Hungary: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Hungary

The Hungarian crude palm oil market surged to $X in 2022, with an increase of 518% against the previous year. Overall, consumption continues to indicate a strong increase. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Crude Palm Oil Production in Hungary

In value terms, crude palm oil production reached $X in 2022 estimated in export price. Overall, production saw a pronounced decline. The most prominent rate of growth was recorded in 2017 with an increase of 5.1%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Palm Oil Exports

Exports from Hungary

In 2022, shipments abroad of crude palm oil increased by 179% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports showed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, crude palm oil exports soared to $X in 2022. Over the period under review, exports posted a significant increase. The pace of growth appeared the most rapid in 2017 when exports increased by 198%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

Exports by Country

The Czech Republic (X tons), Romania (X tons) and Austria (X tons) were the main destinations of crude palm oil exports from Hungary, together accounting for 99% of total exports.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +92.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Romania ($X), the Czech Republic ($X) and Austria ($X) constituted the largest markets for crude palm oil exported from Hungary worldwide, with a combined 99% share of total exports.

The Czech Republic, with a CAGR of +83.9%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average crude palm oil export price amounted to $X per ton, approximately reflecting the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 33% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while the average price for exports to the Czech Republic ($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 Romania (+2.6%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Palm Oil Imports

Imports into Hungary

In 2022, the amount of crude palm oil imported into Hungary soared to X tons, surging by 1,304% against the year before. In general, imports posted a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 24,282% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude palm oil imports surged to $X in 2022. Overall, imports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 14,067% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Malaysia (X tons), Germany (X tons) and the Netherlands (X tons) were the main suppliers of crude palm oil imports to Hungary, together comprising 90% of total imports. Croatia and Slovakia lagged somewhat behind, together comprising a further 7.6%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Croatia (with a CAGR of +75.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude palm oil suppliers to Hungary were Germany ($X), Malaysia ($X) and the Netherlands ($X), together comprising 87% of total imports. Croatia and Slovakia lagged somewhat behind, together comprising a further 10%.

Croatia, with a CAGR of +120.9%, recorded the highest growth rate of the value of imports, among 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 crude palm oil import price stood at $X per ton in 2022, with a decrease of -54.5% against the previous year. Over the period under review, the import price saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2021 an increase of 282%. As a result, import price attained the peak level of $X per ton, and then fell significantly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Croatia (+26.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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