Costa Rica: Tyre Market 2024

Tyre Market Size in Costa Rica

The Costa Rican tyre market reduced to $X in 2022, waning by X% against the previous year. In general, the total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2019 indices. Tyre consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Tyre Production in Costa Rica

In value terms, tyre production contracted slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Tyre production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Tyre Exports

Exports from Costa Rica

In 2022, overseas shipments of tyres increased by X% to X units, rising for the second year in a row after three years of decline. Overall, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. As a result, the exports reached the peak of X units. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, tyre exports surged to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of X%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

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

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

In value terms, the United States ($X) remains the key foreign market for tyres exports from Costa Rica, comprising X% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a X% share of total exports. It was followed by Guatemala, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (X% per year) and Guatemala (X% per year).

Export Prices by Country

In 2022, the average tyre export price amounted to $X per unit, remaining constant against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Guatemala ($X per unit) and Nicaragua ($X per unit), while the average price for exports to Colombia ($X per unit) and Canada ($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 Mexico (X%), while the prices for the other major destinations experienced more modest paces of growth.

Tyre Imports

Imports into Costa Rica

In 2022, imports of tyres into Costa Rica declined markedly to X units, reducing by X% against the year before. Over the period under review, imports recorded a mild decline. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, tyre imports amounted to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest tyre supplier to Costa Rica, accounting for a X% share of total imports. Moreover, tyre imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), sixfold. The third position in this ranking was taken by Mexico (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (X% per year) and Mexico (X% per year).

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

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (X% per year) and the United States (X% per year).

Import Prices by Country

In 2022, the average tyre import price amounted to $X per unit, growing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform