Belgium: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Belgium

The Belgian crude maize oil market stood at $X in 2022, growing by 2.6% against the previous year. In general, consumption, however, recorded a pronounced contraction. Crude maize oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Crude Maize Oil Production in Belgium

In value terms, crude maize oil production expanded to $X in 2022 estimated in export price. In general, production continues to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2020 with an increase of 7.3%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Maize Oil Exports

Exports from Belgium

In 2022, after two years of decline, there was significant growth in overseas shipments of crude maize (corn) oil, when their volume increased by 248% to X tons. Overall, exports, however, faced a dramatic downturn. The most prominent rate of growth was recorded in 2018 with an increase of 402% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, crude maize oil exports surged to $X in 2022. Over the period under review, exports, however, continue to indicate a dramatic slump. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

France (X tons) was the main destination for crude maize oil exports from Belgium, with a 95% share of total exports. It was followed by Luxembourg (X tons), with a 2.6% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to France stood at -8.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Luxembourg (-8.3% per year) and the Netherlands (+51.7% per year).

In value terms, France ($X) remains the key foreign market for crude maize (corn) oil exports from Belgium, comprising 91% of total exports. The second position in the ranking was held by Luxembourg ($X), with a 5.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to France totaled -6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Luxembourg (+1.0% per year) and the Netherlands (+62.1% per year).

Export Prices by Country

In 2022, the average crude maize oil export price amounted to $X per ton, growing by 43% against the previous year. Over the period under review, the export price continues to indicate measured growth. The growth pace was the most rapid in 2021 an increase of 54%. The export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Luxembourg ($X per ton), while the average price for exports to the Netherlands ($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 Luxembourg (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Maize Oil Imports

Imports into Belgium

Crude maize oil imports into Belgium soared to X tons in 2022, increasing by 19% against the previous year. Overall, imports, however, recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2020 when imports increased by 73%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, crude maize oil imports surged to $X in 2022. Over the period under review, imports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 105%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

France (X tons), Hungary (X tons) and Germany (X tons) were the main suppliers of crude maize oil imports to Belgium, with a combined 99% share of total imports.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +18.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest crude maize oil suppliers to Belgium were France ($X), Hungary ($X) and Germany ($X), with a combined 99% share of total imports.

Germany, with a CAGR of +23.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average crude maize oil import price amounted to $X per ton, growing by 21% against the previous year. Overall, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% 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 +118.1% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 51% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the near future.

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 Germany ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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