Colombia: Refined Cotton-Seed Oil Market 2024

Refined Cotton-Seed Oil Market Size in Colombia

The Colombian refined cotton-seed oil market rose slightly to $X in 2022, growing by 2.5% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Refined cotton-seed oil consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Refined Cotton-Seed Oil Production in Colombia

In value terms, refined cotton-seed oil production rose slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 22%. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Refined Cotton-Seed Oil Exports

Exports from Colombia

In 2022, overseas shipments of refined cotton-seed oil were finally on the rise to reach X kg for the first time since 2019, thus ending a two-year declining trend. Overall, exports saw a mild expansion. The growth pace was the most rapid in 2015 when exports increased by 142%. The exports peaked at X kg in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, refined cotton-seed oil exports rose significantly to $X in 2022. In general, exports enjoyed a perceptible increase. The pace of growth appeared the most rapid in 2015 with an increase of 116%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Chile (X kg) was the main destination for refined cotton-seed oil exports from Colombia, accounting for a 72% share of total exports. Moreover, refined cotton-seed oil exports to Chile exceeded the volume sent to the second major destination, Peru (X kg), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Chile stood at +4.4%.

In value terms, the largest markets for refined cotton-seed oil exported from Colombia were Peru ($X) and Chile ($X).

Peru, with a CAGR of +6.3%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

In 2022, the average refined cotton-seed oil export price amounted to $X per ton, surging by 8.5% against the previous year. Over the period under review, the export price showed a tangible increase. The most prominent rate of growth was recorded in 2014 an increase of 52%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Peru ($X per ton), while the average price for exports to Chile stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Peru (+9.0%).

Refined Cotton-Seed Oil Imports

Imports into Colombia

In 2022, imports of refined cotton-seed oil into Colombia reduced to X tons, dropping by -11.1% against the year before. Over the period under review, imports faced a precipitous descent. The most prominent rate of growth was recorded in 2019 when imports increased by 491% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, refined cotton-seed oil imports shrank to $X in 2022. In general, imports saw a deep slump. The pace of growth appeared the most rapid in 2019 with an increase of 468% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of refined cotton-seed oil to Colombia, with a 61% share of total imports. Moreover, refined cotton-seed oil imports from the United States exceeded the figures recorded by the second-largest supplier, France (X tons), twofold. South Africa (X kg) ranked third in terms of total imports with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +35.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+80.7% per year) and South Africa (+48.6% per year).

In value terms, the United States ($X) constituted the largest supplier of refined cotton-seed oil to Colombia, comprising 72% of total imports. The second position in the ranking was held by France ($X), with a 16% share of total imports. It was followed by South Africa, with a 6.2% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +43.3%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+73.1% per year) and South Africa (+54.8% per year).

Import Prices by Country

The average refined cotton-seed oil import price stood at $X per ton in 2022, surging by 5.7% against the previous year. Overall, the import price posted noticeable growth. The most prominent rate of growth was recorded in 2018 an increase of 56% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average 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 Germany ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+104.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :