Soybean oilcake market in Costa Rica

Earlier Report Observations

Between 2018 and 2023, the soybean oilcake market in Costa Rica experienced notable fluctuations. Starting at 311 thousand tons, the market volume dipped slightly in 2019, then grew over the next two years to reach 330 thousand tons by 2021. This upward trend was sharply interrupted in 2022 when the market contracted by 13% to 287 thousand tons. The market then rebounded strongly in 2023, climbing to a new high of 337 thousand tons.

The significant market decline in 2022 was primarily driven by a sharp increase in the cost of raw materials, with soybean and corn prices rising by 32% and 43.7% respectively at the port of Caldera. This elevated production and import costs, putting pressure on supply. Concurrently, the implementation of new mandatory Central American technical regulations for pre-packaged food labeling, requiring labels in Spanish and compliance with Ministry of Health rules, increased compliance costs for both domestic producers and importers, further constraining market activity.

The market recovery in 2023 saw volume surge by 17% to 337 thousand tons, supported by a substantial rise in imports to 118 thousand tons. This growth occurred alongside continued foreign direct investment in the manufacturing and agricultural sectors, which supported the broader agro-industrial environment, though specific drivers for the year's sharp increase are not detailed in the sources.

Production soybean oilcake in Costa Rica

In kind, 2017-2020, K t

Top producers of soybean oilcake, 2017-2020

World map of production of soybean oilcake, 2017-2020

Soybean oilcake production in Costa Rica increased after two years of decline. In 2020, production reached 225.9 K t, representing a 2.5% increase from the previous year. However, over the 2017-2020 period, overall production decreased by 10.5%, with a compound annual growth rate of -3.6%. The lowest production level was recorded in 2019 at 220.3 K t, while the largest decline occurred in 2018 with a 10.0% drop.

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

In value, 2017-2020, M $ US

Following a two-year decline, Costa Rica's soybean oilcake production value increased in 2020. Output was valued at 97.4 M $ US, showing a robust 24.5% gain compared to the previous year. Despite this recent improvement, production value decreased by 17.8% over the 2017-2020 period, with a compound annual growth rate of -6.3%. The lowest value was recorded in 2019 at 78.2 M $ US, while the most significant decline occurred in 2018 with an 18.8% decrease.

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

Exports soybean oilcake from Costa Rica

Exports in kind, t

Export volumes showed significant volatility during this period. The minimum value was recorded in 2018 at 316 t, while the maximum reached 2 703 t in 2019, representing an 8.6-fold difference between these years. In 2020, soybean oilcake exports from Costa Rica amounted to 518 t, marking an 80.8% decrease from 2019. The largest increase occurred in 2019 with a dramatic 756.1% growth.

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

From 2017 to 2020, Nicaragua dominated Costa Rica's soybean oilcake exports in kind, accounting for 83.1% of total flows. Other trading partners held relatively minor shares during this period.

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 exhibited noticeable fluctuations during this period. The minimum value was recorded in 2018 at 134 K $ US, while the maximum reached 959 K $ US in 2019, representing a 7.2-fold difference. In 2020, Costa Rica's soybean oilcake export value amounted to 223 K $ US, which was 76.7% lower than the previous year. The largest increase occurred in 2019 with a substantial 618.0% growth.

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

Throughout 2017-2020, Nicaragua played the leading role in Costa Rica's soybean oilcake exports in value terms, capturing 78.2% of total flows. Other markets collectively accounted for the remaining share.

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 oilcake to Costa Rica

Imports in kind, t

Soybean oilcake imports to Costa Rica increased for the third consecutive year in 2020. Imports totaled 86 773 t, representing a 1.0% increase from the previous year. Over the 2017-2020 period, imports grew by 59.9%, with a compound annual growth rate of 16.9%.

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

From 2017 to 2020, the United States was the nearly exclusive supplier of soybean oilcake to Costa Rica in kind, accounting for 98.4% of total imports.

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

In 2020, Costa Rica's soybean oilcake import value totaled 33 595 K $ US, showing a modest 2.9% increase from the previous year. Between 2017 and 2020, imports increased by 57.2%, equating to a 16.3% annualized growth rate. The maximum value was recorded in 2018 at 35 781 K $ US. The largest decline occurred in 2019 with an 8.8% decrease, while the most significant increase took place in 2018 with 67.4% growth.

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

Throughout 2017-2020, Costa Rica's soybean oilcake imports in value terms remained heavily concentrated on the United States, which accounted for 96.8% of total 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