Ukraine: Palm Oil Market 2024

Palm Oil Market Size in Ukraine

In 2022, after two years of growth, there was significant decline in the Ukrainian palm oil market, when its value decreased by -44.2% to $X. Over the period under review, the total consumption indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2021, and then shrank sharply in the following year.

Palm Oil Exports

Exports from Ukraine

In 2022, exports of palm oil from Ukraine dropped significantly to X tons, reducing by -68.2% against 2021. Over the period under review, exports saw a precipitous decrease. The pace of growth was the most pronounced in 2016 with an increase of 341% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, palm oil exports fell rapidly to $X in 2022. Overall, exports showed a precipitous curtailment. The growth pace was the most rapid in 2016 with an increase of 317% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Moldova (X tons), North Macedonia (X tons) and Serbia (X tons) were the main destinations of palm oil exports from Ukraine, with a combined 87% share of total exports. Bulgaria, Belarus and Armenia lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the biggest increases were recorded for Bulgaria (with a CAGR of +83.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Moldova ($X), North Macedonia ($X) and Serbia ($X) were the largest markets for palm oil exported from Ukraine worldwide, with a combined 89% share of total exports. Bulgaria, Belarus and Armenia lagged somewhat behind, together accounting for a further 11%.

Among the main countries of destination, Bulgaria, with a CAGR of +96.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average palm oil export price stood at $X per ton in 2022, increasing by 37% against the previous year. Overall, the export price recorded a strong increase. The most prominent rate of growth was recorded in 2020 an increase of 46% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Moldova ($X per ton) and North Macedonia ($X per ton), while the average price for exports to Armenia ($X per ton) and Belarus ($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 North Macedonia (+15.0%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Oil Imports

Imports into Ukraine

In 2022, approx. X tons of palm oil were imported into Ukraine; declining by -55.4% compared with the previous year's figure. Overall, imports continue to indicate a noticeable reduction. The pace of growth was the most pronounced in 2013 when imports increased by 43%. Over the period under review, imports reached the maximum at X tons in 2021, and then shrank significantly in the following year.

In value terms, palm oil imports dropped significantly to $X in 2022. In general, imports continue to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by 60%. As a result, imports reached the peak of $X, and then dropped notably in the following year.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest palm oil supplier to Ukraine, accounting for a 77% share of total imports. Moreover, palm oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fivefold. The third position in this ranking was held by Germany (X tons), with a 3% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia totaled -4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-8.2% per year) and Germany (+13.3% per year).

In value terms, Indonesia ($X) constituted the largest supplier of palm oil to Ukraine, comprising 74% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 15% share of total imports. It was followed by Germany, with a 4% share.

From 2012 to 2022, the average annual growth rate of value from Indonesia stood at -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-4.9% per year) and Germany (+18.0% per year).

Import Prices by Country

The average palm oil import price stood at $X per ton in 2022, with an increase of 31% against the previous year. Over the period under review, the import price recorded pronounced growth. The most prominent rate of growth was recorded in 2021 when the average import price increased by 37% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Spain ($X per ton) and Sweden ($X per ton), while the price for Indonesia ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+33.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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