Costa Rica: Banana Market 2024

Banana Market Size in Costa Rica

In 2022, the Costa Rican banana market increased by X% to $X, rising for the fourth year in a row after three years of decline. In general, consumption enjoyed a pronounced expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Banana Production in Costa Rica

In value terms, banana production dropped slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2013 when the production volume increased by X% against the previous year. Banana production peaked at $X in 2017; afterwards, it flattened through to 2022.

The average yield of bananas in Costa Rica expanded to X tons per ha in 2022, growing by X% compared with the previous year. Over the period under review, the yield, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the yield increased by X% against the previous year. The banana yield peaked at X tons per ha in 2017; however, from 2018 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of bananas were harvested in Costa Rica; approximately mirroring the previous year's figure. The harvested area increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2018 when the harvested area increased by X%. The banana harvested area peaked at X ha in 2019; however, from 2020 to 2022, the harvested area remained at a lower figure.

Banana Exports

Exports from Costa Rica

In 2022, the amount of bananas exported from Costa Rica declined to X tons, with a decrease of X% compared with 2021 figures. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, the exports reached the maximum at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, banana exports reduced to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for banana exports from Costa Rica, accounting for a X% share of total exports. Moreover, banana exports to the United States exceeded the volume sent to the second major destination, the Netherlands (X tons), twofold. The UK (X tons) ranked third in terms of total exports with a X% share.

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

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

From 2012 to 2022, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and the UK (X% per year).

Export Prices by Country

In 2022, the average banana export price amounted to $X per ton, increasing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2021 an increase of X%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

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 Saudi Arabia ($X per ton), while the average price for exports to Portugal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (X%), while the prices for the other major destinations experienced more modest paces of growth.

Banana Imports

Imports into Costa Rica

In 2022, imports of bananas into Costa Rica surged to X tons, with an increase of X% on the previous year's figure. In general, imports saw significant growth. The pace of growth appeared the most rapid in 2019 with an increase of X%. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, banana imports dropped markedly to $X in 2022. Over the period under review, imports enjoyed a prominent increase. The pace of growth appeared the most rapid in 2019 with an increase of X%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Panama (X tons) was the main supplier of banana to Costa Rica, accounting for a approx. X% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Panama amounted to X%.

In value terms, Panama ($X) constituted the largest supplier of bananas to Costa Rica.

From 2012 to 2022, the average annual growth rate of value from Panama totaled X%.

Import Prices by Country

The average banana import price stood at $X per ton in 2022, reducing by X% against the previous year. Overall, the import price saw a deep downturn. The pace of growth was the most pronounced in 2017 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Panama.

From 2012 to 2022, the rate of growth in terms of prices for Ecuador amounted to X% per year.

Source: IndexBox Platform

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