Panama (X tons) were the main suppliers of banana imports to Costa Rica.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +1,465.7%).

In value terms, Ecuador ($X) constituted the largest supplier of bananas to Costa Rica, comprising 65% of total imports. The second position in the ranking was taken by Panama ($X), with an 8.9% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Ecuador amounted to +761.3%.

Import Prices by Country

The average banana import price stood at $X per ton in 2022, with an increase of 1.9% against the previous year. In general, the import price recorded a prominent expansion. The most prominent rate of growth was recorded in 2013 when the average import price increased by 125% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ecuador ($X per ton), while the price for Panama totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (-0.6%).

Source: IndexBox Platform

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