Colombia: Vegetable Oils Market 2024

Vegetable Oils Market Size in Colombia

The Colombian vegetable oils market dropped slightly to $X in 2022, reducing by X% against the previous year. Over the period under review, consumption showed a abrupt curtailment. Vegetable oils consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Vegetable Oils Production in Colombia

In value terms, vegetable oils production totaled $X in 2022 estimated in export price. Over the period under review, production, however, recorded a drastic downturn. The pace of growth was the most pronounced in 2019 when the production volume increased by X% against the previous year. Vegetable oils production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Vegetable Oils Exports

Exports from Colombia

Vegetable oils exports from Colombia surged to X tons in 2022, increasing by X% compared with the previous year. Overall, exports recorded buoyant growth. The pace of growth appeared the most rapid in 2020 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, vegetable oils exports shrank to $X in 2022. Over the period under review, exports enjoyed a moderate expansion. The pace of growth appeared the most rapid in 2020 when exports increased by X%. The exports peaked at $X in 2021, and then dropped in the following year.

Exports by Country

Trinidad and Tobago (X tons), Venezuela (X tons) and the Dominican Republic (X tons) were the main destinations of vegetable oils exports from Colombia, together accounting for X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Venezuela (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Trinidad and Tobago ($X), Venezuela ($X) and the Dominican Republic ($X) were the largest markets for vegetable oils exported from Colombia worldwide, with a combined X% share of total exports.

Venezuela, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average vegetable oils export price amounted to $X per ton, which is down by X% against the previous year. Overall, the export price continues to indicate a mild decline. The most prominent rate of growth was recorded in 2021 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton, and then declined remarkably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Dominican Republic ($X per ton), while the average price for exports to Chile ($X per ton) was 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 (X%), while the prices for the other major destinations experienced mixed trend patterns.

Vegetable Oils Imports

Imports into Colombia

In 2022, after seven years of growth, there was decline in supplies from abroad of vegetable fats and oils, when their volume decreased by X% to X tons. Over the period under review, imports continue to indicate a abrupt descent. The growth pace was the most rapid in 2015 when imports increased by X% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, vegetable oils imports dropped rapidly to $X in 2022. In general, imports continue to indicate a pronounced decline. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Ecuador (X tons) constituted the largest vegetable oils supplier to Colombia, accounting for a X% share of total imports. Moreover, vegetable oils imports from Ecuador exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), sevenfold. The United States (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ecuador amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and the United States (X% per year).

In value terms, Ecuador ($X) constituted the largest supplier of vegetable fats and oils to Colombia, comprising X% of total imports. The second position in the ranking was held by Indonesia ($X), with a X% share of total imports. It was followed by Germany, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Ecuador stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Germany (X% per year).

Import Prices by Country

The average vegetable oils import price stood at $X per ton in 2022, falling by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2021 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton, and then dropped rapidly in the following year.

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 ($X per ton), while the price for Ecuador ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :