Guatemala: Palm Oil Market 2024

Palm Oil Market Size in Guatemala

In 2022, the Guatemalan palm oil market decreased by -65.3% to $X for the first time since 2017, thus ending a four-year rising trend. Overall, consumption saw a abrupt decrease. As a result, consumption reached the peak level of $X, and then shrank sharply in the following year.

Palm Oil Production in Guatemala

In value terms, palm oil production rose to $X in 2022 estimated in export price. Overall, the total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.9% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 28% against the previous year. Palm oil production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Palm Oil Exports

Exports from Guatemala

In 2022, overseas shipments of palm oil increased by 6.9% to X tons, rising for the second year in a row after two years of decline. Overall, exports posted a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 46% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, palm oil exports soared to $X in 2022. Over the period under review, exports enjoyed resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 51% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

The Netherlands (X tons), Spain (X tons) and Mexico (X tons) were the main destinations of palm oil exports from Guatemala, with a combined 76% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of +56.5%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) remains the key foreign market for palm oil exports from Guatemala, comprising 39% of total exports. The second position in the ranking was taken by Spain ($X), with a 19% share of total exports. It was followed by Mexico, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands totaled +32.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+74.6% per year) and Mexico (-2.0% per year).

Export Prices by Country

The average palm oil export price stood at $X per ton in 2022, surging by 22% against the previous year. Over the period under review, the export price enjoyed a modest expansion. The growth pace was the most rapid in 2021 an increase of 47%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to Mexico ($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 Spain (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Oil Imports

Imports into Guatemala

After three years of growth, overseas purchases of palm oil decreased by -38.4% to X tons in 2022. Overall, imports, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2021 when imports increased by 128%. As a result, imports reached the peak of X tons, and then fell sharply in the following year.

In value terms, palm oil imports contracted to $X in 2022. In general, imports, however, saw buoyant growth. The growth pace was the most rapid in 2021 with an increase of 176% against the previous year. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

Honduras (X tons), Peru (X tons) and Mexico (X tons) were the main suppliers of palm oil imports to Guatemala, with a combined 82% share of total imports. Indonesia, Costa Rica, Nicaragua and Panama lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Costa Rica (with a CAGR of +216.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Honduras ($X), Peru ($X) and Mexico ($X) were the largest palm oil suppliers to Guatemala, together accounting for 85% of total imports.

Peru, with a CAGR of +244.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average palm oil import price stood at $X per ton in 2022, picking up by 41% against the previous year. Overall, import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, palm oil import price increased by +99.5% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Honduras ($X per ton), while the price for Panama ($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 (+31.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform