Costa Rica: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Costa Rica

In 2022, after three years of growth, there was decline in the Costa Rican market for tyres for agriculture, forestry, construction, industry and other off the road vehicles, when its value decreased by -1.2% to $X. In general, the total consumption indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +37.1% against 2018 indices. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Production of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Costa Rica

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles dropped modestly to $X in 2022 estimated in export price. Overall, the total production indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.2% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 41%. Over the period under review, production of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the peak level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports from Costa Rica

In 2022, the amount of tyres for agriculture, forestry, construction, industry and other off the road vehicles exported from Costa Rica fell notably to X units, shrinking by -27.8% against 2021. Overall, exports recorded a perceptible reduction. The pace of growth appeared the most rapid in 2016 with an increase of 34%. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the maximum at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles reduced markedly to $X in 2022. In general, exports saw a abrupt setback. The growth pace was the most rapid in 2017 with an increase of 22% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from Costa Rica, accounting for a 79% share of total exports. Moreover, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to the United States exceeded the volume sent to the second major destination, Guatemala (X units), more than tenfold. The third position in this ranking was held by the Dominican Republic (X units), with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-5.1% per year) and the Dominican Republic (-7.5% per year).

In value terms, the United States ($X) remains the key foreign market for tyres for agriculture, forestry, construction, industry and other off the road vehicles exports from Costa Rica, comprising 75% of total exports. The second position in the ranking was held by Guatemala ($X), with a 4.2% share of total exports. It was followed by the Dominican Republic, with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-11.0% per year) and the Dominican Republic (-14.4% per year).

Export Prices by Country

The average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X per unit in 2022, surging by 15% against the previous year. In general, the export price, however, showed a perceptible setback. The pace of growth appeared the most rapid in 2014 when the average export price increased by 20% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Mexico ($X per unit) and Nicaragua ($X per unit), while the average price for exports to Argentina ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+0.9%), while the prices for the other major destinations experienced a decline.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports into Costa Rica

In 2022, approx. X units of tyres for agriculture, forestry, construction, industry and other off the road vehicles were imported into Costa Rica; with a decrease of -31.5% against the previous year. Overall, imports recorded a perceptible setback. The most prominent rate of growth was recorded in 2013 when imports increased by 130%. As a result, imports reached the peak of X units. From 2014 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles declined rapidly to $X in 2022. Over the period under review, imports recorded a slight decline. The pace of growth appeared the most rapid in 2021 with an increase of 36%. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles reached the maximum at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, India (X units) constituted the largest agricultural, construction and industrial machinery tyre supplier to Costa Rica, accounting for a 29% share of total imports. Moreover, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from India exceeded the figures recorded by the second-largest supplier, China (X units), twofold. Taiwan (Chinese) (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from India amounted to +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-0.2% per year) and Taiwan (Chinese) (-6.4% per year).

In value terms, India ($X), China ($X) and Turkey ($X) were the largest agricultural, construction and industrial machinery tyre suppliers to Costa Rica, together comprising 51% of total imports. Spain, the Netherlands, the United States, Sri Lanka, France, Poland, Mexico, Taiwan (Chinese) and Panama lagged somewhat behind, together comprising a further 26%.

In terms of the main suppliers, Sri Lanka, with a CAGR of +32.6%, saw the highest rates of growth with regard to 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

The average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X per unit in 2022, surging by 2.4% against the previous year. Overall, the import price enjoyed a measured expansion. The most prominent rate of growth was recorded in 2014 when the average import price increased by 90% against the previous year. The import price peaked at $X per unit in 2020; however, from 2021 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 Netherlands ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+14.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform