Kuwait: Maize Oil Market 2024

Maize Oil Market Size in Kuwait

In 2022, after two years of growth, there was significant decline in the Kuwaiti maize oil market, when its value decreased by -20.8% to $X. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then declined notably in the following year.

Maize Oil Exports

Exports from Kuwait

In 2022, after three years of growth, there was significant decline in overseas shipments of maize oil, when their volume decreased by -6.6% to X tons. Overall, exports, however, posted a buoyant expansion. The pace of growth was the most pronounced in 2017 with an increase of 5,153% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then declined in the following year.

In value terms, maize oil exports dropped to $X in 2022. In general, exports, however, saw a resilient expansion. The growth pace was the most rapid in 2017 when exports increased by 5,385%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Oman (X tons) was the main destination for maize oil exports from Kuwait, with a 77% share of total exports. Moreover, maize oil exports to Oman exceeded the volume sent to the second major destination, Iran (X tons), sevenfold. The third position in this ranking was taken by Saudi Arabia (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to Oman amounted to +75.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (-3.3% per year) and Saudi Arabia (+38.4% per year).

In value terms, Oman ($X) remains the key foreign market for maize oil exports from Kuwait, comprising 60% of total exports. The second position in the ranking was held by Iran ($X), with a 23% share of total exports. It was followed by Saudi Arabia, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to Oman totaled +58.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (-2.0% per year) and Saudi Arabia (+32.5% per year).

Export Prices by Country

The average maize oil export price stood at $X per ton in 2022, remaining stable against the previous year. In general, the export price, however, recorded a abrupt decline. The growth pace was the most rapid in 2018 an increase of 28%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Iran ($X per ton), while the average price for exports to Oman ($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 the UK (+8.3%), while the prices for the other major destinations experienced mixed trend patterns.

Maize Oil Imports

Imports into Kuwait

In 2022, overseas purchases of maize oil decreased by -10.4% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +19.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 27% against the previous year. As a result, imports attained the peak of X tons, and then contracted in the following year.

In value terms, maize oil imports fell remarkably to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 96% against the previous year. As a result, imports attained the peak of $X, and then shrank dramatically in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of maize oil to Kuwait, accounting for a 45% share of total imports. Moreover, maize oil imports from the United States exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), fivefold. The third position in this ranking was taken by the United Arab Emirates (X tons), with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at -4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+7.0% per year) and the United Arab Emirates (+33.7% per year).

In value terms, the United States ($X) constituted the largest supplier of maize oil to Kuwait, comprising 48% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 9.4% share of total imports. It was followed by the United Arab Emirates, with an 8.2% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled -5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+1.6% per year) and the United Arab Emirates (+35.1% per year).

Import Prices by Country

In 2022, the average maize oil import price amounted to $X per ton, reducing by -15.6% against the previous year. Overall, the import price showed a slight contraction. The most prominent rate of growth was recorded in 2021 when the average import price increased by 54%. As a result, import price reached the peak level of $X per ton, and then contracted dramatically 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 United Arab Emirates ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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