Costa Rica: Maize Market 2024

Maize Market Size in Costa Rica

The Costa Rican maize market fell remarkably to $X in 2022, which is down by -15.5% against the previous year. Overall, the total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +69.3% against 2014 indices. As a result, consumption reached the peak level of $X, and then declined remarkably in the following year.

Maize Production in Costa Rica

In value terms, maize production expanded slightly to $X in 2022 estimated in export price. Overall, production, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2018 when the production volume increased by 181% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

The average yield of maize in Costa Rica stood at X tons per ha in 2022, increasing by 2.5% compared with the previous year. Over the period under review, the yield, however, continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2018 when the yield increased by 44% against the previous year. Over the period under review, the average maize yield hit record highs at X tons per ha in 2012; however, from 2013 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of maize were harvested in Costa Rica; rising by 60% compared with the year before. In general, the harvested area, however, recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2018 when the harvested area increased by 86% against the previous year. As a result, the harvested area reached the peak level of X ha. From 2019 to 2022, the growth of the maize harvested area remained at a lower figure.

Maize Exports

Exports from Costa Rica

In 2022, after three years of growth, there was significant decline in shipments abroad of maize, when their volume decreased by -29.5% to X tons. In general, exports, however, recorded resilient growth. The pace of growth was the most pronounced in 2016 with an increase of 376% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then declined remarkably in the following year.

In value terms, maize exports dropped notably to $X in 2022. Over the period under review, exports, however, saw notable growth. The most prominent rate of growth was recorded in 2016 when exports increased by 316% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then fell remarkably in the following year.

Exports by Country

Panama (X tons) was the main destination for maize exports from Costa Rica, accounting for a 99% share of total exports. It was followed by El Salvador (X kg), with a 0.4% share of total exports. Guatemala (X kg) ranked third in terms of total exports with a 0.2% share.

From 2012 to 2022, the average annual growth rate of volume to Panama totaled +33.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (-25.9% per year) and Guatemala (-13.9% per year).

In value terms, Panama ($X) remains the key foreign market for maize exports from Costa Rica, comprising 96% of total exports. The second position in the ranking was held by El Salvador ($X), with a 1.9% share of total exports. It was followed by Guatemala, with a 1.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Panama totaled +28.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (-17.5% per year) and Guatemala (-21.3% per year).

Export Prices by Country

In 2022, the average maize export price amounted to $X per ton, falling by -2.4% against the previous year. Overall, the export price continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2013 when the average export price increased by 28%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to Panama ($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 El Salvador (+11.2%), while the prices for the other major destinations experienced a decline.

Maize Imports

Imports into Costa Rica

In 2022, the amount of maize imported into Costa Rica fell to X tons, dropping by -5.2% on 2021. Overall, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +35.0% against 2020 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 46% against the previous year. Imports peaked at X tons in 2021, and then contracted in the following year.

In value terms, maize imports declined significantly to $X in 2022. In general, total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +63.9% against 2014 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 62% against the previous year. As a result, imports attained the peak of $X, and then fell significantly in the following year.

Imports by Country

The United States (X tons), Paraguay (X tons) and Brazil (X tons) were the main suppliers of maize imports to Costa Rica, with a combined 99% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Paraguay (with a CAGR of +26.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X) constituted the largest supplier of maize to Costa Rica, comprising 65% of total imports. The second position in the ranking was taken by Paraguay ($X), with a 20% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Paraguay (+22.7% per year) and Brazil (-4.3% per year).

Import Prices by Country

In 2022, the average maize import price amounted to $X per ton, declining by -14.7% against the previous year. Overall, the import price continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2021 an increase of 14% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 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 ($X per ton), while the price for Paraguay ($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 (-0.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform