Costa Rica: Oil Crops Market 2024

Oil Crops Market Size in Costa Rica

In 2022, the Costa Rican oil crops market increased by X% to $X, rising for the third year in a row after three years of decline. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Oil crops consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Oil Crops Production in Costa Rica

In value terms, oil crops production expanded slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

In 2022, the average yield of oil crops (primary) in Costa Rica reached X tons per ha, stabilizing at 2021. Over the period under review, the yield, however, recorded a slight downturn. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, the average oil crops yield hit record highs at X tons per ha in 2013; however, from 2014 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The oil crops harvested area in Costa Rica fell slightly to X ha in 2022, therefore, remained relatively stable against 2021 figures. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the harvested area increased by X%. Over the period under review, the harvested area dedicated to oil crops production reached the maximum at X ha in 2018; however, from 2019 to 2022, the harvested area stood at a somewhat lower figure.

Oil Crops Exports

Exports from Costa Rica

Oil crops exports from Costa Rica soared to X tons in 2022, growing by X% against the year before. Over the period under review, exports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, oil crops exports soared to $X in 2022. In general, exports, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Canada (X tons), Thailand (X tons) and Brazil (X tons) were the main destinations of oil crops exports from Costa Rica, with a combined X% share of total exports. India, the United States, Venezuela, the Netherlands, Honduras, Mexico, Colombia, Guatemala and Panama lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Venezuela (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for oil crops exported from Costa Rica were Thailand ($X), Brazil ($X) and India ($X), together comprising X% of total exports. Venezuela, Canada, the United States, Honduras, Mexico, Colombia, the Netherlands, Guatemala and Panama lagged somewhat behind, together accounting for a further X%.

Venezuela, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average oil crops export price stood at $X per ton in 2022, rising by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2020 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to continue growth in the immediate term.

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 Brazil ($X per ton), while the average price for exports to the Netherlands ($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 Canada (X%), while the prices for the other major destinations experienced more modest paces of growth.

Oil Crops Imports

Imports into Costa Rica

In 2022, supplies from abroad of oil crops (primary) increased by X% to X tons, rising for the third consecutive year after two years of decline. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, oil crops imports reached $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, the United States (X tons) constituted the largest oil crops supplier to Costa Rica, with a X% share of total imports. Moreover, oil crops imports from the United States exceeded the figures recorded by the second-largest supplier, Panama (X tons), fourfold. Nicaragua (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (X% per year) and Nicaragua (X% per year).

In value terms, the United States ($X) constituted the largest supplier of oil crops (primary) to Costa Rica, comprising X% of total imports. The second position in the ranking was taken by Panama ($X), with a X% share of total imports. It was followed by Nicaragua, with a X% share.

From 2012 to 2022, the average annual growth rate of value from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (X% per year) and Nicaragua (X% per year).

Import Prices by Country

In 2022, the average oil crops import price amounted to $X per ton, falling by X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then shrank modestly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Paraguay ($X per ton), while the price for Panama ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform