Costa Rica: Paddy Rice Market 2024

Paddy Rice Market Size in Costa Rica

The Costa Rican paddy rice market rose rapidly to $X in 2022, growing by 6.1% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. Paddy rice consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Paddy Rice Production in Costa Rica

In value terms, paddy rice production dropped to $X in 2022 estimated in export price. Over the period under review, the total production indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -11.0% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 100%. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

The average yield of paddy rice in Costa Rica declined slightly to X tons per ha in 2022, remaining relatively unchanged against the previous year. The yield figure increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the yield increased by 44% against the previous year. As a result, the yield reached the peak level of X tons per ha. From 2015 to 2022, the growth of the average paddy rice 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.

The paddy rice harvested area in Costa Rica dropped slightly to X ha in 2022, remaining stable against the year before. Overall, the harvested area showed a abrupt decline. The most prominent rate of growth was recorded in 2013 when the harvested area increased by 17%. As a result, the harvested area reached the peak level of X ha. From 2014 to 2022, the growth of the paddy rice harvested area failed to regain momentum.

Paddy Rice Exports

Exports from Costa Rica

After three years of growth, shipments abroad of paddy rice decreased by -7.8% to X tons in 2022. In general, exports recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2020 when exports increased by 162% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, paddy rice exports reduced to $X in 2022. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 185%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Panama (X tons) was the main destination for paddy rice exports from Costa Rica, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Panama amounted to -1.5%.

In value terms, Panama ($X) also remains the key foreign market for paddy rice exports from Costa Rica.

From 2012 to 2022, the average annual rate of growth in terms of value to Panama stood at +2.1%.

Export Prices by Country

In 2022, the average paddy rice export price amounted to $X per ton, almost unchanged from the previous year. In general, export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, paddy rice export price decreased by -8.5% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 128% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Panama.

From 2012 to 2022, the rate of growth in terms of prices for Guatemala amounted to +6.8% per year.

Paddy Rice Imports

Imports into Costa Rica

In 2022, the amount of paddy rice imported into Costa Rica was estimated at X tons, rising by 8.8% on the previous year. Overall, imports showed prominent growth. The most prominent rate of growth was recorded in 2015 when imports increased by 47%. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, paddy rice imports stood at $X in 2022. Over the period under review, imports saw a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 34%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Brazil (X tons) and the United States (X tons) were the main suppliers of paddy rice imports to Costa Rica.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +269.1%).

In value terms, Brazil ($X) and the United States ($X) constituted the largest paddy rice suppliers to Costa Rica.

Among the main suppliers, Brazil, with a CAGR of +159.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2022, the average paddy rice import price amounted to $X per ton, with an increase of 3.2% against the previous year. Overall, the import price, however, recorded a slight setback. The growth pace was the most rapid in 2017 when the average import price increased by 21%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for the United States totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform