Ecuador: Market for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified 2024

Market Size for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Ecuador

In 2021, the Ecuadorian market for sunflower-seed or safflower oil, refined, but not chemically modified decreased by -9.7% to $X for the first time since 2017, thus ending a three-year rising trend. The market value increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X, and then dropped in the following year.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Ecuador

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the production volume increased by 25% against the previous year. As a result, production reached the peak level of $X, and then fell in the following year.

Exports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Exports from Ecuador

In 2021, overseas shipments of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -11% to X tons, falling for the second consecutive year after two years of growth. Overall, exports, however, saw a significant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 925% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified contracted to $X in 2021. Over the period under review, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 861% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Colombia (X tons) was the main destination for exports of sunflower-seed or safflower oil, refined, but not chemically modified from Ecuador, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Colombia stood at +52.3%.

In value terms, Colombia ($X) also remains the key foreign market for sunflower-seed or safflower oil, refined, but not chemically modified exports from Ecuador.

From 2012 to 2021, the average annual rate of growth in terms of value to Colombia totaled +48.2%.

Export Prices by Country

In 2021, the average export price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X per ton, remaining stable against the previous year. In general, the export price, however, saw a perceptible downturn. The pace of growth appeared the most rapid in 2013 when the average export price increased by 9.8%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Colombia.

From 2012 to 2021, the rate of growth in terms of prices for Colombia amounted to -2.7% per year.

Imports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Imports into Ecuador

In 2021, after six years of growth, there was decline in purchases abroad of sunflower-seed or safflower oil, refined, but not chemically modified, when their volume decreased by -4.3% to X tons. Over the period under review, imports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2015 with an increase of 235%. Over the period under review, imports of reached the maximum at X tons in 2020, and then shrank in the following year.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified skyrocketed to $X in 2021. In general, imports, however, posted a strong increase. The pace of growth appeared the most rapid in 2015 when imports increased by 221%. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, Bolivia (X tons) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Ecuador, with a 83% share of total imports. Moreover, imports of sunflower-seed or safflower oil, refined, but not chemically modified from Bolivia exceeded the figures recorded by the second-largest supplier, Italy (X tons), ninefold. The third position in this ranking was held by Ukraine (X tons), with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Bolivia totaled +42.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-0.5% per year) and Ukraine (+540.7% per year).

In value terms, Bolivia ($X) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Ecuador, comprising 71% of total imports. The second position in the ranking was held by Italy ($X), with an 18% share of total imports. It was followed by Ukraine, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Bolivia amounted to +37.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+9.8% per year) and Ukraine (+871.4% per year).

Import Prices by Country

In 2021, the average import price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X per ton, picking up by 21% against the previous year. Overall, the import price, however, showed a mild reduction. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Italy ($X per ton), while the price for Bolivia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+51.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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