Czech Republic: Palm Oil Market 2024

Palm Oil Market Size in the Czech Republic

The Czech palm oil market surged to $X in 2022, picking up by 41% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a pronounced downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Palm Oil Exports

Exports from the Czech Republic

After three years of decline, shipments abroad of palm oil increased by 9.4% to X tons in 2022. Overall, exports showed prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 103% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, palm oil exports surged to $X in 2022. In general, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 62% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Slovakia (X tons) was the main destination for palm oil exports from the Czech Republic, with a 72% share of total exports. Moreover, palm oil exports to Slovakia exceeded the volume sent to the second major destination, Poland (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume to Slovakia stood at +15.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+35.2% per year) and Lithuania (+138.2% per year).

In value terms, Slovakia ($X) remains the key foreign market for palm oil exports from the Czech Republic, comprising 73% of total exports. The second position in the ranking was taken by Poland ($X), with a 20% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Slovakia stood at +17.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+42.9% per year) and Lithuania (+237.1% per year).

Export Prices by Country

The average palm oil export price stood at $X per ton in 2022, rising by 34% against the previous year. In general, the export price posted a slight expansion. The most prominent rate of growth was recorded in 2021 an increase of 77%. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while the average price for exports to Lithuania ($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 Lithuania (+41.6%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Oil Imports

Imports into the Czech Republic

In 2022, after two years of decline, there was significant growth in purchases abroad of palm oil, when their volume increased by 16% to X tons. Over the period under review, imports, however, saw a drastic downturn. The pace of growth was the most pronounced in 2016 when imports increased by 24% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, palm oil imports skyrocketed to $X in 2022. In general, imports, however, showed a noticeable curtailment. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Germany (X tons), Italy (X tons) and the Netherlands (X tons) were the main suppliers of palm oil imports to the Czech Republic, together accounting for 82% of total imports. Poland, Malaysia and Austria lagged somewhat behind, together accounting for a further 15%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +8.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest palm oil suppliers to the Czech Republic were Germany ($X), Italy ($X) and the Netherlands ($X), with a combined 79% share of total imports. Poland, Malaysia and Austria lagged somewhat behind, together comprising a further 17%.

Poland, with a CAGR of +12.4%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average palm oil import price amounted to $X per ton, surging by 28% against the previous year. Overall, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, palm oil import price increased by +125.9% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 49% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Austria ($X per ton) and Malaysia ($X per ton), while the price for the Netherlands ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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