Central Asia: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Central Asia

The Central Asian crude maize oil market was estimated at $X in 2022, rising by 2.3% against the previous year. The market value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Crude Maize Oil Production in Central Asia

In value terms, crude maize oil production totaled $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 14% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Crude Maize Oil Exports

Exports in Central Asia

In 2021, shipments abroad of crude maize (corn) oil decreased by 0% to X kg for the first time since 2018, thus ending a two-year declining trend. In general, exports faced a significant contraction. The smallest decline of 99.9% was in 2019. Over the period under review, the exports hit record highs at X kg in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, crude maize oil exports amounted to $X in 2021. Over the period under review, exports saw a deep setback. The smallest decline of 99.9% was in 2019. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Kazakhstan (X kg) represented the major exporter of crude maize (corn) oil in Central Asia, constituting 100% of total export.

Kazakhstan was also the fastest-growing in terms of the crude maize (corn) oil exports, with a CAGR of -20.6% from 2018 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In Kazakhstan, crude maize oil exports decreased by an average annual rate of -9.3% over the period from 2018-2021.

Export Prices by Country

The export price in Central Asia stood at $X per ton in 2021, almost unchanged from the previous year. Over the period under review, the export price continues to indicate significant growth. The pace of growth was the most pronounced in 2019 when the export price decreased by 99.9%. Over the period under review, the export prices hit record highs at $X per ton in 2020, and then stood in the following year.

As there is only one major export destination, the average price level is determined by prices for Kazakhstan.

From 2018 to 2021, the rate of growth in terms of prices for Kazakhstan amounted to +14.2% per year.

Crude Maize Oil Imports

Imports in Central Asia

In 2022, purchases abroad of crude maize (corn) oil decreased by -61.6% to X tons, falling for the fifth year in a row after four years of growth. Over the period under review, imports faced a deep reduction. The growth pace was the most rapid in 2017 when imports increased by 82%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, crude maize oil imports fell notably to $X in 2022. Overall, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2017 when imports increased by 57% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Kazakhstan (X tons) represented the key importer of crude maize (corn) oil, mixing up 82% of total imports. It was distantly followed by Tajikistan (X tons), committing a 15% share of total imports. Kyrgyzstan (X kg) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to crude maize oil imports into Kazakhstan stood at -11.5%. At the same time, Tajikistan (+15.1%) displayed positive paces of growth. Moreover, Tajikistan emerged as the fastest-growing importer imported in Central Asia, with a CAGR of +15.1% from 2012-2022. By contrast, Kyrgyzstan (-26.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Tajikistan and Kazakhstan increased by +14 and +2.9 percentage points, respectively.

In value terms, Kazakhstan ($X) constitutes the largest market for imported crude maize (corn) oil in Central Asia, comprising 75% of total imports. The second position in the ranking was held by Tajikistan ($X), with a 22% share of total imports.

In Kazakhstan, crude maize oil imports contracted by an average annual rate of -14.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Tajikistan (+27.8% per year) and Kyrgyzstan (-27.3% per year).

Import Prices by Country

The import price in Central Asia stood at $X per ton in 2022, which is down by -17.4% against the previous year. Overall, the import price showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2013 when the import price increased by 34% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Tajikistan ($X per ton), while Kyrgyzstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tajikistan (+11.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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