Central Asia: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Central Asia

The Central Asian refined maize oil market declined rapidly to $X in 2021, waning by -15.3% against the previous year. In general, consumption, however, saw a perceptible decline. The growth pace was the most rapid in 2017 when the market value increased by 8.5%. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Refined Maize Oil Production in Central Asia

In value terms, refined maize oil production contracted slightly to $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 47% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Refined Maize Oil Exports

Exports in Central Asia

In 2021, after two years of growth, there was significant decline in shipments abroad of refined maize (corn) oil, when their volume decreased by -95.7% to X tons. Over the period under review, exports continue to indicate a dramatic setback. The pace of growth appeared the most rapid in 2020 when exports increased by 649% against the previous year. As a result, the exports attained the peak of X tons, and then fell significantly in the following year.

In value terms, refined maize oil exports reduced remarkably to $X in 2021. In general, exports showed a sharp decline. The most prominent rate of growth was recorded in 2019 with an increase of 606% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The biggest shipments were from Kazakhstan (X tons), together finishing at 100% of total export.

Kazakhstan was also the fastest-growing in terms of the refined maize (corn) oil exports, with a CAGR of -25.6% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Kazakhstan ($X) also remains the largest refined maize oil supplier in Central Asia.

In Kazakhstan, refined maize oil exports plunged by an average annual rate of -28.1% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Central Asia amounted to $X per ton, rising by 64% against the previous year. Overall, the export price, however, continues to indicate a noticeable descent. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the rate of growth in terms of prices for Kazakhstan amounted to -3.3% per year.

Refined Maize Oil Imports

Imports in Central Asia

In 2021, overseas purchases of refined maize (corn) oil were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. In general, imports, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2017 when imports increased by 143% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, refined maize oil imports surged to $X in 2021. Overall, imports, however, saw a abrupt downturn. The growth pace was the most rapid in 2017 with an increase of 89%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Kazakhstan (X tons) was the major importer of refined maize (corn) oil, mixing up 64% of total imports. Uzbekistan (X tons) took the second position in the ranking, distantly followed by Mongolia (X tons), Kyrgyzstan (X tons) and Turkmenistan (X tons). All these countries together took approx. 36% share of total imports.

Imports into Kazakhstan decreased at an average annual rate of -1.3% from 2012 to 2021. At the same time, Mongolia (+5.7%) displayed positive paces of growth. Moreover, Mongolia emerged as the fastest-growing importer imported in Central Asia, with a CAGR of +5.7% from 2012-2021. By contrast, Turkmenistan (-7.4%), Uzbekistan (-22.9%) and Kyrgyzstan (-26.6%) illustrated a downward trend over the same period. While the share of Kazakhstan (+25 p.p.), Uzbekistan (+19 p.p.) and Mongolia (+4.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Kyrgyzstan (-42.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Kazakhstan ($X) constitutes the largest market for imported refined maize (corn) oil in Central Asia, comprising 66% of total imports. The second position in the ranking was taken by Uzbekistan ($X), with an 18% share of total imports. It was followed by Mongolia, with a 7.5% share.

In Kazakhstan, refined maize oil imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Uzbekistan (-10.4% per year) and Mongolia (+6.8% per year).

Import Prices by Country

The import price in Central Asia stood at $X per ton in 2021, rising by 39% against the previous year. Import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined maize oil import price increased by +72.2% against 2017 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Mongolia ($X per ton), while Turkmenistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uzbekistan (+16.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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