Costa Rica: Industrial Sewing Machine Market 2024

Industrial Sewing Machine Market Size in Costa Rica

The Costa Rican industrial sewing machine market reduced to $X in 2022, shrinking by -12% 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). Over the period under review, consumption, however, recorded a strong expansion. Industrial sewing machine consumption peaked at $X in 2021, and then shrank in the following year.

Industrial Sewing Machine Exports

Exports from Costa Rica

In 2022, approx. X units of industrial sewing machines were exported from Costa Rica; jumping by 42% on 2021. In general, exports, however, faced a abrupt decrease. The most prominent rate of growth was recorded in 2020 with an increase of 221% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, industrial sewing machine exports surged to $X in 2022. Over the period under review, exports, however, faced a abrupt descent. The growth pace was the most rapid in 2019 with an increase of 199% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Honduras (X units) was the main destination for industrial sewing machine exports from Costa Rica, accounting for a 45% share of total exports. Moreover, industrial sewing machine exports to Honduras exceeded the volume sent to the second major destination, El Salvador (X units), threefold. The third position in this ranking was held by Guatemala (X units), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Honduras stood at -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 (-14.1% per year).

In value terms, Honduras ($X) remains the key foreign market for industrial sewing machines exports from Costa Rica, comprising 47% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 22% share of total exports. It was followed by El Salvador, with a 17% share.

From 2012 to 2022, the average annual growth rate of value to Honduras amounted to -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 machine export price stood at $X per unit in 2022, rising by 36% against the previous year. Overall, the export price, however, recorded a mild shrinkage. The pace of growth appeared the most rapid in 2016 when the average export price increased by 90%. 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.

Prices varied noticeably by country of destination: 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 Honduras (+3.0%), while the prices for the other major destinations experienced mixed trend patterns.

Industrial Sewing Machine Imports

Imports into Costa Rica

After four years of growth, supplies from abroad of industrial sewing machines decreased by -7.6% to X units in 2022. Over the period under review, imports, however, enjoyed a resilient expansion. The growth pace was the most rapid in 2018 when imports increased by 68%. Imports peaked at X units in 2021, and then reduced in the following year.

In value terms, industrial sewing machine imports declined to $X in 2022. Overall, imports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of 57% against the previous year. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of industrial sewing machine to Costa Rica, with a 84% share of total imports. Moreover, industrial sewing machine imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold. The third position in this ranking was taken by Hong Kong SAR (X units), with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +24.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+29.2% per year) and Hong Kong SAR (+60.2% per year).

In value terms, China ($X) constituted the largest supplier of industrial sewing machines to Costa Rica, comprising 62% of total imports. The second position in the ranking was held by the United States ($X), with a 19% share of total imports. It was followed by Japan, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +29.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+8.9% per year) and Japan (+35.7% per year).

Import Prices by Country

The average industrial sewing machine import price stood at $X per unit in 2022, with a decrease of -6.8% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average import price increased by 42%. 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 the United States (+16.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform