Costa Rica: Market for Industrial Sewing Machines (Non-Automatic) 2024

Market Size for Industrial Sewing Machines (Non-Automatic) in Costa Rica

The Costa Rican industrial sewing machines (non-automatic) market totaled $X in 2022, growing by 2.3% against the previous year. Over the period under review, consumption continues to indicate strong growth. Industrial sewing machines (non-automatic) consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Production of Industrial Sewing Machines (Non-Automatic) in Costa Rica

In value terms, industrial sewing machines (non-automatic) production stood at $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with a decrease of 99.9%. Industrial sewing machines (non-automatic) production peaked in 2022 and is expected to retain growth in years to come.

Exports of Industrial Sewing Machines (Non-Automatic)

Exports from Costa Rica

Industrial sewing machines (non-automatic) exports from Costa Rica skyrocketed to X units in 2022, rising by 55% against 2021. Over the period under review, exports, however, showed a deep slump. The growth pace was the most rapid in 2020 with an increase of 229%. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, industrial sewing machines (non-automatic) exports surged to $X in 2022. Overall, exports, however, faced a deep setback. The most prominent rate of growth was recorded in 2016 with an increase of 1,534%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Honduras (X units) was the main destination for industrial sewing machines (non-automatic) exports from Costa Rica, accounting for a 48% share of total exports. Moreover, industrial sewing machines (non-automatic) exports to Honduras exceeded the volume sent to the second major destination, El Salvador (X units), threefold. Guatemala (X units) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Honduras amounted to -8.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (+6.1% per year) and Guatemala (-15.1% per year).

In value terms, Honduras ($X) remains the key foreign market for industrial sewing machines (non-automatic) exports from Costa Rica, comprising 48% of total exports. The second position in the ranking was held by Guatemala ($X), with a 22% share of total exports. It was followed by El Salvador, with an 18% share.

From 2012 to 2022, the average annual growth rate of value to Honduras totaled -5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-12.6% per year) and El Salvador (+2.0% per year).

Export Prices by Country

The average industrial sewing machines (non-automatic) export price stood at $X per unit in 2022, rising by 26% against the previous year. In general, the export price, however, saw a slight decline. The most prominent rate of growth was recorded in 2016 an increase of 1,534% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a 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 Guatemala ($X per unit), while the average price for exports to Colombia ($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 Guatemala (+3.0%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Industrial Sewing Machines (Non-Automatic)

Imports into Costa Rica

In 2022, the amount of industrial sewing machines (non-automatic) imported into Costa Rica was estimated at X units, surging by 11% compared with 2021 figures. Over the period under review, imports showed a perceptible increase. The growth pace was the most rapid in 2018 with an increase of 187%. Over the period under review, imports hit record highs at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, industrial sewing machines (non-automatic) imports dropped to $X in 2022. Overall, imports enjoyed prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of 58%. Over the period under review, imports reached the maximum at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, China (X units) constituted the largest industrial sewing machines (non-automatic) supplier to Costa Rica, with a 49% share of total imports. Moreover, industrial sewing machines (non-automatic) imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. The third position in this ranking was taken by Hong Kong SAR (X units), with a 9.1% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+50.0% per year) and Hong Kong SAR (+60.2% per year).

In value terms, the largest industrial sewing machines (non-automatic) suppliers to Costa Rica were the United States ($X), China ($X) and Japan ($X), with a combined 69% share of total imports. Hong Kong SAR, Taiwan (Chinese), Germany, Mexico and Italy lagged somewhat behind, together comprising a further 23%.

Taiwan (Chinese), with a CAGR of +101.8%, recorded the highest rates of growth with regard to 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 industrial sewing machines (non-automatic) import price stood at $X per unit in 2022, waning by -17.6% against the previous year. Over the period under review, the import price, however, recorded a strong increase. The growth pace was the most rapid in 2017 an increase of 171% against the previous year. As a result, import price reached the peak level of $X per unit. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+34.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform