Costa Rica: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Costa Rica

In 2022, the Costa Rican sunflower-seed and safflower oil market decreased by X% to $X, falling for the second consecutive year after four years of growth. In general, consumption recorded a perceptible descent. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Exports of Sunflower-Seed And Safflower Oil

Exports from Costa Rica

In 2022, after three years of growth, there was decline in overseas shipments of sunflower-seed and safflower oil, when their volume decreased by X% to X tons. Overall, exports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The exports peaked at X tons in 2021, and then reduced modestly in the following year.

In value terms, sunflower-seed and safflower oil exports skyrocketed to $X in 2022. In general, exports, however, recorded a remarkable increase. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Panama (X tons) was the main destination for sunflower-seed and safflower oil exports from Costa Rica, with a X% share of total exports. Moreover, sunflower-seed and safflower oil exports to Panama exceeded the volume sent to the second major destination, Nicaragua (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Panama totaled X%.

In value terms, Panama ($X) remains the key foreign market for sunflower-seed and safflower oil exports from Costa Rica, comprising X% of total exports. The second position in the ranking was taken by Nicaragua ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Panama stood at X%.

Export Prices by Country

The average sunflower-seed and safflower oil export price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, export price indicated a noticeable expansion 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, sunflower-seed and safflower oil export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in the near future.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to Panama stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Panama (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Sunflower-Seed And Safflower Oil

Imports into Costa Rica

In 2022, purchases abroad of sunflower-seed and safflower oil decreased by X% to X tons, falling for the second year in a row after four years of growth. Over the period under review, imports recorded a noticeable downturn. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, sunflower-seed and safflower oil imports fell to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of X%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Argentina (X tons), Bolivia (X tons) and Ukraine (X tons) were the main suppliers of sunflower-seed and safflower oil imports to Costa Rica, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Argentina (with a CAGR of X%), while imports for the other leaders experienced a decline.

In value terms, Argentina ($X) constituted the largest supplier of sunflower-seed and safflower oil to Costa Rica, comprising X% of total imports. The second position in the ranking was held by Bolivia ($X), with a X% share of total imports. It was followed by Ukraine, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Argentina stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Bolivia (X% per year) and Ukraine (X% per year).

Import Prices by Country

The average sunflower-seed and safflower oil import price stood at $X per ton in 2022, increasing by X% against the previous year. In general, the import price continues to indicate notable growth. 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 Spain ($X per ton), while the price for Bolivia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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