Costa Rica: Festive Articles Market 2024

Festive Articles Market Size in Costa Rica

The Costa Rican festive articles market declined dramatically to $X in 2022, with a decrease of -21.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +33.8% against 2020 indices. As a result, consumption reached the peak level of $X, and then reduced markedly in the following year.

Festive Articles Exports

Exports from Costa Rica

After two years of decline, overseas shipments of festive or carnival articles increased by 361% to X tons in 2022. Over the period under review, exports, however, recorded a noticeable contraction. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, festive articles exports surged to $X in 2022. Overall, exports, however, showed a pronounced shrinkage. The growth pace was the most rapid in 2019 with an increase of 550%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

El Salvador (X tons), Venezuela (X tons) and the United States (X kg) were the main destinations of festive articles exports from Costa Rica, with a combined 76% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by El Salvador (with a CAGR of +24.6%), while the other leaders experienced more modest paces of growth.

In value terms, El Salvador ($X) emerged as the key foreign market for festive or carnival articles exports from Costa Rica, comprising 44% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 20% share of total exports. It was followed by Panama, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to El Salvador stood at +18.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-0.6% per year) and Panama (-14.8% per year).

Export Prices by Country

The average festive articles export price stood at $X per ton in 2022, dropping by -13.3% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average export price increased by 77% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Germany ($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 Nicaragua (+4.0%), while the prices for the other major destinations experienced more modest paces of growth.

Festive Articles Imports

Imports into Costa Rica

In 2022, approx. X tons of festive or carnival articles were imported into Costa Rica; shrinking by -18.4% compared with the previous year. The total import volume increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 40% against the previous year. As a result, imports attained the peak of X tons, and then shrank remarkably in the following year.

In value terms, festive articles imports fell notably to $X in 2022. Overall, total imports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.8% 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 +37.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 74%. As a result, imports attained the peak of $X, and then fell remarkably in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest festive articles supplier to Costa Rica, with a 70% share of total imports. Moreover, festive articles imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), fivefold. The United States (X tons) ranked third in terms of total imports with a 7.2% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+52.2% per year) and the United States (-7.9% per year).

In value terms, China ($X) constituted the largest supplier of festive or carnival articles to Costa Rica, comprising 64% of total imports. The second position in the ranking was held by the United States ($X), with a 13% share of total imports. It was followed by Taiwan (Chinese), with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-5.8% per year) and Taiwan (Chinese) (+56.1% per year).

Import Prices by Country

The average festive articles import price stood at $X per ton in 2022, waning by -3.6% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 24%. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Mexico ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform