Bolivia: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Bolivia

In 2022, the Bolivian market for crude sunflower-seed and safflower oil increased by 28% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption, however, showed a deep setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Crude Sunflower-Seed And Safflower Oil in Bolivia

In value terms, crude sunflower-seed and safflower oil production stood at $X in 2022 estimated in export price. Overall, production, however, continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2017 with an increase of 46% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from Bolivia

In 2022, shipments abroad of crude sunflower-seed and safflower oil increased by 4.7% to X tons, rising for the sixth year in a row after three years of decline. In general, exports recorded a temperate increase. The growth pace was the most rapid in 2020 with an increase of 80% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in the near future.

In value terms, crude sunflower-seed and safflower oil exports soared to $X in 2022. Over the period under review, exports posted resilient growth. The growth pace was the most rapid in 2020 with an increase of 107%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Ecuador (X tons) was the main destination for crude sunflower-seed and safflower oil exports from Bolivia, with a 81% share of total exports. Moreover, crude sunflower-seed and safflower oil exports to Ecuador exceeded the volume sent to the second major destination, Brazil (X tons), more than tenfold. The third position in this ranking was held by Colombia (X tons), with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ecuador stood at +25.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+36.7% per year) and Colombia (-17.4% per year).

In value terms, Ecuador ($X) remains the key foreign market for crude sunflower-seed and safflower oil exports from Bolivia, comprising 81% of total exports. The second position in the ranking was held by Brazil ($X), with a 7.1% share of total exports. It was followed by Peru, with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ecuador totaled +28.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+51.1% per year) and Peru (-0.9% per year).

Export Prices by Country

The average export price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, rising by 22% against the previous year. Overall, the export price posted tangible growth. The most prominent rate of growth was recorded in 2021 when the average export price increased by 58%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Peru ($X per ton) and Brazil ($X per ton), while the average price for exports to Colombia ($X per ton) and Ecuador ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (+10.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into Bolivia

After three years of decline, overseas purchases of crude sunflower-seed and safflower oil decreased by 0% to X kg in 2022. Overall, imports showed a precipitous decrease. The pace of growth appeared the most rapid in 2013 with an increase of 209%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, crude sunflower-seed and safflower oil imports declined rapidly to $X in 2022. In general, imports saw a sharp curtailment. The pace of growth appeared the most rapid in 2013 when imports increased by 124%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Argentina (X kg), Spain (X kg) and Switzerland (X kg) were the main suppliers of crude sunflower-seed and safflower oil imports to Bolivia, together comprising 60% of total imports. Germany and Italy lagged somewhat behind, together accounting for a further 40%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of 0.0%), while purchases for the other leaders experienced a decline.

In value terms, the largest crude sunflower-seed and safflower oil suppliers to Bolivia were Argentina ($X), Spain ($X) and Switzerland ($X), with a combined 67% share of total imports. Germany and Italy lagged somewhat behind, together accounting for a further 33%. Moreover, crude sunflower-seed and safflower oil imports in Argentina exceeded the figures recorded by the second-largest supplier, Spain, twofold.

Germany, with a CAGR of -23.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average import price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, reducing by -45.5% against the previous year. Overall, the import price showed a pronounced decline. The pace of growth appeared the most rapid in 2014 when the average import price decreased by -19.3%. Over the period under review, average import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, 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 Argentina ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+7.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform