Costa Rica: Salt Market 2024

Salt Market Size in Costa Rica

The Costa Rican salt market reduced to $X in 2022, which is down by -12.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, enjoyed resilient growth. Salt consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Salt Exports

Exports from Costa Rica

In 2022, approx. X tons of salt and pure sodium chloride were exported from Costa Rica; rising by 21% compared with the year before. Over the period under review, total exports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.2% 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 -14.7% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 40% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, salt exports dropped slightly to $X in 2022. In general, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +133.7% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of 97%. Over the period under review, the exports attained the peak figure at $X in 2021, and then shrank slightly in the following year.

Exports by Country

Nicaragua (X tons), Peru (X tons) and Panama (X tons) were the main destinations of salt exports from Costa Rica, with a combined 55% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of +37.4%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Nicaragua ($X) remains the key foreign market for salt and pure sodium chloride exports from Costa Rica, comprising 78% of total exports. The second position in the ranking was taken by Peru ($X), with a 9% share of total exports. It was followed by Panama, with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Nicaragua stood at +5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+29.8% per year) and Panama (-9.3% per year).

Export Prices by Country

In 2022, the average salt export price amounted to $X per ton, with a decrease of -20.8% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average export price increased by 78%. The export price peaked at $X per ton in 2021, and then contracted rapidly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to Peru ($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 the Dominican Republic (+16.3%), while the prices for the other major destinations experienced more modest paces of growth.

Salt Imports

Imports into Costa Rica

Salt imports into Costa Rica fell to X tons in 2022, reducing by -8% compared with 2021 figures. In general, imports, however, showed a temperate expansion. The pace of growth was the most pronounced in 2015 with an increase of 258%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, salt imports shrank rapidly to $X in 2022. Overall, imports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2015 when imports increased by 430% against the previous year. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

Mexico (X tons), Nicaragua (X tons) and Colombia (X tons) were the main suppliers of salt imports to Costa Rica, with a combined 87% share of total imports. The Netherlands and the United States lagged somewhat behind, together accounting for a further 10%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +21.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Nicaragua ($X) and Colombia ($X) appeared to be the largest salt suppliers to Costa Rica, with a combined 60% share of total imports. The United States and the Netherlands lagged somewhat behind, together accounting for a further 18%.

In terms of the main suppliers, the Netherlands, with a CAGR of +22.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average salt import price amounted to $X per ton, reducing by -8.2% against the previous year. Over the period under review, the import price, however, enjoyed a resilient increase. The pace of growth appeared the most rapid in 2014 an increase of 106% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2016; however, from 2017 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 ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+10.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform