Costa Rica: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Costa Rica

In 2022, the Costa Rican electrical musical instrument market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Electrical Musical Instrument Exports

Exports from Costa Rica

In 2022, the amount of electrical musical or keyboard instruments exported from Costa Rica surged to X units, picking up by X% against 2021. Overall, exports, however, showed a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when exports increased by X%. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, electrical musical instrument exports skyrocketed to $X in 2022. In general, exports, however, recorded a abrupt descent. The growth pace was the most rapid in 2020 when exports increased by X%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The UK (X units) was the main destination for electrical musical instrument exports from Costa Rica, accounting for a X% share of total exports. Moreover, electrical musical instrument exports to the UK exceeded the volume sent to the second major destination, the United States (X units), threefold. Spain (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the UK amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Spain (X% per year).

In value terms, the United States ($X) remains the key foreign market for electrical musical or keyboard instruments exports from Costa Rica, comprising X% of total exports. The second position in the ranking was held by Honduras ($X), with a X% share of total exports. It was followed by Panama, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (X% per year) and Panama (X% per year).

Export Prices by Country

In 2022, the average electrical musical instrument export price amounted to $X per unit, rising by X% against the previous year. In general, the export price, however, recorded a pronounced shrinkage. The growth pace was the most rapid in 2020 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2021 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to the UK ($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 the Netherlands (X%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Musical Instrument Imports

Imports into Costa Rica

After two years of growth, overseas purchases of electrical musical or keyboard instruments decreased by X% to X units in 2022. In general, imports saw a deep slump. The most prominent rate of growth was recorded in 2014 when imports increased by X%. As a result, imports attained the peak of X units. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, electrical musical instrument imports dropped to $X in 2022. Over the period under review, total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of X%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X units), the United States (X units) and Indonesia (X units) were the main suppliers of electrical musical instrument imports to Costa Rica, together accounting for X% of total imports. India and Panama lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest electrical musical instrument suppliers to Costa Rica were China ($X), the United States ($X) and Indonesia ($X), together accounting for X% of total imports. India and Panama lagged somewhat behind, together accounting for a further X%.

India, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average electrical musical instrument import price stood at $X per unit in 2022, picking up by X% against the previous year. Overall, the import price posted prominent growth. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from India ($X per unit) and China ($X per unit), while the price for Panama ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform