Russian Federation: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in the Russian Federation

The Russian crude maize oil market amounted to $X in 2022, increasing by 3% against the previous year. In general, consumption, however, saw a prominent increase. Crude maize oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Crude Maize Oil Production in the Russian Federation

In value terms, crude maize oil production expanded remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, showed a prominent expansion. The pace of growth was the most pronounced in 2016 when the production volume increased by 65% against the previous year. Crude maize oil production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Crude Maize Oil Exports

Exports from the Russian Federation

In 2022, approx. X tons of crude maize (corn) oil were exported from Russia; with a decrease of -25.7% on the year before. In general, exports recorded a precipitous decline. The pace of growth was the most pronounced in 2015 when exports increased by 2,213% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude maize oil exports fell significantly to $X in 2022. Over the period under review, exports faced a precipitous setback. The growth pace was the most rapid in 2015 with an increase of 4,753% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Belarus (X tons) was the main destination for crude maize oil exports from Russia, accounting for a 92% share of total exports. Moreover, crude maize oil exports to Belarus exceeded the volume sent to the second major destination, Kazakhstan (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Belarus amounted to -49.8%.

In value terms, Belarus ($X) remains the key foreign market for crude maize (corn) oil exports from Russia, comprising 92% of total exports. The second position in the ranking was held by Kazakhstan ($X), with a 7.6% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Belarus amounted to -48.4%.

Export Prices by Country

In 2022, the average crude maize oil export price amounted to $X per ton, growing by 12% against the previous year. Overall, the export price showed a mild expansion. The most prominent rate of growth was recorded in 2013 an increase of 142% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Belarus ($X per ton), while the average price for exports to Kazakhstan stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Georgia (+50.8%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Maize Oil Imports

Imports into the Russian Federation

In 2021, overseas purchases of crude maize (corn) oil decreased by -72.3% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports recorded a sharp curtailment. The most prominent rate of growth was recorded in 2019 when imports increased by 67% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, crude maize oil imports shrank notably to $X in 2021. Overall, imports recorded a precipitous contraction. The growth pace was the most rapid in 2019 with an increase of 56%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Greece (X tons) constituted the largest supplier of crude maize oil to Russia, accounting for a 73% share of total imports. Moreover, crude maize oil imports from Greece exceeded the figures recorded by the second-largest supplier, Ukraine (X kg), fivefold. Italy (X kg) ranked third in terms of total imports with a 7.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Greece stood at -14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (-61.4% per year) and Italy (-7.4% per year).

In value terms, France ($X) constituted the largest supplier of crude maize (corn) oil to Russia, comprising 59% of total imports. The second position in the ranking was held by Greece ($X), with a 28% share of total imports. It was followed by Ukraine, with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from France was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+7.6% per year) and Ukraine (-57.8% per year).

Import Prices by Country

In 2021, the average crude maize oil import price amounted to $X per ton, rising by 122% against the previous year. Over the period under review, the import price showed a resilient 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 France ($X per ton), while the price for Greece ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Greece (+25.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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