Romania: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Romania

The Romanian crude soybean oil market reached $X in 2022, increasing by 7.5% against the previous year. In general, consumption showed a resilient increase. Crude soybean oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Crude Soybean Oil Production in Romania

In value terms, crude soybean oil production stood at $X in 2022 estimated in export price. Overall, the total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.4% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 6%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Crude Soybean Oil Exports

Exports from Romania

In 2022, crude soybean oil exports from Romania fell to X tons, waning by -8.9% compared with 2021 figures. Overall, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 1,336% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude soybean oil exports surged to $X in 2022. In general, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2013 when exports increased by 1,020% against the previous year. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Spain (X tons) was the main destination for crude soybean oil exports from Romania, accounting for a 69% share of total exports. Moreover, crude soybean oil exports to Spain exceeded the volume sent to the second major destination, Bulgaria (X tons), threefold. Austria (X tons) ranked third in terms of total exports with a 2.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Spain stood at -6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+17.3% per year) and Austria (-21.6% per year).

In value terms, Spain ($X) emerged as the key foreign market for crude soybean oil exports from Romania, comprising 76% of total exports. The second position in the ranking was taken by Bulgaria ($X), with a 14% share of total exports. It was followed by Austria, with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Spain stood at +3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+13.3% per year) and Austria (-8.9% per year).

Export Prices by Country

In 2022, the average crude soybean oil export price amounted to $X per ton, with an increase of 31% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. 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 external markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Bulgaria ($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 Austria (+16.1%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports into Romania

In 2022, the amount of crude soybean oil imported into Romania surged to X tons, increasing by 106% compared with the previous year's figure. Over the period under review, imports showed a buoyant expansion. The pace of growth was the most pronounced in 2015 with an increase of 494%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, crude soybean oil imports surged to $X in 2022. Overall, imports recorded a strong increase. The growth pace was the most rapid in 2015 with an increase of 441%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in years to come.

Imports by Country

Moldova (X tons), Ukraine (X tons) and Serbia (X tons) were the main suppliers of crude soybean oil imports to Romania, with a combined 93% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Serbia (with a CAGR of +210.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest crude soybean oil suppliers to Romania were Moldova ($X), Ukraine ($X) and Serbia ($X), with a combined 94% share of total imports.

Serbia, with a CAGR of +333.6%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average crude soybean oil import price stood at $X per ton in 2022, with an increase of 26% against the previous year. In general, import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil import price increased by +113.3% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 39% against the previous year. Over the period under review, average import prices hit record highs in 2022 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 Serbia ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Serbia (+39.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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