Costa Rica: Sunglasses Market 2024

Sunglasses Market Size in Costa Rica

The Costa Rican sunglasses market shrank markedly to $X in 2022, waning by -18.9% 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). In general, consumption recorded a pronounced contraction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Sunglasses Exports

Exports from Costa Rica

After two years of decline, shipments abroad of sunglasses increased by 36% to X units in 2022. In general, exports, however, recorded a abrupt contraction. The growth pace was the most rapid in 2018 with an increase of 1,135% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, sunglasses exports soared to $X in 2022. Overall, exports, however, recorded a slight setback. The growth pace was the most rapid in 2018 with an increase of 1,293% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for sunglasses exports from Costa Rica, accounting for a 81% share of total exports. Moreover, sunglasses exports to the United States exceeded the volume sent to the second major destination, Panama (X units), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at -2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+19.6% per year) and Nicaragua (-19.6% per year).

In value terms, the United States ($X) remains the key foreign market for sunglasses exports from Costa Rica, comprising 81% of total exports. The second position in the ranking was held by Panama ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+25.7% per year) and Nicaragua (-15.5% per year).

Export Prices by Country

The average sunglasses export price stood at $X per unit in 2022, waning by -7% against the previous year. Over the period under review, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sunglasses export price increased by +38.4% against 2016 indices. The pace of growth appeared the most rapid in 2014 when the average export price increased by 36% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2021, and then contracted in the following year.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Panama ($X per unit), while the average price for exports to the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Sunglasses Imports

Imports into Costa Rica

In 2022, approx. X units of sunglasses were imported into Costa Rica; waning by -12.7% compared with 2021. Overall, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2019 with an increase of 56% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, sunglasses imports dropped dramatically to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 73% against the previous year. As a result, imports reached the peak of $X, and then contracted sharply in the following year.

Imports by Country

China (X units), Italy (X units) and the United States (X units) were the main suppliers of sunglasses imports to Costa Rica, with a combined 88% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +2.8%), while imports for the other leaders experienced a decline.

In value terms, the largest sunglasses suppliers to Costa Rica were China ($X), Italy ($X) and the United States ($X), together accounting for 88% of total imports.

Italy, with a CAGR of +11.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 sunglasses import price amounted to $X per unit, with a decrease of -9.6% against the previous year. In general, import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +8.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sunglasses import price increased by +42.9% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of 62%. The import price peaked at $X per unit in 2021, and then dropped in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were China ($X per unit) and Italy ($X per unit), while the price for Argentina ($X per unit) and Spain ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+8.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform