GCC: Market for Crude Sunflower-Seed And Safflower Oil 2024

Exports of Crude Sunflower-Seed And Safflower Oil

Exports in GCC

In 2022, overseas shipments of crude sunflower-seed and safflower oil were finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. In general, exports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2014 with an increase of 227% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude sunflower-seed and safflower oil exports rose notably to $X in 2022. Overall, exports recorded a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 196%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the key exporter of crude sunflower-seed and safflower oil, making up 67% of total exports. Oman (X tons) ranks second in terms of the total exports with a 22% share, followed by Saudi Arabia (11%).

From 2012 to 2022, average annual rates of growth with regard to crude sunflower-seed and safflower oil exports from the United Arab Emirates stood at +7.5%. At the same time, Oman (+24.4%) and Saudi Arabia (+23.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +24.4% from 2012-2022. From 2012 to 2022, the share of Oman and Saudi Arabia increased by +15 and +7.2 percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest crude sunflower-seed and safflower oil supplier in GCC, comprising 61% of total exports. The second position in the ranking was taken by Oman ($X), with a 26% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled +2.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (+25.2% per year) and Saudi Arabia (+19.7% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, reducing by -24.6% against the previous year. Overall, the export price saw a pronounced decline. The pace of growth was the most pronounced in 2015 an increase of 34%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+0.6%), while the other leaders experienced a decline in the export price figures.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports in GCC

In 2022, purchases abroad of crude sunflower-seed and safflower oil decreased by -42.7% to X tons, falling for the second consecutive year after two years of growth. In general, imports saw a pronounced slump. The growth pace was the most rapid in 2020 when imports increased by 40%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, crude sunflower-seed and safflower oil imports fell rapidly to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 51% against the previous year. As a result, imports reached the peak of $X, and then fell sharply in the following year.

Imports by Country

The United Arab Emirates was the key importer of crude sunflower-seed and safflower oil in GCC, with the volume of imports resulting at X tons, which was approx. 58% of total imports in 2022. Oman (X tons) held a 23% share (based on physical terms) of total imports, which put it in second place, followed by Qatar (19%).

Imports into the United Arab Emirates increased at an average annual rate of +1.9% from 2012 to 2022. At the same time, Qatar (+51.4%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +51.4% from 2012-2022. By contrast, Oman (-2.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates and Qatar increased by +22 and +19 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported crude sunflower-seed and safflower oil in GCC, comprising 61% of total imports. The second position in the ranking was held by Qatar ($X), with a 25% share of total imports.

In the United Arab Emirates, crude sunflower-seed and safflower oil imports increased at an average annual rate of +5.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (+50.4% per year) and Oman (-3.2% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, surging by 12% against the previous year. Import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude sunflower-seed and safflower oil import price increased by +94.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 61% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform