Costa Rica: Preserved Sardines Market 2024

Preserved Sardines Market Size in Costa Rica

The Costa Rican preserved sardines market expanded notably to $X in 2022, with an increase of 6.5% against the previous year. Over the period under review, consumption, however, showed a noticeable reduction. Preserved sardines consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Preserved Sardines Production in Costa Rica

In value terms, preserved sardines production reached $X in 2022 estimated in export price. In general, production, however, saw a perceptible setback. The pace of growth appeared the most rapid in 2020 with an increase of 66% against the previous year. Preserved sardines production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Preserved Sardines Exports

Exports from Costa Rica

Preserved sardines exports from Costa Rica rose sharply to X tons in 2022, with an increase of 13% on the year before. Overall, exports, however, recorded a noticeable decrease. The pace of growth appeared the most rapid in 2020 with an increase of 34%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, preserved sardines exports amounted to $X in 2022. In general, exports, however, showed a perceptible decrease. The most prominent rate of growth was recorded in 2020 when exports increased by 36%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

El Salvador (X tons) was the main destination for preserved sardines exports from Costa Rica, accounting for a 70% share of total exports. Moreover, preserved sardines exports to El Salvador exceeded the volume sent to the second major destination, Guatemala (X tons), fourfold. Nicaragua (X tons) ranked third in terms of total exports with a 9% share.

From 2012 to 2022, the average annual growth rate of volume to El Salvador stood at -2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-5.0% per year) and Nicaragua (-4.5% per year).

In value terms, El Salvador ($X) remains the key foreign market for sardines (prepared or preserved) exports from Costa Rica, comprising 64% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 19% share of total exports. It was followed by Nicaragua, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to El Salvador totaled -2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-3.1% per year) and Nicaragua (-1.5% per year).

Export Prices by Country

In 2022, the average preserved sardines export price amounted to $X per ton, dropping by -4.7% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 9.2%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

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 Nicaragua ($X per ton), while the average price for exports to El Salvador ($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 Nicaragua (+3.1%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Sardines Imports

Imports into Costa Rica

In 2022, preserved sardines imports into Costa Rica amounted to X tons, increasing by 2% against the previous year. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 129%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, preserved sardines imports declined slightly to $X in 2022. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when imports increased by 115% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Thailand (X tons) constituted the largest preserved sardines supplier to Costa Rica, accounting for a 48% share of total imports. Moreover, preserved sardines imports from Thailand exceeded the figures recorded by the second-largest supplier, Ecuador (X tons), twofold. The Philippines (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from Thailand stood at +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Ecuador (-7.2% per year) and the Philippines (-2.0% per year).

In value terms, Thailand ($X) constituted the largest supplier of sardines (prepared or preserved) to Costa Rica, comprising 43% of total imports. The second position in the ranking was taken by Ecuador ($X), with a 20% share of total imports. It was followed by Morocco, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Thailand totaled +6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Ecuador (-5.3% per year) and Morocco (+8.4% per year).

Import Prices by Country

The average preserved sardines import price stood at $X per ton in 2022, shrinking by -2.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2013 when the average import price increased by 27% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform