Slovakia: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Slovakia

The Slovak refined maize oil market dropped to $X in 2021, which is down by -5.1% against the previous year. Over the period under review, consumption saw a noticeable decrease. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Refined Maize Oil Production in Slovakia

In value terms, refined maize oil production contracted to $X in 2021 estimated in export price. Overall, production showed a abrupt curtailment. The growth pace was the most rapid in 2020 when the production volume increased by 15% against the previous year. Refined maize oil production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Refined Maize Oil Exports

Exports from Slovakia

In 2021, approx. X kg of refined maize (corn) oil were exported from Slovakia; rising by 19% against the year before. Overall, exports, however, showed a sharp curtailment. The most prominent rate of growth was recorded in 2014 when exports increased by 273% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, refined maize oil exports reduced to $X in 2021. Over the period under review, exports, however, recorded a sharp descent. The growth pace was the most rapid in 2014 with an increase of 77%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Cyprus (X kg) was the main destination for refined maize oil exports from Slovakia, with a 78% share of total exports. Moreover, refined maize oil exports to Cyprus exceeded the volume sent to the second major destination, the Netherlands (X kg), fourfold.

From 2012 to 2021, the average annual growth rate of volume to Cyprus was relatively modest.

In value terms, Cyprus ($X) remains the key foreign market for refined maize (corn) oil exports from Slovakia, comprising 73% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 23% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Cyprus stood at -29.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-57.3% per year) and the Czech Republic (-67.0% per year).

Export Prices by Country

The average refined maize oil export price stood at $X per ton in 2021, which is down by -25.5% against the previous year. Overall, the export price, however, showed buoyant growth. The most prominent rate of growth was recorded in 2020 an increase of 16%. As a result, the export price attained the peak level of $X per ton, and then contracted rapidly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while the average price for exports to Cyprus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Czech Republic (+27.4%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into Slovakia

Refined maize oil imports into Slovakia dropped remarkably to X kg in 2021, which is down by -55.4% compared with 2020. Overall, imports, however, saw moderate growth. The most prominent rate of growth was recorded in 2013 with an increase of 1,668%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, refined maize oil imports surged to $X in 2021. In general, imports showed a sharp decline. The pace of growth appeared the most rapid in 2016 when imports increased by 661% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Poland (X kg) constituted the largest supplier of refined maize oil to Slovakia, accounting for a 67% share of total imports. Moreover, refined maize oil imports from Poland exceeded the figures recorded by the second-largest supplier, the Czech Republic (X kg), fourfold. Italy (X kg) ranked third in terms of total imports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Poland amounted to -34.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+66.6% per year) and Italy (0.0% per year).

In value terms, the Czech Republic ($X) constituted the largest supplier of refined maize (corn) oil to Slovakia, comprising 52% of total imports. The second position in the ranking was taken by Denmark ($X), with a 24% share of total imports. It was followed by Poland, with a 16% share.

From 2012 to 2021, the average annual growth rate of value from the Czech Republic amounted to +53.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (0.0% per year) and Poland (-34.0% per year).

Import Prices by Country

The average refined maize oil import price stood at $X per ton in 2021, jumping by 196% against the previous year. Over the period under review, the import price, however, recorded a precipitous slump. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+9.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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