Costa Rica: Crude Soybean Oil Market 2025

Crude Soybean Oil Market Size in Costa Rica

The Costa Rican crude soybean oil market amounted to $X in 2022, surging by 4% against the previous year. In general, consumption, however, saw a perceptible decline. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Crude Soybean Oil Production in Costa Rica

In value terms, crude soybean oil production expanded slightly to $X in 2022 estimated in export price. Overall, production, however, showed a pronounced setback. The growth pace was the most rapid in 2020 when the production volume increased by 18%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Soybean Oil Exports

Exports from Costa Rica

In 2022, overseas shipments of crude soybean oil were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports saw a remarkable increase. The most prominent rate of growth was recorded in 2017 when exports increased by 314%. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, crude soybean oil exports expanded significantly to $X in 2022. In general, exports showed a prominent expansion. The growth pace was the most rapid in 2017 with an increase of 283%. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Honduras (X tons), Nicaragua (X tons) and Panama (X tons) were the main destinations of crude soybean oil exports from Costa Rica, together accounting for 100% of total exports.

From 2012 to 2022, the biggest increases were recorded for Honduras (with a CAGR of +31.1%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Honduras ($X), Nicaragua ($X) and Panama ($X) were the largest markets for crude soybean oil exported from Costa Rica worldwide, with a combined 100% share of total exports.

In terms of the main countries of destination, Honduras, with a CAGR of +28.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average crude soybean oil export price amounted to $X per ton, with a decrease of -21.4% against the previous year. Overall, the export price recorded a pronounced decline. The pace of growth was the most pronounced in 2021 an increase of 51%. As a result, the export price attained the peak level of $X per ton, and then contracted dramatically in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to Panama ($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 (-0.8%), while the prices for the other major destinations experienced a decline.

Crude Soybean Oil Imports

Imports into Costa Rica

In 2022, crude soybean oil imports into Costa Rica totaled X tons, increasing by 13% compared with 2021 figures. In general, imports enjoyed prominent growth. The growth pace was the most rapid in 2014 with an increase of 89%. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, crude soybean oil imports shrank to $X in 2022. Overall, imports posted a strong expansion. The pace of growth was the most pronounced in 2014 when imports increased by 88%. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

Bolivia (X tons), the United States (X tons) and Argentina (X tons) were the main suppliers of crude soybean oil imports to Costa Rica, with a combined 99% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Bolivia (with a CAGR of +35.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Bolivia ($X), the United States ($X) and Argentina ($X) appeared to be the largest crude soybean oil suppliers to Costa Rica, with a combined 99% share of total imports.

In terms of the main suppliers, Bolivia, with a CAGR of +34.1%, 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 mixed trend patterns.

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, dropping by -19.6% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 54% against the previous year. As a result, import price attained the peak level of $X per ton, and then shrank notably in the following year.

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 the United States ($X per ton), while the price for Bolivia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+2.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform