Costa Rica: Machinery Electrical Parts Market 2024

Machinery Electrical Parts Market Size in Costa Rica

The Costa Rican machinery electrical parts market expanded remarkably to $X in 2022, increasing by 6.3% against the previous year. Over the period under review, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -10.1% against 2017 indices. Machinery electrical parts consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Machinery Electrical Parts Production in Costa Rica

In value terms, machinery electrical parts production totaled $X in 2022 estimated in export price. Overall, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.2% against 2019 indices. The pace of growth was the most pronounced in 2016 with an increase of 28%. Machinery electrical parts production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Machinery Electrical Parts Exports

Exports from Costa Rica

In 2022, approx. X tons of electrical parts of machinery or apparatus were exported from Costa Rica; waning by -59.1% compared with 2021 figures. Overall, exports showed a pronounced slump. The most prominent rate of growth was recorded in 2021 when exports increased by 239% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, machinery electrical parts exports dropped significantly to $X in 2022. In general, exports showed a deep slump. The pace of growth was the most pronounced in 2017 when exports increased by 252% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for machinery electrical parts exports from Costa Rica, with a 71% share of total exports. Moreover, machinery electrical parts exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at -5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+24.7% per year) and Mexico (+4.7% per year).

In value terms, China ($X) remains the key foreign market for electrical parts of machinery or apparatus exports from Costa Rica, comprising 70% of total exports. The second position in the ranking was held by Vietnam ($X), with a 24% share of total exports.

From 2012 to 2022, the average annual growth rate of value to China totaled -12.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+14.4% per year) and Mexico (-3.9% per year).

Export Prices by Country

The average machinery electrical parts export price stood at $X per ton in 2022, with an increase of 82% against the previous year. Over the period under review, the export price, however, continues to indicate a drastic downturn. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Mexico ($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 Mexico (-8.2%), while the prices for the other major destinations experienced a decline.

Machinery Electrical Parts Imports

Imports into Costa Rica

In 2022, after four years of growth, there was significant decline in purchases abroad of electrical parts of machinery or apparatus, when their volume decreased by -19.6% to X kg. In general, imports recorded a abrupt downturn. The growth pace was the most rapid in 2015 with an increase of 880%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, machinery electrical parts imports contracted to $X in 2022. Over the period under review, imports recorded a abrupt slump. The pace of growth was the most pronounced in 2015 when imports increased by 668% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the United States (X kg) constituted the largest machinery electrical parts supplier to Costa Rica, with a 59% share of total imports. Moreover, machinery electrical parts imports from the United States exceeded the figures recorded by the second-largest supplier, Nicaragua (X kg), fourfold. The third position in this ranking was taken by France (X kg), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +36.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Nicaragua (+5.2% per year) and France (+14.9% per year).

In value terms, the United States ($X) constituted the largest supplier of electrical parts of machinery or apparatus to Costa Rica, comprising 80% of total imports. The second position in the ranking was held by Nicaragua ($X), with a 7.1% share of total imports. It was followed by Taiwan (Chinese), with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +53.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Nicaragua (+9.5% per year) and Taiwan (Chinese) (-6.8% per year).

Import Prices by Country

The average machinery electrical parts import price stood at $X per ton in 2022, growing by 8.8% against the previous year. Overall, the import price, however, saw a noticeable decrease. The pace of growth was the most pronounced in 2013 an increase of 92% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

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 Taiwan (Chinese) ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+12.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform