Costa Rica: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Costa Rica

The Costa Rican grinding and sharpening machine market amounted to $X in 2022, increasing by 7.5% against the previous year. In general, the total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.5% 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 -4.9% against 2020 indices. Grinding and sharpening machine consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Grinding And Sharpening Metal Finishing Machines in Costa Rica

In value terms, grinding and sharpening machine production rose notably to $X in 2022 estimated in export price. In general, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.9% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 36% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from Costa Rica

In 2022, after two years of decline, there was decline in overseas shipments of grinding and sharpening metal finishing machines, when their volume decreased by 0% to X units. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when exports increased by 420%. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, grinding and sharpening machine exports contracted modestly to $X in 2022. In general, exports saw a perceptible downturn. The pace of growth appeared the most rapid in 2015 when exports increased by 222%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Guatemala (X units), the United States (X units) and Nicaragua (X units) were the main destinations of grinding and sharpening machine exports from Costa Rica, together accounting for 40% of total exports.

From 2012 to 2022, the biggest increases were recorded for Guatemala (with a CAGR of 0.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for grinding and sharpening machine exported from Costa Rica were Guatemala ($X), Germany ($X) and El Salvador ($X), with a combined 60% share of total exports.

Among the main countries of destination, Germany, with a CAGR of +96.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average grinding and sharpening machine export price stood at $X per unit in 2022, dropping by -1.9% against the previous year. Overall, the export price saw a mild downturn. The most prominent rate of growth was recorded in 2016 when the average export price increased by 287% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2017 to 2022, the average export prices remained 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 Germany ($X per unit), while the average price for exports to India ($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 Germany (+96.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into Costa Rica

In 2022, the amount of grinding and sharpening metal finishing machines imported into Costa Rica soared to X units, jumping by 129% against the previous year's figure. In general, imports recorded a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 182%. Imports peaked at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, grinding and sharpening machine imports rose notably to $X in 2022. Over the period under review, imports saw significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 231% against the previous year. Over the period under review, imports attained the maximum at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Canada (X units), China (X units) and Germany (X units) were the main suppliers of grinding and sharpening machine imports to Costa Rica, together comprising 62% of total imports.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +46.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of grinding and sharpening metal finishing machines to Costa Rica, comprising 74% of total imports. The second position in the ranking was held by Italy ($X), with an 11% share of total imports. It was followed by China, with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to +27.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+23.9% per year) and China (+36.3% per year).

Import Prices by Country

The average grinding and sharpening machine import price stood at $X per unit in 2022, shrinking by -52.2% against the previous year. In general, the import price, however, saw a noticeable increase. The pace of growth appeared the most rapid in 2017 when the average import price increased by 246%. Over the period under review, average import prices reached the peak figure at $X per unit in 2021, and then contracted significantly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Canada ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+46.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform