Costa Rica: Umbrella Market 2024

Umbrella Market Size in Costa Rica

After four years of decline, the Costa Rican umbrella market increased by 7% to $X in 2022. Overall, consumption, however, showed a abrupt slump. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Umbrella Exports

Exports from Costa Rica

In 2022, after five years of decline, there was significant growth in overseas shipments of umbrellas, when their volume increased by 7.9% to X units. Overall, exports, however, continue to indicate a noticeable shrinkage. The growth pace was the most rapid in 2016 when exports increased by 372%. As a result, the exports reached the peak of X units. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, umbrella exports amounted to $X in 2022. Over the period under review, exports enjoyed a measured increase. The most prominent rate of growth was recorded in 2016 with an increase of 235% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Nicaragua (X units) was the main destination for umbrella exports from Costa Rica, accounting for a 56% share of total exports. Moreover, umbrella exports to Nicaragua exceeded the volume sent to the second major destination, Guatemala (X units), fivefold. El Salvador (X units) ranked third in terms of total exports with a 6.9% share.

From 2012 to 2022, the average annual growth rate of volume to Nicaragua stood at +20.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-9.0% per year) and El Salvador (-9.7% per year).

In value terms, the United States ($X) emerged as the key foreign market for umbrellas exports from Costa Rica, comprising 30% of total exports. The second position in the ranking was held by Panama ($X), with a 14% share of total exports. It was followed by Nicaragua, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +20.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+21.0% per year) and Nicaragua (+9.5% per year).

Export Prices by Country

The average umbrella export price stood at $X per unit in 2022, which is down by -6.5% against the previous year. In general, the export price, however, saw a strong increase. The most prominent rate of growth was recorded in 2019 when the average export price increased by 183% against the previous year. The export price peaked at $X per unit in 2021, and then shrank in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Nicaragua ($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 Honduras (+22.6%), while the prices for the other major destinations experienced more modest paces of growth.

Umbrella Imports

Imports into Costa Rica

After four years of decline, purchases abroad of umbrellas increased by 14% to X units in 2022. In general, imports, however, continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2017 with an increase of 40%. As a result, imports attained the peak of X units. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, umbrella imports rose significantly to $X in 2022. Overall, imports, however, showed a abrupt curtailment. The pace of growth appeared the most rapid in 2017 when imports increased by 34% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of umbrella to Costa Rica, accounting for a 85% share of total imports. Moreover, umbrella imports from China exceeded the figures recorded by the second-largest supplier, Panama (X units), more than tenfold. The third position in this ranking was held by the United States (X units), with a 3.6% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (-5.0% per year) and the United States (-6.6% per year).

In value terms, China ($X) constituted the largest supplier of umbrellas to Costa Rica, comprising 86% of total imports. The second position in the ranking was taken by the United States ($X), with a 5.6% share of total imports. It was followed by Panama, with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at -4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-4.6% per year) and Panama (-9.1% per year).

Import Prices by Country

In 2022, the average umbrella import price amounted to $X per unit, reducing by -7.3% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The pace of growth was the most pronounced in 2021 when the average import price increased by 26%. As a result, import price attained the peak level of $X per unit, and then contracted in the following year.

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 United States ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform