Costa Rica: Steel Stranded Wire Market 2025

Steel Stranded Wire Market Size in Costa Rica

The Costa Rican steel stranded wire market dropped markedly to $X in 2022, shrinking by -17.9% 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, continues to indicate a notable increase. Over the period under review, the market reached the peak level at $X in 2021, and then contracted significantly in the following year.

Steel Stranded Wire Exports

Exports from Costa Rica

After two years of decline, shipments abroad of iron or steel stranded wire, ropes and cables increased by 84% to X tons in 2022. Over the period under review, exports enjoyed resilient growth. The most prominent rate of growth was recorded in 2018 when exports increased by 212%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, steel stranded wire exports soared to $X in 2022. Overall, exports posted a resilient increase. The pace of growth was the most pronounced in 2013 with an increase of 155%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Panama (X tons) was the main destination for steel stranded wire exports from Costa Rica, accounting for a 67% share of total exports. Moreover, steel stranded wire exports to Panama exceeded the volume sent to the second major destination, the United States (X tons), threefold. The third position in this ranking was held by Nicaragua (X tons), with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Panama stood at +77.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+4.0% per year) and Nicaragua (+67.7% per year).

In value terms, the United States ($X) remains the key foreign market for iron or steel stranded wire, ropes and cables exports from Costa Rica, comprising 84% of total exports. The second position in the ranking was held by Panama ($X), with a 13% share of total exports. It was followed by Nicaragua, with a 1.8% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +15.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+57.1% per year) and Nicaragua (+68.8% per year).

Export Prices by Country

In 2022, the average steel stranded wire export price amounted to $X per ton, with a decrease of -33.3% against the previous year. Overall, the export price, however, enjoyed a temperate increase. The most prominent rate of growth was recorded in 2019 an increase of 52%. The export price peaked at $X per ton in 2021, and then shrank significantly in the following year.

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 South Korea ($X per ton), while the average price for exports to Panama ($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 South Korea (+41.2%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Stranded Wire Imports

Imports into Costa Rica

In 2022, the amount of iron or steel stranded wire, ropes and cables imported into Costa Rica contracted to X tons, shrinking by -11.9% compared with 2021 figures. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 117%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, steel stranded wire imports shrank significantly to $X in 2022. Over the period under review, imports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2015 when imports increased by 77% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then contracted remarkably in the following year.

Imports by Country

In 2022, South Korea (X tons) constituted the largest steel stranded wire supplier to Costa Rica, accounting for a 41% share of total imports. Moreover, steel stranded wire imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by Brazil (X tons), with a 19% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea stood at +13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.7% per year) and Brazil (-9.0% per year).

In value terms, South Korea ($X), the United States ($X) and China ($X) constituted the largest steel stranded wire suppliers to Costa Rica, together comprising 62% of total imports. Brazil, Mexico and Turkey lagged somewhat behind, together accounting for a further 14%.

Among the main suppliers, Turkey, with a CAGR of +624.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average steel stranded wire import price stood at $X per ton in 2022, reducing by -6.4% against the previous year. Overall, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steel stranded wire import price increased by +74.5% against 2015 indices. The pace of growth was the most pronounced in 2016 when the average import price increased by 25% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then dropped in the following year.

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 the United States ($X per ton), while the price for Brazil ($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 (+16.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform