Pakistan: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Pakistan

In 2021, the Pakistani refined maize oil market was finally on the rise to reach $X after three years of decline. Overall, consumption, however, showed a relatively flat trend pattern. Refined maize oil consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Refined Maize Oil Production in Pakistan

In value terms, refined maize oil production expanded significantly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by 31% against the previous year. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Refined Maize Oil Exports

Exports from Pakistan

In 2021, approx. X tons of refined maize (corn) oil were exported from Pakistan; jumping by 68% compared with the previous year's figure. Overall, exports saw a significant expansion. The growth pace was the most rapid in 2020 when exports increased by 211%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, refined maize oil exports surged to $X in 2021. Over the period under review, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2013 with an increase of 429%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

Afghanistan (X tons) was the main destination for refined maize oil exports from Pakistan, accounting for a 97% share of total exports. It was followed by Benin (X tons), with a 2.8% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Afghanistan stood at +42.6%.

In value terms, Afghanistan ($X) remains the key foreign market for refined maize (corn) oil exports from Pakistan, comprising 96% of total exports. The second position in the ranking was taken by Benin ($X), with a 2.7% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Afghanistan stood at +39.0%.

Export Prices by Country

In 2021, the average refined maize oil export price amounted to $X per ton, stabilizing at the previous year. Over the period under review, the export price continues to indicate a slight contraction. The pace of growth was the most pronounced in 2013 when the average export price increased by 79% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Afghanistan ($X per ton), while the average price for exports to Benin totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+1.5%).

Refined Maize Oil Imports

Imports into Pakistan

In 2021, refined maize oil imports into Pakistan shrank dramatically to X tons, waning by -33.5% against the previous year. Overall, imports, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 228%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, refined maize oil imports contracted markedly to $X in 2021. In general, imports, however, posted significant growth. The pace of growth was the most pronounced in 2017 when imports increased by 252%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of refined maize oil to Pakistan, accounting for a 71% share of total imports. Moreover, refined maize oil imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), fivefold. The third position in this ranking was held by Turkey (X tons), with an 8.2% share.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates stood at +28.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+29.4% per year) and Turkey (-0.3% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of refined maize (corn) oil to Pakistan, comprising 70% of total imports. The second position in the ranking was taken by Oman ($X), with a 14% share of total imports. It was followed by Saudi Arabia, with an 8.3% share.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates amounted to +32.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Oman (+32.5% per year) and Saudi Arabia (+32.4% per year).

Import Prices by Country

In 2021, the average refined maize oil import price amounted to $X per ton, picking up by 26% against the previous year. Over the period under review, import price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined maize oil import price increased by +83.0% against 2014 indices. The pace of growth was the most pronounced in 2019 an increase of 27% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Oman ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+26.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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