Czech Republic: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in the Czech Republic

The Czech refined soybean oil market stood at $X in 2022, growing by 4.9% against the previous year. Over the period under review, consumption, however, recorded a deep setback. Refined soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Soybean Oil Production in the Czech Republic

In value terms, refined soybean oil production stood at $X in 2022 estimated in export price. In general, production saw a deep setback. The pace of growth was the most pronounced in 2019 with an increase of 25% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from the Czech Republic

In 2022, after two years of decline, there was significant growth in overseas shipments of refined soybean oil and its fractions, when their volume increased by 425% to X tons. Overall, exports posted a tangible expansion. The pace of growth was the most pronounced in 2019 when exports increased by 1,861% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined soybean oil exports skyrocketed to $X in 2022. In general, exports posted prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 1,348%. Over the period under review, the exports attained the maximum at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Poland (X tons) was the main destination for refined soybean oil exports from the Czech Republic, accounting for a 66% share of total exports. Moreover, refined soybean oil exports to Poland exceeded the volume sent to the second major destination, the Netherlands (X tons), fourfold. The third position in this ranking was held by Slovakia (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Poland stood at +6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+184.9% per year) and Slovakia (-17.2% per year).

In value terms, Poland ($X) remains the key foreign market for refined soybean oil and its fractions exports from the Czech Republic, comprising 70% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 13% share of total exports. It was followed by Slovakia, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Poland stood at +24.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+213.7% per year) and Slovakia (-15.6% per year).

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, rising by 4.5% against the previous year. In general, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil export price increased by +135.2% against 2019 indices. The growth pace was the most rapid in 2016 when the average export price increased by 55%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Poland ($X per ton) and Slovakia ($X per ton), while the average price for exports to the UK ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+17.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into the Czech Republic

In 2022, purchases abroad of refined soybean oil and its fractions increased by 12% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, showed a pronounced downturn. The pace of growth was the most pronounced in 2015 with an increase of 55% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, refined soybean oil imports soared to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Germany (X tons), the Netherlands (X tons) and Sweden (X tons) were the main suppliers of refined soybean oil imports to the Czech Republic, together comprising 84% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of +92.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil suppliers to the Czech Republic were Germany ($X), the Netherlands ($X) and Sweden ($X), together comprising 85% of total imports.

Among the main suppliers, Sweden, with a CAGR of +80.2%, recorded the highest rates of growth with regard to the value of imports, 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 refined soybean oil import price amounted to $X per ton, rising by 31% against the previous year. Over the period under review, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil import price increased by +103.3% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 35% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+9.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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