Soybean oil and fractions market in Costa Rica

Earlier Report Observations

The market for soybean oil in Costa Rica experienced a significant contraction from 55 311 t in 2018 to a low of 24 010 t in 2022, followed by a recovery to 34 376 t in 2023. This rebound in market volume coincided with a rise in domestic production to 46 800 t, driven by investments from major local players. INOLASA, a leading vegetable oil producer, invested in plastic packaging facilities to diversify presentations and increase competitiveness, directly impacting local oil production capacity. Furthermore, the national oil sector has seen constant growth over recent years, bolstered by the entry of new companies like Ecoco several years prior, which helped position Costa Rican soybean oil in the Central American market.

By 2024, the market landscape showed continued evolution with active local traders such as Oleo Traders Inc. and ongoing regulatory focus from the Ministry of Foreign Trade. Domestic oil production, while still modest, is increasing to meet both internal and external demand. The presence of established brands like Ideal, Clover, and Sabemas across major supermarket chains reflects shifts in distribution channels and evolving consumer preferences for vegetable oils.

Production soybean oil and fractions in Costa Rica

In kind, 2017-2020, t

Top producers of soybean oil and fractions, 2017-2020

World map of production of soybean oil and fractions, 2017-2020

Costa Rica's production of soybean oil and fractions increased after two years of decline. In 2020, the country produced 48 200 tons, marking a slight 2.6% increase from the previous year. Over the 2017-2020 period, production decreased by 10.4%, with an average annual decline of 3.6%. The lowest production level was recorded in 2019 at 47 000 tons, while the largest year-over-year drop occurred in 2018 at 9.9%.

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

In value, 2017-2020, K $ US

Following two years of contraction, Costa Rica's soybean oil and fractions production value rose. In 2020, output was valued at 47 446 thousand US dollars, representing a 13.1% increase compared to 2019. Between 2017 and 2020, production value decreased by 19.3%, translating to an average annual decline of 6.9%. The minimum value was recorded in 2019 at 41 948 thousand US dollars, with the largest year-over-year decline occurring in 2018 at 20.6%.

Annual dynamics of production in Costa Rica in value, 2017-2020, K $ US

Exports soybean oil and fractions from Costa Rica

Exports in kind, t

Costa Rica's soybean oil and fractions exports grew for the third consecutive year. In 2020, export volume reached 15 716 tons, showing a substantial 56.0% increase from the previous year. Over the 2017-2020 period, exports increased by 96.8%, with an average annual growth rate of 25.3%.

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

From 2017 to 2020, El Salvador, Nicaragua, and Panama were the primary destinations for Costa Rica's soybean oil and fractions exports, together accounting for 99.2% of total export volume. El Salvador represented 42.9% of exports, Nicaragua 29.8%, and Panama 26.5%.

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

Export values showed significant volatility during this period. The minimum value was recorded in 2017, while the maximum occurred in 2020, representing a 1.8-fold difference between these years. In 2020, exported soybean oil and fractions reached 15 470 thousand US dollars, marking a dramatic 72.1% increase from 2019. The largest decline occurred in 2019 at 4.5%.

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

Between 2017 and 2020, El Salvador, Panama, and Nicaragua contributed the most to Costa Rica's soybean oil and fractions export value, jointly accounting for 99.1% of total flows. El Salvador represented 41.5% of export value, Panama 29.2%, and Nicaragua 28.4%.

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 soybean oil and fractions to Costa Rica

Imports in kind, t

Costa Rica imported 13 544 tons of soybean oil and fractions in 2020, reflecting a modest 6.8% year-over-year increase. Over the 2017-2020 period, imports decreased by 5.7%, with an average annual decline of 1.9%. The lowest import volume was recorded in 2019 at 12 676 tons, while the highest occurred in 2018 at 16 587 tons. The largest year-over-year decline took place in 2019 at 23.6%, and the largest increase occurred in 2018 at 15.5%.

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

From 2017 to 2020, the United States was the dominant source for Costa Rica's soybean oil and fractions imports, accounting for 90.5% of total import volume.

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

Costa Rica's soybean oil and fractions import value increased for the third consecutive year. In 2020, imports amounted to 11 244 thousand US dollars, indicating an 11.1% gain compared to the previous year. Between 2017 and 2020, import value grew by 34.5%, with an average annual increase of 10.4%.

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

During the 2017-2020 period, the United States consistently represented 84.2% of Costa Rica's total soybean oil and fractions import value, demonstrating high market concentration. The remaining share was distributed among other countries.

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

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