Austria: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Austria

The Austrian refined palm oil market dropped markedly to $X in 2022, which is down by -18.8% against the previous year. Over the period under review, consumption, however, showed a resilient expansion. Refined palm oil consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Refined Palm Oil Production in Austria

In value terms, refined palm oil production reduced sharply to $X in 2022 estimated in export price. In general, production, however, posted a strong expansion. The most prominent rate of growth was recorded in 2021 when the production volume increased by 59%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Refined Palm Oil Exports

Exports from Austria

In 2022, shipments abroad of refined palm oil was finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. Overall, exports, however, faced a precipitous slump. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, refined palm oil exports surged to $X in 2022. In general, exports, however, saw a dramatic contraction. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Italy (X tons) was the main destination for refined palm oil exports from Austria, accounting for a 83% share of total exports. Moreover, refined palm oil exports to Italy exceeded the volume sent to the second major destination, Hungary (X kg), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Italy amounted to -47.5%.

In value terms, Italy ($X) and Hungary ($X) were the largest markets for refined palm oil exported from Austria worldwide.

Among the main countries of destination, Italy, with a CAGR of -47.5%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the average refined palm oil export price amounted to $X per ton, growing by 19% against the previous year. In general, the export price saw a remarkable increase. The most prominent rate of growth was recorded in 2018 when the average export price increased by 70% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

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 Hungary ($X per ton), while the average price for exports to Italy amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hungary (+19.5%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Austria

In 2022, approx. X tons of refined palm oil were imported into Austria; which is down by -26% against the previous year. Overall, imports saw a perceptible curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 64%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, refined palm oil imports totaled $X in 2022. In general, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 117%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest refined palm oil supplier to Austria, accounting for a 63% share of total imports. Moreover, refined palm oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. Italy (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands stood at -5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-2.8% per year) and Italy (+30.9% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of refined palm oil to Austria, comprising 59% of total imports. The second position in the ranking was held by Germany ($X), with a 19% share of total imports. It was followed by Italy, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands totaled -3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.9% per year) and Italy (+35.9% per year).

Import Prices by Country

The average refined palm oil import price stood at $X per ton in 2022, rising by 38% against the previous year. Over the period under review, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined palm oil import price increased by +110.8% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Spain ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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