Costa Rica: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Costa Rica

In 2022, the Costa Rican crude palm oil market was finally on the rise to reach $X after four years of decline. Over the period under review, consumption, however, recorded a abrupt descent. Crude palm oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Crude Palm Oil Production in Costa Rica

In value terms, crude palm oil production totaled $X in 2022 estimated in export price. In general, production, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2016 with an increase of X%. Crude palm oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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Crude Palm Oil Exports

Exports from Costa Rica

In 2022, overseas shipments of crude palm oil decreased by X% to X tons, falling for the second year in a row after five years of growth. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports reached the maximum at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, crude palm oil exports dropped to $X in 2022. Over the period under review, exports, however, enjoyed a mild increase. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X, and then shrank in the following year.

Exports by Country

The Netherlands (X tons), Mexico (X tons) and Spain (X tons) were the main destinations of crude palm oil exports from Costa Rica, with a combined X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of X%), while the other leaders experienced mixed trend patterns.

In value terms, the Netherlands ($X), Mexico ($X) and Spain ($X) constituted the largest markets for crude palm oil exported from Costa Rica worldwide, together comprising X% of total exports.

The Netherlands, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average crude palm oil export price amounted to $X per ton, rising by X% against the previous year. Overall, export price indicated mild growth from 2012 to 2022: its price 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, crude palm oil export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to the Netherlands ($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 Germany (X%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Palm Oil Imports

Imports into Costa Rica

In 2022, overseas purchases of crude palm oil decreased by X% to X tons, falling for the fifth consecutive year after two years of growth. Over the period under review, imports continue to indicate a deep reduction. The growth pace was the most rapid in 2016 with an increase of X%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, crude palm oil imports shrank sharply to $X in 2022. Overall, imports saw a sharp decrease. The growth pace was the most rapid in 2016 with an increase of X%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Panama (X tons) was the main supplier of crude palm oil to Costa Rica, with a X% share of total imports. It was followed by the United States (X kg), with less than X% share of total imports.

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

In value terms, Panama ($X) constituted the largest supplier of crude palm oil to Costa Rica, comprising X% of total imports. The second position in the ranking was held by the United States ($X), with less than X% share of total imports.

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

Import Prices by Country

In 2022, the average crude palm oil import price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period under review, the import price continues to indicate a perceptible decline. The most prominent rate of growth was recorded in 2016 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 ton), while the price for Panama stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%).

Source: IndexBox Platform

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