Costa Rica: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Costa Rica

After three years of growth, the Costa Rican market for crude sunflower-seed and safflower oil decreased by -0.3% to $X in 2022. Overall, consumption recorded a tangible expansion. Over the period under review, the market attained the maximum level at $X in 2021, and then fell modestly in the following year.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from Costa Rica

In 2022, shipments abroad of crude sunflower-seed and safflower oil was finally on the rise to reach X tons after four years of decline. In general, exports recorded moderate growth. The growth pace was the most rapid in 2013 with an increase of 177%. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude sunflower-seed and safflower oil exports totaled $X in 2022. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 162% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nicaragua (X tons) was the main destination for crude sunflower-seed and safflower oil exports from Costa Rica, accounting for a 72% share of total exports. Moreover, crude sunflower-seed and safflower oil exports to Nicaragua exceeded the volume sent to the second major destination, Honduras (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Nicaragua totaled +61.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (-9.5% per year) and Guatemala (-32.8% per year).

In value terms, Nicaragua ($X) remains the key foreign market for crude sunflower-seed and safflower oil exports from Costa Rica, comprising 67% of total exports. The second position in the ranking was held by Honduras ($X), with a 33% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Nicaragua amounted to +54.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (-9.5% per year) and Guatemala (-12.7% per year).

Export Prices by Country

In 2022, the average export price for crude sunflower-seed and safflower oil amounted to $X per ton, surging by 1.5% against the previous year. Over the period under review, the export price, however, showed a mild decline. The pace of growth appeared the most rapid in 2016 an increase of 10%. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to Nicaragua ($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 Guatemala (+29.8%), while the prices for the other major destinations experienced a decline.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into Costa Rica

In 2022, supplies from abroad of crude sunflower-seed and safflower oil was finally on the rise to reach X tons after two years of decline. Over the period under review, imports posted a moderate expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 58%. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, crude sunflower-seed and safflower oil imports fell modestly to $X in 2022. In general, total imports indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.7% 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 +117.8% against 2014 indices. The pace of growth appeared the most rapid in 2015 with an increase of 42% against the previous year. Imports peaked at $X in 2021, and then shrank slightly in the following year.

Imports by Country

In 2022, Bolivia (X tons) constituted the largest supplier of crude sunflower-seed and safflower oil to Costa Rica, with a 70% share of total imports. Moreover, crude sunflower-seed and safflower oil imports from Bolivia exceeded the figures recorded by the second-largest supplier, Uruguay (X tons), fivefold. Ukraine (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Bolivia stood at +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Uruguay (0.0% per year) and Ukraine (-3.5% per year).

In value terms, Bolivia ($X) constituted the largest supplier of crude sunflower-seed and safflower oil to Costa Rica, comprising 66% of total imports. The second position in the ranking was held by Uruguay ($X), with a 21% share of total imports. It was followed by Ukraine, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Bolivia stood at +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Uruguay (0.0% per year) and Ukraine (-4.8% per year).

Import Prices by Country

In 2022, the average import price for crude sunflower-seed and safflower oil amounted to $X per ton, with a decrease of -5.4% against the previous year. In general, the import price saw a perceptible slump. The pace of growth was the most pronounced in 2021 when the average import price increased by 11% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 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 Uruguay ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (-1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform