Ecuador: Vegetable Oils Market 2024

Vegetable Oils Market Size in Ecuador

The Ecuadorian vegetable oils market skyrocketed to $X in 2022, increasing by X% against the previous year. Over the period under review, consumption, however, recorded a abrupt descent. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Vegetable Oils Production in Ecuador

In value terms, vegetable oils production reached $X in 2022 estimated in export price. In general, production showed a abrupt decline. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Vegetable Oils Exports

Exports from Ecuador

Vegetable oils exports from Ecuador dropped to X tons in 2022, falling by X% compared with the year before. Overall, exports saw a pronounced reduction. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, vegetable oils exports shrank notably to $X in 2022. Over the period under review, exports recorded a noticeable decline. The pace of growth appeared the most rapid in 2021 with an increase of X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Colombia (X tons), Chile (X tons) and Peru (X tons) were the main destinations of vegetable oils exports from Ecuador, with a combined X% share of total exports. Argentina, Venezuela, Bolivia and Cuba lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for vegetable oils exported from Ecuador were Colombia ($X), Chile ($X) and Peru ($X), together accounting for X% of total exports. Argentina, Venezuela, Bolivia and Cuba lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Argentina, with a CAGR of X%, recorded the highest growth rate of the value of exports, 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, with a decrease of X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Argentina ($X per ton), while the average price for exports to Cuba ($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 Chile (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Oils Imports

Imports into Ecuador

In 2022, supplies from abroad of vegetable fats and oils increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports saw a notable increase. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, vegetable oils imports expanded slightly to $X in 2022. Over the period under review, total imports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2019 indices. The growth pace was the most rapid in 2017 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Indonesia (X tons) was the main vegetable oils supplier to Ecuador, with a X% share of total imports. Moreover, vegetable oils imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold.

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

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

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

Import Prices by Country

In 2022, the average vegetable oils import price amounted to $X per ton, declining by X% against the previous year. In general, the import price continues to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Peru ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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