Slovakia: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Slovakia

The Slovak refined olive oil market shrank to $X in 2022, waning by -5.6% against the previous year. Overall, consumption saw a abrupt downturn. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Refined Olive Oil Production in Slovakia

In value terms, refined olive oil production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, showed a abrupt descent. The growth pace was the most rapid in 2021 with an increase of 9.9%. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Refined Olive Oil Exports

Exports from Slovakia

For the third consecutive year, Slovakia recorded growth in shipments abroad of refined olive oil, which increased by 94% to X tons in 2022. Over the period under review, exports posted a strong increase. The growth pace was the most rapid in 2020 when exports increased by 604%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, refined olive oil exports soared to $X in 2022. Overall, exports posted a buoyant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 512%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Hungary (X tons) was the main destination for refined olive oil exports from Slovakia, accounting for a 84% share of total exports. Moreover, refined olive oil exports to Hungary exceeded the volume sent to the second major destination, the Czech Republic (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hungary totaled +98.1%.

In value terms, Hungary ($X) remains the key foreign market for refined olive oil exports from Slovakia, comprising 77% of total exports. The second position in the ranking was taken by the Czech Republic ($X), with a 22% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Hungary totaled +93.8%.

Export Prices by Country

In 2022, the average refined olive oil export price amounted to $X per ton, with an increase of 22% against the previous year. Over the period under review, the export price, however, recorded a noticeable decrease. The most prominent rate of growth was recorded in 2016 when the average export price increased by 33% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

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 the Czech Republic ($X per ton), while the average price for exports to Hungary amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Czech Republic (+1.2%).

Refined Olive Oil Imports

Imports into Slovakia

In 2022, supplies from abroad of refined olive oil decreased by -13.5% to X tons for the first time since 2017, thus ending a four-year rising trend. In general, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +3.0% 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 +74.9% against 2015 indices. The growth pace was the most rapid in 2016 with an increase of 44%. Over the period under review, imports hit record highs at X tons in 2021, and then fell in the following year.

In value terms, refined olive oil imports rose sharply to $X in 2022. The total import value increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 26%. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest refined olive oil supplier to Slovakia, with a 81% share of total imports. Moreover, refined olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), eightfold. The Czech Republic (X tons) ranked third in terms of total imports with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain amounted to +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-4.1% per year) and the Czech Republic (+19.3% per year).

In value terms, Spain ($X) constituted the largest supplier of refined olive oil to Slovakia, comprising 75% of total imports. The second position in the ranking was held by Italy ($X), with an 11% share of total imports. It was followed by the Czech Republic, with a 7.1% share.

From 2012 to 2022, the average annual growth rate of value from Spain amounted to +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-2.1% per year) and the Czech Republic (+19.5% per year).

Import Prices by Country

In 2022, the average refined olive oil import price amounted to $X per ton, with an increase of 24% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 48% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Greece ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+2.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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