Portugal: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Portugal

The Portuguese refined maize oil market contracted to $X in 2021, declining by -11.6% against the previous year. Overall, consumption showed a deep slump. The most prominent rate of growth was recorded in 2017 when the market value increased by 8.6% against the previous year. Refined maize oil consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Refined Maize Oil Production in Portugal

In value terms, refined maize oil production reduced to $X in 2021 estimated in export price. Overall, production showed a abrupt decline. The growth pace was the most rapid in 2020 with an increase of 29% against the previous year. Refined maize oil production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Refined Maize Oil Exports

Exports from Portugal

In 2021, the amount of refined maize (corn) oil exported from Portugal reduced sharply to X tons, falling by -92.6% against the year before. Over the period under review, exports saw a dramatic decline. The pace of growth was the most pronounced in 2016 when exports increased by 855%. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, refined maize oil exports declined remarkably to $X in 2021. Overall, exports faced a abrupt downturn. The pace of growth appeared the most rapid in 2020 when exports increased by 747%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Angola (X tons) was the main destination for refined maize oil exports from Portugal, with a 67% share of total exports. Moreover, refined maize oil exports to Angola exceeded the volume sent to the second major destination, the UK (X kg), threefold.

From 2012 to 2021, the average annual growth rate of volume to Angola totaled -24.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (0.0% per year) and Cabo Verde (-17.0% per year).

In value terms, Angola ($X) emerged as the key foreign market for refined maize (corn) oil exports from Portugal, comprising 75% of total exports. The second position in the ranking was held by the UK ($X), with a 17% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Angola totaled -21.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (0.0% per year) and Cabo Verde (-10.1% per year).

Export Prices by Country

In 2021, the average refined maize oil export price amounted to $X per ton, picking up by 67% against the previous year. Overall, export price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +2.5% 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 export price increased by +100.0% against 2018 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Cabo Verde ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cabo Verde (+8.3%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Maize Oil Imports

Imports into Portugal

In 2021, supplies from abroad of refined maize (corn) oil decreased by -96.3% to X tons, falling for the fifth consecutive year after five years of growth. Overall, imports faced a precipitous descent. The pace of growth was the most pronounced in 2016 when imports increased by 24% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, refined maize oil imports fell remarkably to $X in 2021. In general, imports recorded a significant contraction. The pace of growth was the most pronounced in 2016 with an increase of 35%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Spain (X tons) was the main refined maize oil supplier to Portugal, accounting for a 95% share of total imports. Moreover, refined maize oil imports from Spain exceeded the figures recorded by the second-largest supplier, the UK (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Spain amounted to -42.0%.

In value terms, Spain ($X) constituted the largest supplier of refined maize (corn) oil to Portugal, comprising 86% of total imports. The second position in the ranking was held by the UK ($X), with an 8.5% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain stood at -38.9%.

Import Prices by Country

The average refined maize oil import price stood at $X per ton in 2021, picking up by 97% against the previous year. Over the period under review, the import price showed a remarkable increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Spain stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+5.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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