Molasses market in Costa Rica

Earlier Report Observations

The molasses market volume in Costa Rica increased from 183.9 thousand tonnes in 2018 to a peak of 220.4 thousand tonnes in 2021, representing growth of nearly 20% over three years. This expansion was followed by a consistent decline, with the market falling to 189.8 thousand tonnes in 2022 and further to 160.5 thousand tonnes in 2023.

Domestic production remained steady at 200 thousand tonnes annually from 2019 through 2021, supporting the market growth during that period. However, production dropped sharply to 173.3 thousand tonnes in 2022 and to 145.9 thousand tonnes in 2023, directly contributing to the overall market contraction. Imports, which had reached 20.4 thousand tonnes in 2021, also decreased in the following years.

By 2024, broader economic conditions began to influence the market. A decline in purchasing power due to local currency depreciation and international uncertainty related to key trading partners pressured Costa Rica's food sector, which uses molasses as an input. At the same time, the food sector reported 4% growth and increased export diversification, which could indirectly affect molasses demand. Trade data for 2024 showed imports falling to 9.0 thousand tonnes while exports surged to 22.0 thousand tonnes, indicating a shift in trade patterns.

Production molasses in Costa Rica

In kind, 2017-2020, K t

Top producers of molasses, 2017-2020

World map of production of molasses, 2017-2020

In 2020, Costa Rica produced 200.0 K t of molasses, showing little change compared to 2019. Over the 2017-2020 period, production grew by 2.6%, with an average annual growth rate of 0.8%. The lowest production level was recorded in 2018 at 185.0 K t, while the highest was in 2019 at 200.0 K t. The most significant drop occurred in 2018 with a 5.1% decrease, and the largest increase was in 2019 with an 8.1% rise.

Annual dynamics of production in Costa Rica in kind, 2017-2020, K t

Exports molasses from Costa Rica

Exports in kind, t

The market exhibited considerable volatility during these years. Exports reached their lowest point in 2019 at 0.0 t and peaked in 2017, creating a 2 919 804-fold difference between these extremes. In 2020, Costa Rica exported 12 000 t of molasses, marking a dramatic year-over-year increase of 123 203 185.4%. The most substantial decline was recorded in 2019 with a 100.0% drop.

Annual dynamics of product's exports from Costa Rica in kind, 2017-2020, t

From 2017 to 2020, Costa Rica's molasses exports were primarily directed to the United States and South Korea, which together accounted for 99.8% of total export volumes.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Costa Rica in kind, 2017-2020

Exports in value, K $ US

Market behavior was highly volatile throughout this period. Export values hit their lowest point in 2019 at 0.0 K $ US and reached their peak in 2017, resulting in a 1 476 877-fold variation between these years. In 2020, molasses exports from Costa Rica totaled 1 320 K $ US, representing an extraordinary year-over-year surge of 65 999 900.0%. The most significant decline occurred in 2019 with a 100.0% decrease.

Annual dynamics of product's exports from Costa Rica in value, 2017-2020, K $ US

During 2017-2020, the United States dominated Costa Rica's molasses exports in value terms, capturing 72.4% of total flows, while the remaining share was distributed among various other markets.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Costa Rica in value, 2017-2020

Imports molasses to Costa Rica

Imports in kind, t

In 2020, Costa Rica imported 19 081 t of molasses, reflecting a 2.2% decrease compared to the previous year. The lowest import volume was recorded in 2018 at 15 582 t, while the highest was in 2019 at 19 502 t. The most substantial decline occurred in 2018 with a 16.8% drop, and the largest increase was in 2019 with a 25.2% rise.

Annual dynamics of product's imports to Costa Rica in kind, 2017-2020, t

Throughout 2017-2020, Nicaragua was the exclusive source for Costa Rica's molasses imports, accounting for 100.0% of total import volumes.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Costa Rica in kind, 2017-2020

Imports in value, K $ US

Molasses imports to Costa Rica increased for the second consecutive year. In 2020, imports reached 2 366 K $ US, showing a significant 14.0% year-over-year growth. Over the 2017-2020 period, imports rose by 11.8%, with an average annual growth rate of 3.8%. The lowest value was recorded in 2018 at 1 698 K $ US. The most substantial decline occurred in 2018 with a 19.7% decrease, while the largest increase was in 2019 with a 22.2% rise.

Annual dynamics of product's imports to Costa Rica in value, 2017-2020, K $ US

From 2017 to 2020, Nicaragua was overwhelmingly the main source for Costa Rica's molasses imports in value terms, representing 99.9% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Costa Rica in value, 2017-2020