MERCOSUR: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in MERCOSUR

After three years of decline, the MERCOSUR refined maize oil market increased by 3.2% to $X in 2021. Over the period under review, consumption, however, continues to indicate a pronounced decrease. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Refined Maize Oil Production in MERCOSUR

In value terms, refined maize oil production expanded slightly to $X in 2021 estimated in export price. In general, production, however, showed a pronounced downturn. The most prominent rate of growth was recorded in 2014 when the production volume increased by 4.1% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Refined Maize Oil Exports

Exports in MERCOSUR

Refined maize oil exports contracted to X tons in 2021, dropping by -9.5% compared with 2020. Overall, exports saw a perceptible decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 84% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, refined maize oil exports soared to $X in 2021. Over the period under review, exports saw a pronounced setback. The pace of growth appeared the most rapid in 2020 when exports increased by 78% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from Paraguay (X tons), Argentina (X tons) and Uruguay (X tons), together finishing at 92% of total export. It was distantly followed by Brazil (X tons), making up a 6% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Uruguay (with a CAGR of +92.5%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest refined maize oil supplying countries in MERCOSUR were Uruguay ($X), Argentina ($X) and Paraguay ($X), with a combined 90% share of total exports.

Uruguay, with a CAGR of +206.5%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in MERCOSUR stood at $X per ton in 2021, rising by 56% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Uruguay ($X per ton), while Paraguay ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uruguay (+59.3%), while the other leaders experienced more modest paces of growth.

Refined Maize Oil Imports

Imports in MERCOSUR

In 2021, the amount of refined maize (corn) oil imported in MERCOSUR skyrocketed to X tons, increasing by 23% on 2020 figures. Over the period under review, imports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2019 when imports increased by 119% against the previous year. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, refined maize oil imports skyrocketed to $X in 2021. Overall, imports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2019 when imports increased by 97% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Brazil (X tons) represented the key importer of refined maize (corn) oil, achieving 70% of total imports. Chile (X tons) ranks second in terms of the total imports with an 11% share, followed by Uruguay (9.6%). The following importers - Ecuador (X tons) and Paraguay (X tons) - together made up 6% of total imports.

Brazil was also the fastest-growing in terms of the refined maize (corn) oil imports, with a CAGR of +58.9% from 2012 to 2021. Chile (-4.0%), Paraguay (-5.2%), Uruguay (-7.9%) and Ecuador (-15.0%) illustrated a downward trend over the same period. Brazil (+69 p.p.), Chile (+6 p.p.) and Uruguay (+3 p.p.) significantly strengthened its position in terms of the total imports, while Ecuador saw its share reduced by -1.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported refined maize (corn) oil in MERCOSUR, comprising 71% of total imports. The second position in the ranking was held by Chile ($X), with a 12% share of total imports. It was followed by Uruguay, with an 8.8% share.

In Brazil, refined maize oil imports expanded at an average annual rate of +54.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Chile (-0.9% per year) and Uruguay (-8.5% per year).

Import Prices by Country

The import price in MERCOSUR stood at $X per ton in 2021, jumping by 43% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.8%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Chile ($X per ton) and Brazil ($X per ton), while Paraguay ($X per ton) and Uruguay ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+3.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform