Latvia: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Latvia

The Latvian refined palm oil market contracted to $X in 2022, with a decrease of -3.1% against the previous year. Over the period under review, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +6.8% against 2020 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Refined Palm Oil Production in Latvia

In value terms, refined palm oil production dropped to $X in 2022 estimated in export price. Over the period under review, the total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +5.5% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 52% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Refined Palm Oil Exports

Exports from Latvia

In 2022, overseas shipments of refined palm oil were finally on the rise to reach X tons after two years of decline. Over the period under review, exports, however, continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2015 with an increase of 5,276%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined palm oil exports surged to $X in 2022. Overall, exports, however, saw a abrupt setback. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Russia (X tons) was the main destination for refined palm oil exports from Latvia, accounting for a 84% share of total exports. Moreover, refined palm oil exports to Russia exceeded the volume sent to the second major destination, Ukraine (X tons), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Russia totaled -11.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (0.0% per year) and Belarus (0.0% per year).

In value terms, Russia ($X) remains the key foreign market for refined palm oil exports from Latvia, comprising 84% of total exports. The second position in the ranking was held by Ukraine ($X), with a 13% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Russia totaled +3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (0.0% per year) and Belarus (0.0% per year).

Export Prices by Country

In 2022, the average refined palm oil export price amounted to $X per ton, jumping by 74% against the previous year. In general, the export price saw a prominent increase. The pace of growth was the most pronounced in 2014 when the average export price increased by 76%. The export price peaked in 2022 and is likely to see steady growth in the near future.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Ukraine ($X per ton), while the average price for exports to Belarus ($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 Russia (+16.8%), while the prices for the other major destinations experienced a decline.

Refined Palm Oil Imports

Imports into Latvia

In 2022, refined palm oil imports into Latvia surged to X tons, jumping by 231% compared with the year before. Overall, imports, however, saw a slight reduction. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, refined palm oil imports skyrocketed to $X in 2022. In general, imports recorded temperate growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The Netherlands (X tons), Poland (X tons) and Germany (X tons) were the main suppliers of refined palm oil imports to Latvia, together comprising 91% of total imports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +182.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) constituted the largest supplier of refined palm oil to Latvia, comprising 62% of total imports. The second position in the ranking was taken by Poland ($X), with a 25% share of total imports. It was followed by Lithuania, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands stood at +206.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-3.1% per year) and Lithuania (+36.2% per year).

Import Prices by Country

The average refined palm oil import price stood at $X per ton in 2022, surging by 55% against the previous year. Overall, the import price enjoyed a prominent expansion. The growth pace was the most rapid in 2021 an increase of 77% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Germany ($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 Netherlands (+8.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform