Costa Rica: Bracelet Market 2024

Bracelet Market Size in Costa Rica

The Costa Rican bracelet market skyrocketed to $X in 2022, picking up by 40% 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 continues to indicate a remarkable increase. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Bracelet Exports

Exports from Costa Rica

In 2022, shipments abroad of watch straps, bands and bracelets increased by 18% to X units, rising for the fourth year in a row after two years of decline. Over the period under review, exports enjoyed prominent growth. The growth pace was the most rapid in 2016 with an increase of 715%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, bracelet exports soared to $X in 2022. In general, exports, however, recorded a pronounced reduction. The most prominent rate of growth was recorded in 2016 when exports increased by 982%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Guatemala (X units) was the main destination for bracelet exports from Costa Rica, accounting for a 85% share of total exports. Moreover, bracelet exports to Guatemala exceeded the volume sent to the second major destination, Panama (X units), eightfold. The United States (X units) ranked third in terms of total exports with a 2.3% share.

From 2012 to 2022, the average annual growth rate of volume to Guatemala amounted to +55.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (-12.5% per year) and the United States (+4.1% per year).

In value terms, Guatemala ($X), Panama ($X) and Ireland ($X) appeared to be the largest markets for bracelet exported from Costa Rica worldwide, together accounting for 98% of total exports.

In terms of the main countries of destination, Guatemala, with a CAGR of +19.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average bracelet export price stood at $X per unit in 2022, shrinking by -1.8% against the previous year. Overall, the export price showed a abrupt setback. The growth pace was the most rapid in 2015 an increase of 50%. The export price peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: 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 (+8.2%), while the prices for the other major destinations experienced a decline.

Bracelet Imports

Imports into Costa Rica

Bracelet imports into Costa Rica soared to X units in 2022, increasing by 60% compared with the year before. Over the period under review, imports saw significant growth. The growth pace was the most rapid in 2016 with an increase of 227%. Imports peaked at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, bracelet imports soared to $X in 2022. Overall, imports posted a significant increase. The pace of growth was the most pronounced in 2016 with an increase of 305% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X units) constituted the largest supplier of bracelet to Costa Rica, with a 68% share of total imports. Moreover, bracelet imports from the United States exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was held by Panama (X units), with a 6% share.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +34.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+32.0% per year) and Panama (+1.6% per year).

In value terms, the largest bracelet suppliers to Costa Rica were China ($X), the United States ($X) and Panama ($X), together comprising 90% of total imports.

China, with a CAGR of +42.6%, saw the highest rates of growth with regard to the value of imports, among 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 bracelet import price amounted to $X per unit, reducing by -19% against the previous year. In general, the import price saw a slight contraction. The pace of growth appeared the most rapid in 2021 when the average import price increased by 35% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2017; however, from 2018 to 2022, import prices remained at a 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 China ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform