Slovakia: Palm Oil Market 2024

Palm Oil Market Size in Slovakia

In 2022, the Slovak palm oil market increased by 64% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption posted a prominent increase. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Palm Oil Exports

Exports from Slovakia

For the fourth year in a row, Slovakia recorded growth in shipments abroad of palm oil, which increased by 10% to X tons in 2022. In general, exports showed a resilient increase. The pace of growth appeared the most rapid in 2017 with an increase of 175,500% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, palm oil exports surged to $X in 2022. Overall, exports saw a significant expansion. The growth pace was the most rapid in 2017 when exports increased by 113,100% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the near future.

Exports by Country

Hungary (X tons) was the main destination for palm oil exports from Slovakia, with a 98% share of total exports. It was followed by the Czech Republic (X tons), with a 0.7% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Hungary totaled +31.2%.

In value terms, Hungary ($X) remains the key foreign market for palm oil exports from Slovakia, comprising 98% of total exports. The second position in the ranking was held by the Czech Republic ($X), with a 0.4% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Hungary amounted to +35.5%.

Export Prices by Country

The average palm oil export price stood at $X per ton in 2022, with an increase of 22% against the previous year. Overall, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, palm oil export price increased by +98.0% against 2017 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 43% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Hungary ($X per ton), while the average price for exports to the Czech Republic amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hungary (+3.2%).

Palm Oil Imports

Imports into Slovakia

In 2022, purchases abroad of palm oil increased by 26% to X tons, rising for the second consecutive year after two years of decline. Overall, imports saw strong growth. The most prominent rate of growth was recorded in 2013 when imports increased by 151% 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 somewhat lower figure.

In value terms, palm oil imports surged to $X in 2022. In general, imports recorded a buoyant expansion. The pace of growth was the most pronounced in 2013 when imports increased by 125% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, Germany (X tons) constituted the largest palm oil supplier to Slovakia, with a 70% share of total imports. Moreover, palm oil imports from Germany exceeded the figures recorded by the second-largest supplier, Italy (X tons), sevenfold. Poland (X tons) ranked third in terms of total imports with a 5% share.

From 2012 to 2022, the average annual growth rate of volume from Germany totaled +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+44.9% per year) and Poland (+145.3% per year).

In value terms, Germany ($X) constituted the largest supplier of palm oil to Slovakia, comprising 65% of total imports. The second position in the ranking was held by Italy ($X), with a 12% share of total imports. It was followed by Poland, with a 5.4% share.

From 2012 to 2022, the average annual growth rate of value from Germany totaled +11.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+52.8% per year) and Poland (+145.4% per year).

Import Prices by Country

In 2022, the average palm oil import price amounted to $X per ton, surging by 38% against the previous year. Overall, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, palm oil import price increased by +116.2% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 40% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Czech Republic ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (+50.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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