Sri Lanka: Market for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified 2024

Market Size for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Sri Lanka

The Sri Lankan market for sunflower-seed or safflower oil, refined, but not chemically modified dropped to $X in 2021, which is down by -6% against the previous year. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Sri Lanka

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified shrank to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 27%. Production of peaked at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Exports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Exports from Sri Lanka

In 2021, after nine years of growth, there was significant decline in overseas shipments of sunflower-seed or safflower oil, refined, but not chemically modified, when their volume decreased by -37.5% to X tons. Over the period under review, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 451% against the previous year. Over the period under review, the exports of reached the maximum at X tons in 2020, and then reduced remarkably in the following year.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified fell remarkably to $X in 2021. Overall, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 487%. Over the period under review, the exports of attained the peak figure at $X in 2020, and then shrank sharply in the following year.

Exports by Country

Oman (X tons) was the main destination for exports of sunflower-seed or safflower oil, refined, but not chemically modified from Sri Lanka, with a 99.9% share of total exports. It was followed by Maldives (X kg), with less than 0.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Oman totaled -34.7%.

In value terms, Oman ($X) remains the key foreign market for sunflower-seed or safflower oil, refined, but not chemically modified exports from Sri Lanka, comprising 100% of total exports. The second position in the ranking was taken by Maldives ($X), with a 0.1% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Oman stood at -8.8%.

Export Prices by Country

In 2021, the average export price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X per ton, picking up by 33% against the previous year. Over the period under review, the export price, however, saw a abrupt shrinkage. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Maldives ($X per ton), while the average price for exports to Oman totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Oman (+39.4%).

Imports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Imports into Sri Lanka

For the third consecutive year, Sri Lanka recorded growth in purchases abroad of sunflower-seed or safflower oil, refined, but not chemically modified, which increased by 36% to X tons in 2021. Overall, imports enjoyed a remarkable increase. The pace of growth was the most pronounced in 2017 when imports increased by 112%. Imports peaked in 2021 and are likely to continue growth in years to come.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified skyrocketed to $X in 2021. In general, imports enjoyed resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Ukraine (X tons) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Sri Lanka, with a 65% share of total imports. Moreover, imports of sunflower-seed or safflower oil, refined, but not chemically modified from Ukraine exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fivefold. Turkey (X tons) ranked third in terms of total imports with a 9.9% share.

From 2012 to 2021, the average annual growth rate of volume from Ukraine stood at +55.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+9.6% per year) and Turkey (+54.1% per year).

In value terms, Ukraine ($X) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Sri Lanka, comprising 62% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 17% share of total imports. It was followed by Turkey, with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Ukraine amounted to +54.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+11.4% per year) and Turkey (+47.6% per year).

Import Prices by Country

In 2021, the average import price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X per ton, surging by 54% against the previous year. Overall, the import price, however, saw a slight decline. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Malaysia ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+3.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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