Costa Rica: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Costa Rica

The Costa Rican market for processed petroleum oils and distillates dropped significantly to $X in 2022, waning by -22.4% against the previous year. In general, consumption saw a slight descent. As a result, consumption attained the peak level of $X, and then shrank sharply in the following year.

Production of Processed Petroleum Oils and Distillates in Costa Rica

In value terms, processed petroleum oils and distillates production dropped to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2013 with an increase of 8.6%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Costa Rica

Processed petroleum oils and distillates exports from Costa Rica fell to X tons in 2022, which is down by -2.8% on the previous year. Over the period under review, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2017 with an increase of 39%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports fell modestly to $X in 2022. Overall, exports saw a drastic downturn. The pace of growth appeared the most rapid in 2017 when exports increased by 32%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

South Korea (X tons) was the main destination for processed petroleum oils and distillates exports from Costa Rica, with a 54% share of total exports. Moreover, processed petroleum oils and distillates exports to South Korea exceeded the volume sent to the second major destination, Albania (X tons), fourfold. The third position in this ranking was taken by Argentina (X tons), with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Korea was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (+1.5% per year) and Argentina (+80.5% per year).

In value terms, South Korea ($X) emerged as the key foreign market for processed petroleum oils and distillates exports from Costa Rica, comprising 45% of total exports. The second position in the ranking was held by Peru ($X), with a 13% share of total exports. It was followed by Panama, with a 9.7% share.

From 2012 to 2022, the average annual growth rate of value to South Korea was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+101.8% per year) and Panama (-19.5% per year).

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, surging by 1.9% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by 49%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bahamas ($X per ton), while the average price for exports to Argentina ($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 Bahamas (+32.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Costa Rica

In 2022, processed petroleum oils and distillates imports into Costa Rica shrank sharply to X tons, which is down by -22.5% compared with 2021 figures. In general, total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.4% 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 +40.9% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 82%. As a result, imports attained the peak of X tons, and then shrank dramatically in the following year.

In value terms, processed petroleum oils and distillates imports shrank dramatically to $X in 2022. Overall, imports recorded a noticeable descent. The pace of growth appeared the most rapid in 2021 when imports increased by 82% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) was the main processed petroleum oils and distillates supplier to Costa Rica, accounting for a 94% share of total imports. Moreover, processed petroleum oils and distillates imports from the United States exceeded the figures recorded by the second-largest supplier, Curacao (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at +5.0%.

In value terms, the United States ($X) constituted the largest supplier of processed petroleum oils and distillates to Costa Rica, comprising 95% of total imports. The second position in the ranking was taken by Curacao ($X), with a 2.5% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States stood at -3.1%.

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, remaining constant against the previous year. Over the period under review, the import price showed a deep downturn. The growth pace was the most rapid in 2018 when the average import price increased by 29%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat 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 Curacao amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-7.7%).

Source: IndexBox Platform