Greece: Crude Palm Oil Market 2025

Crude Palm Oil Market Size in Greece

The Greek crude palm oil market soared to $X in 2022, increasing by 69% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, saw a precipitous decrease. Crude palm oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Crude Palm Oil Exports

Exports from Greece

In 2022, after three years of growth, there was significant decline in overseas shipments of crude palm oil, when their volume decreased by -8.6% to X tons. Over the period under review, exports showed a abrupt slump. The most prominent rate of growth was recorded in 2021 with an increase of 5,390%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude palm oil exports skyrocketed to $X in 2022. Overall, exports recorded a deep setback. The growth pace was the most rapid in 2021 with an increase of 6,100%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Bulgaria (X tons) was the main destination for crude palm oil exports from Greece, accounting for a 65% share of total exports. Moreover, crude palm oil exports to Bulgaria exceeded the volume sent to the second major destination, Germany (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume to Bulgaria stood at -13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-55.2% per year) and the UK (+77.3% per year).

In value terms, Bulgaria ($X) emerged as the key foreign market for crude palm oil exports from Greece, comprising 64% of total exports. The second position in the ranking was taken by Germany ($X), with a 30% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Bulgaria totaled -6.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-39.2% per year) and the UK (+83.7% per year).

Export Prices by Country

The average crude palm oil export price stood at $X per ton in 2022, surging by 28% against the previous year. Over the period under review, the export price posted prominent growth. The pace of growth was the most pronounced in 2013 an increase of 71%. The export price peaked in 2022 and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Bulgaria ($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 Germany (+35.6%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Palm Oil Imports

Imports into Greece

In 2022, approx. X tons of crude palm oil were imported into Greece; jumping by 43% compared with the previous year's figure. In general, imports, however, continue to indicate a sharp descent. The most prominent rate of growth was recorded in 2021 with an increase of 1,136%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, crude palm oil imports surged to $X in 2022. Over the period under review, imports, however, faced a precipitous shrinkage. The pace of growth was the most pronounced in 2021 when imports increased by 2,411%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of crude palm oil to Greece, accounting for a 47% share of total imports. Moreover, crude palm oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. Malaysia (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia totaled -35.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.6% per year) and Malaysia (-11.6% per year).

In value terms, the largest crude palm oil suppliers to Greece were Germany ($X), Indonesia ($X) and Malaysia ($X), with a combined 85% share of total imports. Bulgaria and Italy lagged somewhat behind, together comprising a further 15%.

Bulgaria, with a CAGR of +23.2%, 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 mixed trend patterns.

Import Prices by Country

In 2022, the average crude palm oil import price amounted to $X per ton, rising by 24% against the previous year. Overall, the import price recorded resilient growth. The most prominent rate of growth was recorded in 2021 an increase of 103% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+32.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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