Greece: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Greece

The Greek refined maize oil market reduced to $X in 2021, which is down by -4.9% against the previous year. In general, consumption saw a abrupt contraction. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Refined Maize Oil Production in Greece

In value terms, refined maize oil production dropped slightly to $X in 2021 estimated in export price. In general, production saw a perceptible decline. The growth pace was the most rapid in 2013 when the production volume increased by 13%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Refined Maize Oil Exports

Exports from Greece

In 2021, the amount of refined maize (corn) oil exported from Greece reduced modestly to X tons, leveling off at 2020. Overall, exports, however, continue to indicate a perceptible increase. The most prominent rate of growth was recorded in 2019 when exports increased by 273% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, refined maize oil exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a perceptible expansion. The growth pace was the most rapid in 2019 with an increase of 205% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Albania (X tons) was the main destination for refined maize oil exports from Greece, accounting for a 59% share of total exports. Moreover, refined maize oil exports to Albania exceeded the volume sent to the second major destination, Iraq (X tons), threefold. The third position in this ranking was held by Cyprus (X tons), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Albania totaled +3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (-5.5% per year) and Cyprus (+4.8% per year).

In value terms, Albania ($X) remains the key foreign market for refined maize (corn) oil exports from Greece, comprising 57% of total exports. The second position in the ranking was taken by Iraq ($X), with a 24% share of total exports. It was followed by Cyprus, with a 14% share.

From 2012 to 2021, the average annual growth rate of value to Albania totaled +4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+0.6% per year) and Cyprus (+8.1% per year).

Export Prices by Country

In 2021, the average refined maize oil export price amounted to $X per ton, with an increase of 19% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2020 when the average export price increased by 29%. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to see steady growth in years to come.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the countries with the highest prices were Norway ($X per ton) and Iraq ($X per ton), while the average price for exports to Bulgaria ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+47.6%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into Greece

In 2021, the amount of refined maize (corn) oil imported into Greece fell to X tons, waning by -8.9% against the year before. Over the period under review, imports continue to indicate a abrupt decline. The pace of growth was the most pronounced in 2015 with an increase of 1.8%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, refined maize oil imports skyrocketed to $X in 2021. In general, imports showed a deep contraction. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Italy (X tons) constituted the largest supplier of refined maize oil to Greece, accounting for a 59% share of total imports. Moreover, refined maize oil imports from Italy exceeded the figures recorded by the second-largest supplier, Belgium (X tons), twofold. Spain (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Italy totaled -7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-12.2% per year) and Spain (-3.0% per year).

In value terms, Italy ($X) constituted the largest supplier of refined maize (corn) oil to Greece, comprising 61% of total imports. The second position in the ranking was held by Belgium ($X), with a 25% share of total imports. It was followed by Spain, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from Italy totaled -7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-10.2% per year) and Spain (-6.4% per year).

Import Prices by Country

The average refined maize oil import price stood at $X per ton in 2021, growing by 47% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Bulgaria ($X per ton) and Belgium ($X per ton), while the price for Spain ($X per ton) and France ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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