Argentina: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Argentina

After two years of growth, the Argentinian crude maize oil market decreased by -15.3% to $X in 2022. Over the period under review, consumption, however, saw a slight expansion. As a result, consumption attained the peak level of $X, and then shrank markedly in the following year.

Crude Maize Oil Production in Argentina

In value terms, crude maize oil production stood at $X in 2022 estimated in export price. Overall, production showed a pronounced descent. The pace of growth appeared the most rapid in 2020 when the production volume increased by 15%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Maize Oil Exports

Exports from Argentina

After two years of decline, overseas shipments of crude maize (corn) oil increased by 31% to X tons in 2022. In general, exports posted notable growth. The pace of growth appeared the most rapid in 2019 when exports increased by 222%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude maize oil exports surged to $X in 2022. Overall, exports, however, showed a mild descent. The most prominent rate of growth was recorded in 2019 when exports increased by 165% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Tunisia (X tons), Turkey (X tons) and Azerbaijan (X tons) were the main destinations of crude maize oil exports from Argentina, with a combined 67% 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 Tunisia (with a CAGR of +14.6%), while the other leaders experienced more modest paces of growth.

In value terms, Tunisia ($X), Azerbaijan ($X) and Turkey ($X) constituted the largest markets for crude maize oil exported from Argentina worldwide, together accounting for 64% of total exports.

Among the main countries of destination, Tunisia, with a CAGR of +9.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average crude maize oil export price stood at $X per ton in 2022, falling by -7.8% against the previous year. Overall, the export price saw a noticeable curtailment. The pace of growth appeared the most rapid in 2021 an increase of 20%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Azerbaijan ($X per ton), while the average price for exports to Kenya ($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 Azerbaijan (+3.6%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Maize Oil Imports

Imports into Argentina

In 2022, overseas purchases of crude maize (corn) oil decreased by -2.7% to X tons for the first time since 2015, thus ending a six-year rising trend. Overall, imports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 650%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, crude maize oil imports declined to $X in 2022. Over the period under review, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 458% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest crude maize oil supplier to Argentina, accounting for a 84% share of total imports. Moreover, crude maize oil imports from the United States exceeded the figures recorded by the second-largest supplier, the UK (X kg), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at +22.5%.

In value terms, the UK ($X) constituted the largest supplier of crude maize (corn) oil to Argentina, comprising 69% of total imports. The second position in the ranking was held by the United States ($X), with a 31% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the UK stood at +25.0%.

Import Prices by Country

In 2022, the average crude maize oil import price amounted to $X per ton, falling by -3.3% against the previous year. In general, import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude maize oil import price increased by +28.6% against 2017 indices. The most prominent rate of growth was recorded in 2015 when the average import price increased by 66% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a lower figure.

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 UK ($X per ton), while the price for the United States stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+8.7%).

Source: IndexBox Platform

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