Turkey: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Turkey

In 2022, the Turkish crude maize oil market increased by 21% to $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption, however, showed a perceptible curtailment. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Crude Maize Oil Production in Turkey

In value terms, crude maize oil production rose slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a pronounced setback. The most prominent rate of growth was recorded in 2013 when the production volume increased by 94% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Crude Maize Oil Exports

Exports from Turkey

After two years of growth, overseas shipments of crude maize (corn) oil decreased by -33.8% to X tons in 2022. Over the period under review, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2018 with an increase of 40% against the previous year. The exports peaked at X tons in 2021, and then fell significantly in the following year.

In value terms, crude maize oil exports fell markedly to $X in 2022. Overall, exports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 77% against the previous year. As a result, the exports attained the peak of $X, and then contracted dramatically in the following year.

Exports by Country

Azerbaijan (X tons), Iraq (X tons) and Egypt (X tons) were the main destinations of crude maize oil exports from Turkey, together comprising 77% of total exports.

From 2012 to 2022, the biggest increases were recorded for Azerbaijan (with a CAGR of +281.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Azerbaijan ($X) emerged as the key foreign market for crude maize (corn) oil exports from Turkey, comprising 46% of total exports. The second position in the ranking was held by Iraq ($X), with a 22% share of total exports. It was followed by Iran, with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Azerbaijan stood at +274.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+91.9% per year) and Iran (+179.9% per year).

Export Prices by Country

The average crude maize oil export price stood at $X per ton in 2022, surging by 11% against the previous year. Overall, the export price, however, saw a mild curtailment. The most prominent rate of growth was recorded in 2013 when the average export price increased by 83%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Iran ($X per ton) and Azerbaijan ($X per ton), while the average price for exports to Iraq ($X per ton) and Kenya ($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 Iraq (+24.2%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Maize Oil Imports

Imports into Turkey

In 2022, overseas purchases of crude maize (corn) oil increased by 19% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, showed a slight decline. The most prominent rate of growth was recorded in 2015 when imports increased by 128% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, crude maize oil imports expanded to $X in 2022. Overall, imports, however, saw a pronounced decrease. The pace of growth was the most pronounced in 2015 when imports increased by 126% against the previous year. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X tons), Argentina (X tons) and Spain (X tons) were the main suppliers of crude maize oil imports to Turkey, with a combined 47% share of total imports. Belgium, Brazil, Hungary, France and Ukraine lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +20.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude maize oil suppliers to Turkey were the United States ($X), Brazil ($X) and Spain ($X), together comprising 50% of total imports.

In terms of the main suppliers, Brazil, with a CAGR of +16.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average crude maize oil import price amounted to $X per ton, which is down by -13.3% against the previous year. Over the period under review, the import price continues to indicate a perceptible downturn. The pace of growth appeared the most rapid in 2021 an increase of 37%. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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