Greece: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Greece

In 2022, the Greek crude soybean oil market increased by 14% to $X, rising for the fourth year in a row after two years of decline. Over the period under review, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Crude Soybean Oil Production in Greece

In value terms, crude soybean oil production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, showed a pronounced decrease. The pace of growth was the most pronounced in 2013 when the production volume increased by 6.2%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Crude Soybean Oil Exports

Exports from Greece

Crude soybean oil exports from Greece fell significantly to X tons in 2022, which is down by -27.6% against 2021. In general, exports, however, saw significant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 1,068% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude soybean oil exports declined to $X in 2022. Over the period under review, exports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 911%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Israel (X tons) and Cyprus (X tons) were the main destinations of crude soybean oil exports from Greece.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Israel (with a CAGR of +430.9%).

In value terms, the largest markets for crude soybean oil exported from Greece were Israel ($X) and Cyprus ($X).

In terms of the main countries of destination, Israel, with a CAGR of +477.7%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average crude soybean oil export price stood at $X per ton in 2022, increasing by 21% against the previous year. Over the period under review, the export price enjoyed perceptible growth. The most prominent rate of growth was recorded in 2021 when the average export price increased by 84%. The export price peaked in 2022 and is likely to see gradual growth in years to come.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Israel ($X per ton), while the average price for exports to Cyprus totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Israel (+8.8%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Soybean Oil Imports

Imports into Greece

Crude soybean oil imports into Greece soared to X tons in 2022, increasing by 65% compared with the previous year. Overall, imports posted a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 95% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, crude soybean oil imports skyrocketed to $X in 2022. Over the period under review, imports saw significant growth. The growth pace was the most rapid in 2021 when imports increased by 126% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Serbia (X tons) constituted the largest supplier of crude soybean oil to Greece, accounting for a 65% share of total imports. Moreover, crude soybean oil imports from Serbia exceeded the figures recorded by the second-largest supplier, Italy (X tons), fivefold. Cyprus (X tons) ranked third in terms of total imports with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Serbia totaled +21.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+18.3% per year) and Cyprus (+1,321.9% per year).

In value terms, Serbia ($X) constituted the largest supplier of crude soybean oil to Greece, comprising 66% of total imports. The second position in the ranking was taken by Italy ($X), with a 15% share of total imports. It was followed by Cyprus, with a 7.2% share.

From 2012 to 2022, the average annual growth rate of value from Serbia stood at +25.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+22.6% per year) and Cyprus (+1,306.3% per year).

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, rising by 23% against the previous year. In general, the import price showed a temperate expansion. The growth pace was the most rapid in 2021 an increase of 61%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Italy ($X per ton) and Serbia ($X per ton), while the price for Bulgaria ($X per ton) and Cyprus ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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