Russian Federation: Maize Oil Market 2024

Maize Oil Market Size in the Russian Federation

The Russian maize oil market reduced to $X in 2022, waning by -6% against the previous year. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Maize Oil Production in the Russian Federation

In value terms, maize oil production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a measured expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 51% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Maize Oil Exports

Exports from the Russian Federation

In 2022, overseas shipments of maize oil increased by 16% to X tons for the first time since 2015, thus ending a six-year declining trend. Over the period under review, exports enjoyed a remarkable increase. The growth pace was the most rapid in 2015 with an increase of 754%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, maize oil exports fell to $X in 2022. Overall, exports posted a strong expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 519%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Azerbaijan (X tons) was the main destination for maize oil exports from Russia, accounting for a 47% share of total exports. Moreover, maize oil exports to Azerbaijan exceeded the volume sent to the second major destination, Georgia (X tons), twofold. Armenia (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to Azerbaijan totaled +16.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Georgia (+39.0% per year) and Armenia (+12.0% per year).

In value terms, Azerbaijan ($X) remains the key foreign market for maize oil exports from Russia, comprising 48% of total exports. The second position in the ranking was held by Georgia ($X), with a 21% share of total exports. It was followed by Armenia, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Azerbaijan amounted to +15.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Georgia (+38.0% per year) and Armenia (+12.5% per year).

Export Prices by Country

The average maize oil export price stood at $X per ton in 2022, reducing by -17.3% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 44% against the previous year. As a result, the export price attained the peak level of $X per ton, and then declined markedly in the following year.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Armenia ($X per ton) and Georgia ($X per ton), while the average price for exports to Belarus ($X per ton) and Ukraine ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (+2.9%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Oil Imports

Imports into the Russian Federation

In 2022, the amount of maize oil imported into Russia soared to X tons, picking up by 39% against the previous year's figure. Overall, imports, however, faced a sharp setback. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, maize oil imports stood at $X in 2022. In general, imports, however, faced a dramatic downturn. The growth pace was the most rapid in 2017 with an increase of 23% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) was the main supplier of maize oil to Russia, accounting for a 94% share of total imports. Moreover, maize oil imports from China exceeded the figures recorded by the second-largest supplier, Greece (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +976.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (-10.4% per year) and Italy (-30.8% per year).

In value terms, China ($X) constituted the largest supplier of maize oil to Russia, comprising 93% of total imports. The second position in the ranking was held by Greece ($X), with a 4.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +469.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (-8.8% per year) and Italy (-29.7% per year).

Import Prices by Country

In 2022, the average maize oil import price amounted to $X per ton, which is down by -27.1% against the previous year. In general, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil import price increased by +6.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 46%. As a result, import price reached the peak level of $X per ton, and then dropped remarkably in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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