Romania: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Romania

The Romanian rapeseed oil market totaled $X in 2022, surging by 7.7% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Rapeseed Oil Production in Romania

In value terms, rapeseed oil production contracted to $X in 2022 estimated in export price. In general, production, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2020 when the production volume increased by 60%. Rapeseed oil production peaked at $X in 2021, and then reduced in the following year.

Rapeseed Oil Exports

Exports from Romania

In 2022, approx. X tons of rapeseed oil were exported from Romania; with a decrease of -6.3% against 2021. Overall, exports, however, enjoyed a significant increase. The growth pace was the most rapid in 2013 when exports increased by 521% against the previous year. The exports peaked at X tons in 2021, and then declined in the following year.

In value terms, rapeseed oil exports soared to $X in 2022. In general, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 455% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Poland (X tons) was the main destination for rapeseed oil exports from Romania, with a 63% share of total exports. Moreover, rapeseed oil exports to Poland exceeded the volume sent to the second major destination, Germany (X tons), sevenfold. Hungary (X tons) ranked third in terms of total exports with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Poland totaled +121.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+1.8% per year) and Hungary (+2.5% per year).

In value terms, Poland ($X) remains the key foreign market for rapeseed oil exports from Romania, comprising 65% of total exports. The second position in the ranking was held by Germany ($X), with an 8.3% share of total exports. It was followed by Hungary, with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Poland totaled +174.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+6.9% per year) and Hungary (+4.2% per year).

Export Prices by Country

The average rapeseed oil export price stood at $X per ton in 2022, picking up by 28% against the previous year. Over the period under review, the export price continues to indicate a pronounced increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by 40% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Austria ($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 Spain (+31.8%), while the prices for the other major destinations experienced more modest paces of growth.

Rapeseed Oil Imports

Imports into Romania

In 2022, supplies from abroad of rapeseed oil increased by 172% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, imports enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2013 with an increase of 245% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, rapeseed oil imports soared to $X in 2022. In general, imports saw a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of 210%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Bulgaria (X tons) constituted the largest rapeseed oil supplier to Romania, with a 54% share of total imports. Moreover, rapeseed oil imports from Bulgaria exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), twofold. The third position in this ranking was taken by the Netherlands (X tons), with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume from Bulgaria totaled +71.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (0.0% per year) and the Netherlands (+45.0% per year).

In value terms, Bulgaria ($X) constituted the largest supplier of rapeseed oil to Romania, comprising 46% of total imports. The second position in the ranking was held by Ukraine ($X), with a 21% share of total imports. It was followed by Sweden, with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Bulgaria totaled +63.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (0.0% per year) and Sweden (+167.0% per year).

Import Prices by Country

In 2022, the average rapeseed oil import price amounted to $X per ton, rising by 7% against the previous year. In general, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rapeseed oil import price increased by +85.9% against 2018 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 39% against the previous year. The import price peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for Bulgaria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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