Czech Republic: Soybean Oil Market 2024

Soybean Oil Market Size in the Czech Republic

In 2022, after six years of growth, there was decline in the Czech soybean oil market, when its value decreased by -2.3% to $X. Overall, consumption, however, saw a noticeable expansion. As a result, consumption reached the peak level of $X, and then contracted modestly in the following year.

Soybean Oil Production in the Czech Republic

In value terms, soybean oil production dropped to $X in 2022 estimated in export price. Over the period under review, production saw a perceptible descent. The growth pace was the most rapid in 2017 with an increase of 28% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports from the Czech Republic

In 2022, shipments abroad of soybean oil increased by 626% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports recorded a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 797% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, soybean oil exports surged to $X in 2022. Overall, exports saw a remarkable increase. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Poland (X tons), Bulgaria (X tons) and Slovakia (X tons) were the main destinations of soybean oil exports from the Czech Republic, together comprising 84% 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 Poland (with a CAGR of +163.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soybean oil exported from the Czech Republic were Poland ($X), Bulgaria ($X) and Slovakia ($X), together comprising 85% of total exports.

Poland, with a CAGR of +167.1%, saw the highest growth rate of the value of exports, in terms of 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 soybean oil export price amounted to $X per ton, declining by -1.5% against the previous year. Over the period under review, the export price, however, continues to indicate a slight expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by 66% against the previous year. As a result, the export price reached the peak level of $X per ton, and then shrank slightly in the following year.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Poland ($X per ton) and Germany ($X per ton), while the average price for exports to the UK ($X per ton) and Bulgaria ($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 Germany (+11.8%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into the Czech Republic

Soybean oil imports into the Czech Republic declined to X tons in 2022, with a decrease of -12.3% against the previous year's figure. Overall, imports, however, continue to indicate a buoyant increase. The growth pace was the most rapid in 2018 when imports increased by 44%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, soybean oil imports rose slightly to $X in 2022. In general, imports, however, posted a prominent expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 80% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Germany (X tons), Hungary (X tons) and Poland (X tons) were the main suppliers of soybean oil imports to the Czech Republic, with a combined 70% share of total imports. Ukraine, the Netherlands, Sweden and Austria lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ukraine (with a CAGR of +192.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Hungary ($X) and Poland ($X) constituted the largest soybean oil suppliers to the Czech Republic, with a combined 68% share of total imports. Ukraine, the Netherlands, Sweden and Austria lagged somewhat behind, together comprising a further 29%.

Ukraine, with a CAGR of +163.6%, recorded the highest rates of growth with regard to the value of imports, among 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 soybean oil import price amounted to $X per ton, picking up by 17% against the previous year. Over the period under review, the import price saw mild growth. The pace of growth appeared the most rapid in 2021 when the average import price increased by 59% against the previous year. The import price peaked in 2022 and is likely to see steady 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 ($X per ton), while the price for Hungary ($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 (+2.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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