Russian Federation: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in the Russian Federation

After two years of growth, the Russian refined palm oil market decreased by -15.5% to $X in 2022. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then reduced sharply in the following year.

Refined Palm Oil Production in the Russian Federation

In value terms, refined palm oil production rose sharply to $X in 2022 estimated in export price. Overall, production faced a deep contraction. The most prominent rate of growth was recorded in 2020 when the production volume increased by 59%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Palm Oil Exports

Exports from the Russian Federation

In 2022, the amount of refined palm oil exported from Russia dropped notably to X tons, reducing by -25.1% against 2021 figures. Overall, exports, however, continue to indicate a significant expansion. The growth pace was the most rapid in 2019 with an increase of 114%. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank remarkably in the following year.

In value terms, refined palm oil exports declined rapidly to $X in 2022. In general, exports, however, showed a significant expansion. The growth pace was the most rapid in 2021 with an increase of 186% against the previous year. As a result, the exports reached the peak of $X, and then contracted sharply in the following year.

Exports by Country

Kazakhstan (X tons) was the main destination for refined palm oil exports from Russia, accounting for a 80% share of total exports. Moreover, refined palm oil exports to Kazakhstan exceeded the volume sent to the second major destination, Belarus (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Kazakhstan amounted to +82.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belarus (+6.4% per year) and Kyrgyzstan (+124.0% per year).

In value terms, Kazakhstan ($X) remains the key foreign market for refined palm oil exports from Russia, comprising 77% of total exports. The second position in the ranking was held by Belarus ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Kazakhstan stood at +77.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belarus (+5.2% per year) and Kyrgyzstan (+120.1% per year).

Export Prices by Country

The average refined palm oil export price stood at $X per ton in 2022, reducing by -9.9% against the previous year. Over the period under review, the export price showed a noticeable slump. The most prominent rate of growth was recorded in 2021 an increase of 42% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Belarus ($X per ton), while the average price for exports to Kazakhstan ($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 Belarus (-1.2%), while the prices for the other major destinations experienced a decline.

Refined Palm Oil Imports

Imports into the Russian Federation

In 2022, refined palm oil imports into Russia reduced slightly to X tons, falling by -3.4% compared with 2021 figures. Over the period under review, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +3.6% against 2020 indices. The growth pace was the most rapid in 2015 with an increase of 26%. Over the period under review, imports attained the peak figure at X tons in 2021, and then shrank modestly in the following year.

In value terms, refined palm oil imports fell sharply to $X in 2022. In general, total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +55.6% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 60%. As a result, imports attained the peak of $X, and then reduced sharply in the following year.

Imports by Country

In 2022, Indonesia (X tons) was the main supplier of refined palm oil to Russia, with a 97% share of total imports. It was followed by the Netherlands (X tons), with a 0.5% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia totaled +9.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-24.2% per year) and Malaysia (-27.7% per year).

In value terms, Indonesia ($X) constituted the largest supplier of refined palm oil to Russia, comprising 95% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 0.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Indonesia amounted to +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-23.2% per year) and Malaysia (-27.3% per year).

Import Prices by Country

In 2022, the average refined palm oil import price amounted to $X per ton, with a decrease of -16% against the previous year. In general, the import price saw a slight descent. The growth pace was the most rapid in 2021 an increase of 49%. As a result, import price attained the peak level of $X per ton, and then declined sharply 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 the Netherlands ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+1.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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