Turkey: Refined Cotton-Seed Oil Market 2024

Refined Cotton-Seed Oil Market Size in Turkey

In 2022, the Turkish refined cotton-seed oil market increased by 1.6% to $X, rising for the second year in a row after two years of decline. Overall, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Refined Cotton-Seed Oil Production in Turkey

In value terms, refined cotton-seed oil production reduced rapidly to $X in 2022 estimated in export price. In general, production showed strong growth. The growth pace was the most rapid in 2021 with an increase of 104% against the previous year. Refined cotton-seed oil production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Refined Cotton-Seed Oil Exports

Exports from Turkey

In 2022, approx. X tons of refined cotton-seed oil were exported from Turkey; with a decrease of -45.4% against the previous year. Overall, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2019 when exports increased by 679% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then fell rapidly in the following year.

In value terms, refined cotton-seed oil exports shrank dramatically to $X in 2022. Over the period under review, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2019 when exports increased by 535%. The exports peaked at $X in 2021, and then fell rapidly in the following year.

Exports by Country

Australia (X tons) was the main destination for refined cotton-seed oil exports from Turkey, accounting for a 46% share of total exports. Moreover, refined cotton-seed oil exports to Australia exceeded the volume sent to the second major destination, Malaysia (X tons), twofold. The third position in this ranking was held by Sweden (X tons), with a 17% share.

From 2012 to 2022, the average annual growth rate of volume to Australia totaled +115.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+55.7% per year) and Sweden (+125.1% per year).

In value terms, Australia ($X) remains the key foreign market for refined cotton-seed oil exports from Turkey, comprising 46% of total exports. The second position in the ranking was held by Malaysia ($X), with a 20% share of total exports. It was followed by Sweden, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Australia amounted to +116.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+87.6% per year) and Sweden (+137.8% per year).

Export Prices by Country

The average refined cotton-seed oil export price stood at $X per ton in 2022, surging by 22% against the previous year. Over the period under review, export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined cotton-seed oil export price increased by +104.4% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 43% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Japan ($X per ton) and Sweden ($X per ton), while the average price for exports to Syrian Arab Republic ($X per ton) and Israel ($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 Malaysia (+20.5%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Cotton-Seed Oil Imports

Imports into Turkey

After two years of decline, purchases abroad of refined cotton-seed oil increased by 7,132% to X tons in 2022. In general, imports continue to indicate significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, refined cotton-seed oil imports soared to $X in 2022. Over the period under review, imports enjoyed a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Azerbaijan (X tons) was the main refined cotton-seed oil supplier to Turkey, accounting for a 98% share of total imports. It was followed by the United States (X tons), with a 1.5% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Azerbaijan totaled +120.3%.

In value terms, Azerbaijan ($X) constituted the largest supplier of refined cotton-seed oil to Turkey, comprising 92% of total imports. The second position in the ranking was held by the United States ($X), with a 7% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Azerbaijan stood at +177.5%.

Import Prices by Country

The average refined cotton-seed oil import price stood at $X per ton in 2022, with a decrease of -66.1% against the previous year. Over the period under review, the import price saw a deep setback. The growth pace was the most rapid in 2020 when the average import price increased by 484% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, 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 the United States ($X per ton), while the price for Azerbaijan totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Azerbaijan (+26.0%).

Source: IndexBox Platform

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