Costa Rica: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Costa Rica

In 2022, the Costa Rican truck and bus tyre market was finally on the rise to reach $X after two years of decline. Overall, the total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -16.9% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Tyres For Buses Or Lorries in Costa Rica

In value terms, truck and bus tyre production declined to $X in 2022 estimated in export price. In general, production, however, continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 87% against the previous year. Truck and bus tyre production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Tyres For Buses Or Lorries

Exports from Costa Rica

In 2022, exports of tyres for buses or lorries from Costa Rica dropped dramatically to X units, waning by -16.3% against the previous year. In general, exports, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 91% against the previous year. The exports peaked at X units in 2021, and then declined remarkably in the following year.

In value terms, truck and bus tyre exports declined markedly to $X in 2022. Over the period under review, exports, however, saw prominent growth. The pace of growth was the most pronounced in 2021 with an increase of 70%. As a result, the exports attained the peak of $X, and then dropped rapidly in the following year.

Exports by Country

The United States (X units) was the main destination for truck and bus tyre exports from Costa Rica, accounting for a 81% share of total exports. Moreover, truck and bus tyre exports to the United States exceeded the volume sent to the second major destination, Panama (X units), more than tenfold. The third position in this ranking was taken by Guatemala (X units), with a 2.8% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +75.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+4.5% per year) and Guatemala (-4.7% per year).

In value terms, the United States ($X) remains the key foreign market for tyres for buses or lorries exports from Costa Rica, comprising 81% of total exports. The second position in the ranking was held by Panama ($X), with a 3.7% share of total exports. It was followed by Guatemala, with a 2.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +74.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+3.7% per year) and Guatemala (-5.4% per year).

Export Prices by Country

In 2022, the average truck and bus tyre export price amounted to $X per unit, declining by -5.1% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average export price increased by 17%. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Chile ($X per unit) and Honduras ($X per unit), while the average price for exports to the United States ($X per unit) and Panama ($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 Chile (-0.8%), while the prices for the other major destinations experienced a decline.

Imports of Tyres For Buses Or Lorries

Imports into Costa Rica

In 2022, after two years of growth, there was decline in overseas purchases of tyres for buses or lorries, when their volume decreased by -1.3% to X units. In general, total imports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +4.8% 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 +8.0% against 2019 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 46% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, truck and bus tyre imports fell to $X in 2022. The total import value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when imports increased by 27% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of truck and bus tyre to Costa Rica, accounting for a 74% share of total imports. Moreover, truck and bus tyre imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), more than tenfold. The third position in this ranking was held by the United States (X units), with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+35.3% per year) and the United States (-2.4% per year).

In value terms, China ($X) constituted the largest supplier of tyres for buses or lorries to Costa Rica, comprising 75% of total imports. The second position in the ranking was held by Thailand ($X), with a 5.3% share of total imports. It was followed by the United States, with a 3.9% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+32.9% per year) and the United States (-5.1% per year).

Import Prices by Country

In 2022, the average truck and bus tyre import price amounted to $X per unit, which is down by -6.7% against the previous year. Overall, the import price recorded a slight contraction. The pace of growth was the most pronounced in 2018 an increase of 27%. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Mexico ($X per unit) and Thailand ($X per unit), while the price for the United States ($X per unit) and Panama ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (-1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform