Belarus: Market for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified 2024

Market Size for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Belarus

The Belarusian market for sunflower-seed or safflower oil, refined, but not chemically modified soared to $X in 2021, surging by 20% against the previous year. In general, the total consumption indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +87.6% against 2017 indices. Consumption of peaked in 2021 and is likely to continue growth in the immediate term.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Belarus

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified fell rapidly to $X in 2021 estimated in export price. In general, production, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 993%. Over the period under review, production of attained the maximum level at $X in 2020, and then fell significantly in the following year.

Exports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Exports from Belarus

In 2021, the amount of sunflower-seed or safflower oil, refined, but not chemically modified exported from Belarus soared to X tons, increasing by 63% against 2020 figures. Overall, exports showed significant growth. The pace of growth was the most pronounced in 2017 when exports increased by 353%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified surged to $X in 2021. In general, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 295%. Over the period under review, the exports of attained the maximum at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Latvia (X tons) was the main destination for exports of sunflower-seed or safflower oil, refined, but not chemically modified from Belarus, with a 48% share of total exports. Moreover, exports of sunflower-seed or safflower oil, refined, but not chemically modified to Latvia exceeded the volume sent to the second major destination, Russia (X tons), fourfold. The third position in this ranking was taken by Poland (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to Latvia amounted to +148.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+13.4% per year) and Poland (0.0% per year).

In value terms, Latvia ($X) emerged as the key foreign market for sunflower-seed or safflower oil, refined, but not chemically modified exports from Belarus, comprising 49% of total exports. The second position in the ranking was held by Russia ($X), with a 10% share of total exports. It was followed by Lithuania, with a 9% share.

From 2012 to 2021, the average annual growth rate of value to Latvia totaled +145.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+13.0% per year) and Lithuania (+64.0% per year).

Export Prices by Country

The average export price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2021, picking up by 68% against the previous year. Overall, the export price continues to indicate a slight expansion. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Kazakhstan ($X per ton), while the average price for exports to Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Kazakhstan (+7.1%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Imports into Belarus

In 2021, overseas purchases of sunflower-seed or safflower oil, refined, but not chemically modified increased by 3% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 12% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports of remained at a lower figure.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified skyrocketed to $X in 2021. Overall, imports showed a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Russia (X tons) was the main supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Belarus, accounting for a 91% share of total imports. Moreover, imports of sunflower-seed or safflower oil, refined, but not chemically modified from Russia exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Russia totaled +7.5%.

In value terms, Russia ($X) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Belarus, comprising 91% of total imports. The second position in the ranking was held by Ukraine ($X), with a 9.4% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Russia stood at +8.5%.

Import Prices by Country

In 2021, the average import price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X per ton, rising by 47% against the previous year. Overall, the import price saw a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was Ukraine ($X per ton), while the price for Russia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+0.9%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :