Brazil: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Brazil

The Brazilian crude maize oil market rose significantly to $X in 2022, surging by 8.8% against the previous year. Over the period under review, consumption posted a prominent expansion. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Crude Maize Oil Production in Brazil

In value terms, crude maize oil production rose sharply to $X in 2022 estimated in export price. In general, the total production indicated a pronounced expansion from 2012 to 2022: its value 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, production decreased by -7.2% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 40%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Crude Maize Oil Exports

Exports from Brazil

After two years of growth, shipments abroad of crude maize (corn) oil decreased by -8.9% to X tons in 2022. In general, exports, however, continue to indicate mild growth. The pace of growth was the most pronounced in 2015 with an increase of 1,420% against the previous year. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, crude maize oil exports rose remarkably to $X in 2022. Overall, exports, however, posted a pronounced expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 1,278% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Tunisia (X tons) was the main destination for crude maize oil exports from Brazil, with a 77% share of total exports. Moreover, crude maize oil exports to Tunisia exceeded the volume sent to the second major destination, Uruguay (X tons), more than tenfold. The third position in this ranking was taken by the Dominican Republic (X tons), with a 4.7% share.

From 2012 to 2022, the average annual growth rate of volume to Tunisia totaled +5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uruguay (+8.5% per year) and the Dominican Republic (+35.3% per year).

In value terms, Tunisia ($X) remains the key foreign market for crude maize (corn) oil exports from Brazil, comprising 75% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a 6% share of total exports. It was followed by Uruguay, with a 5.4% share.

From 2012 to 2022, the average annual growth rate of value to Tunisia amounted to +7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+94.6% per year) and Uruguay (+12.2% per year).

Export Prices by Country

The average crude maize oil export price stood at $X per ton in 2022, jumping by 19% against the previous year. Over the period under review, the export price enjoyed mild growth. The most prominent rate of growth was recorded in 2021 an increase of 55%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were the Dominican Republic ($X per ton) and Spain ($X per ton), while the average price for exports to Egypt ($X per ton) and Algeria ($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 the Dominican Republic (+43.9%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Maize Oil Imports

Imports into Brazil

In 2022, overseas purchases of crude maize (corn) oil were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports posted a significant expansion. The pace of growth appeared the most rapid in 2019 when imports increased by 338% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude maize oil imports surged to $X in 2022. In general, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2019 with an increase of 230% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Paraguay (X tons) was the main supplier of crude maize oil to Brazil, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Paraguay stood at +35.2%.

In value terms, Paraguay ($X) constituted the largest supplier of crude maize (corn) oil to Brazil.

From 2012 to 2022, the average annual rate of growth in terms of value from Paraguay stood at +39.7%.

Import Prices by Country

In 2022, the average crude maize oil import price amounted to $X per ton, growing by 20% against the previous year. Overall, the import price continues to indicate a temperate increase. The pace of growth appeared the most rapid in 2021 when the average import price increased by 76% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Paraguay.

From 2012 to 2022, the rate of growth in terms of prices for Paraguay amounted to +3.3% per year.

Source: IndexBox Platform

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