Costa Rica: Jewelry Market 2024

Jewelry Market Size in Costa Rica

In 2022, the Costa Rican jewelry market decreased by -1.1% to $X, falling for the third year in a row after two years of growth. In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Jewelry Production in Costa Rica

In value terms, jewelry production shrank to $X in 2022 estimated in export price. In general, production showed a perceptible decrease. The pace of growth was the most pronounced in 2018 with an increase of 771% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Jewelry Exports

Exports from Costa Rica

In 2022, the amount of jewelry exported from Costa Rica declined to X tons, dropping by -8.1% compared with the year before. Over the period under review, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 22%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, jewelry exports contracted notably to $X in 2022. Overall, exports saw a drastic downturn. The most prominent rate of growth was recorded in 2021 with an increase of 85% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for jewelry exports from Costa Rica, accounting for a 84% share of total exports. Moreover, jewelry exports to the United States exceeded the volume sent to the second major destination, Canada (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at -19.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-7.9% per year) and France (-17.8% per year).

In value terms, the United States ($X) remains the key foreign market for jewelry exports from Costa Rica, comprising 86% of total exports. The second position in the ranking was taken by Canada ($X), with a 5.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States totaled -18.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-0.3% per year) and France (-28.0% per year).

Export Prices by Country

In 2022, the average jewelry export price amounted to $X per kg, with a decrease of -16.1% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 52%. As a result, the export price reached the peak level of $X per kg, and then reduced markedly in the following year.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per kg), while the average price for exports to the United States ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+8.2%), while the prices for the other major destinations experienced mixed trend patterns.

Jewelry Imports

Imports into Costa Rica

For the third year in a row, Costa Rica recorded decline in supplies from abroad of jewelry, which decreased by -0.2% to X tons in 2022. In general, imports showed a pronounced curtailment. The pace of growth appeared the most rapid in 2016 with an increase of 100%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, jewelry imports dropped rapidly to $X in 2022. Over the period under review, imports saw a abrupt decline. The most prominent rate of growth was recorded in 2019 with an increase of 74% against the previous year. Over the period under review, imports attained the peak figure at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest jewelry supplier to Costa Rica, accounting for a 35% share of total imports. Moreover, jewelry imports from Spain exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was taken by France (X kg), with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain totaled +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-8.7% per year) and France (+17.4% per year).

In value terms, the United States ($X) constituted the largest supplier of jewelry to Costa Rica, comprising 56% of total imports. The second position in the ranking was held by Spain ($X), with a 17% share of total imports. It was followed by Mexico, with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at -9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-1.3% per year) and Mexico (-18.6% per year).

Import Prices by Country

The average jewelry import price stood at $X per ton in 2022, waning by -20.6% against the previous year. Over the period under review, the import price recorded a perceptible contraction. The growth pace was the most rapid in 2017 an increase of 152%. Over the period under review, average import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, import prices stood 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 ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Portugal (+82.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform