Spain: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Spain

In 2022, the Spanish crude palm oil market decreased by -4.7% to $X, falling for the second consecutive year after four years of growth. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Crude Palm Oil Exports

Exports from Spain

Crude palm oil exports from Spain soared to X tons in 2022, picking up by 41% against 2021. Overall, exports enjoyed a notable expansion. The pace of growth was the most pronounced in 2016 when exports increased by 315% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, crude palm oil exports surged to $X in 2022. Over the period under review, exports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 260% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Portugal (X tons) was the main destination for crude palm oil exports from Spain, accounting for a 60% share of total exports. Moreover, crude palm oil exports to Portugal exceeded the volume sent to the second major destination, France (X tons), sixfold. The Czech Republic (X tons) ranked third in terms of total exports with an 8% share.

From 2012 to 2022, the average annual growth rate of volume to Portugal stood at +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-0.8% per year) and the Czech Republic (0.0% per year).

In value terms, Portugal ($X) remains the key foreign market for crude palm oil exports from Spain, comprising 64% of total exports. The second position in the ranking was taken by Romania ($X), with an 8% share of total exports. It was followed by France, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Portugal stood at +11.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+423.9% per year) and France (+4.1% per year).

Export Prices by Country

In 2022, the average crude palm oil export price amounted to $X per ton, with an increase of 62% against the previous year. Overall, the export price continues to indicate a buoyant increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Romania ($X per ton) and Portugal ($X per ton), while the average price for exports to the Czech Republic ($X per ton) and France ($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 Romania (+56.3%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Palm Oil Imports

Imports into Spain

In 2022, purchases abroad of crude palm oil decreased by -18% to X tons, falling for the second consecutive year after four years of growth. In general, imports saw a slight curtailment. The growth pace was the most rapid in 2015 when imports increased by 63%. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, crude palm oil imports amounted to $X in 2022. Over the period under review, imports, however, continue to indicate a modest increase. The most prominent rate of growth was recorded in 2019 with an increase of 84% against the previous year. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Guatemala (X tons) constituted the largest crude palm oil supplier to Spain, with a 40% share of total imports. Moreover, crude palm oil imports from Guatemala exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), twofold. Colombia (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Guatemala amounted to +75.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-12.3% per year) and Colombia (+61.7% per year).

In value terms, Guatemala ($X) constituted the largest supplier of crude palm oil to Spain, comprising 40% of total imports. The second position in the ranking was held by Indonesia ($X), with a 16% share of total imports. It was followed by Colombia, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from Guatemala amounted to +101.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-10.0% per year) and Colombia (+66.4% per year).

Import Prices by Country

In 2022, the average crude palm oil import price amounted to $X per ton, increasing by 24% against the previous year. Overall, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude palm oil import price increased by +111.0% against 2018 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 56%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Colombia ($X per ton) and Guatemala ($X per ton), while the price for Honduras ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Gabon (+17.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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