Costa Rica: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Costa Rica

In 2022, the Costa Rican crude palm oil market was finally on the rise to reach $X after five years of decline. Over the period under review, consumption, however, showed a deep setback. Crude palm oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Crude Palm Oil Production in Costa Rica

In value terms, crude palm oil production rose sharply to $X in 2022 estimated in export price. In general, production, however, continues to indicate a abrupt decline. The pace of growth was the most pronounced in 2016 with an increase of 29%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Palm Oil Exports

Exports from Costa Rica

In 2022, the amount of crude palm oil exported from Costa Rica reached X tons, surging by 4.1% on the previous year. In general, total exports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -3.8% against 2020 indices. The growth pace was the most rapid in 2018 when exports increased by 32%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, crude palm oil exports shrank significantly to $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 47%. As a result, the exports reached the peak of $X, and then fell dramatically in the following year.

Exports by Country

Mexico (X tons) was the main destination for crude palm oil exports from Costa Rica, accounting for a 69% share of total exports. Moreover, crude palm oil exports to Mexico exceeded the volume sent to the second major destination, the Netherlands (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume to Mexico amounted to +2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+30.4% per year) and Spain (+15.0% per year).

In value terms, Mexico ($X) remains the key foreign market for crude palm oil exports from Costa Rica, comprising 69% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 30% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Mexico was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+29.6% per year) and Spain (+5.5% per year).

Export Prices by Country

The average crude palm oil export price stood at $X per ton in 2022, reducing by -19.2% against the previous year. Overall, the export price saw a perceptible descent. The pace of growth was the most pronounced in 2021 when the average export price increased by 58%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Spain ($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 Germany (+37.5%), while the prices for the other major destinations experienced a decline.

Crude Palm Oil Imports

Imports into Costa Rica

After five years of decline, purchases abroad of crude palm oil increased by 41% to X tons in 2022. In general, imports, however, continue to indicate a mild curtailment. The most prominent rate of growth was recorded in 2016 when imports increased by 544% against the previous year. 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, crude palm oil imports skyrocketed to $X in 2022. Over the period under review, imports, however, recorded a abrupt contraction. The pace of growth was the most pronounced in 2016 with an increase of 656%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Panama (X tons) constituted the largest supplier of crude palm oil to Costa Rica, accounting for a 24% share of total imports. It was followed by Indonesia (X tons), with a 0.5% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Panama stood at +25.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-2.4% per year) and the United States (-74.9% per year).

In value terms, Panama ($X) constituted the largest supplier of crude palm oil to Costa Rica, comprising 26% of total imports. The second position in the ranking was held by Indonesia ($X), with a 1.1% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Panama totaled +25.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+21.9% per year) and the United States (-71.9% per year).

Import Prices by Country

In 2022, the average crude palm oil import price amounted to $X per ton, flattening at the previous year. Overall, the import price saw a noticeable descent. The most prominent rate of growth was recorded in 2020 when the average import price increased by 31% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 ($X per ton), while the price for Panama ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+24.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform