United Arab Emirates: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in the United Arab Emirates

In 2022, the market for crude sunflower-seed and safflower oil in the United Arab Emirates decreased by -35.8% to $X for the first time since 2018, thus ending a three-year rising trend. In general, consumption continues to indicate a pronounced slump. Crude sunflower-seed and safflower oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from the United Arab Emirates

After two years of decline, overseas shipments of crude sunflower-seed and safflower oil increased by 76% to X tons in 2022. Overall, exports recorded a resilient expansion. The pace of growth appeared the most rapid in 2017 with an increase of 278%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, crude sunflower-seed and safflower oil exports soared to $X in 2022. Over the period under review, exports posted a moderate expansion. The most prominent rate of growth was recorded in 2017 with an increase of 265%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Oman (X tons) was the main destination for crude sunflower-seed and safflower oil exports from the United Arab Emirates, accounting for a 81% share of total exports. Moreover, crude sunflower-seed and safflower oil exports to Oman exceeded the volume sent to the second major destination, Saudi Arabia (X tons), sevenfold. The third position in this ranking was taken by Tajikistan (X tons), with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Oman amounted to +79.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+25.4% per year) and Tajikistan (-32.9% per year).

In value terms, Oman ($X) emerged as the key foreign market for crude sunflower-seed and safflower oil exports from the United Arab Emirates, comprising 75% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 14% share of total exports. It was followed by Tajikistan, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Oman stood at +61.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+25.4% per year) and Tajikistan (-30.4% per year).

Export Prices by Country

In 2022, the average export price for crude sunflower-seed and safflower oil amounted to $X per ton, declining by -31.5% against the previous year. Over the period under review, the export price saw a noticeable slump. The growth pace was the most rapid in 2021 an increase of 69% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the average price for exports to Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mozambique (+7.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into the United Arab Emirates

In 2022, overseas purchases of crude sunflower-seed and safflower oil decreased by -4.9% to X tons, falling for the second year in a row after three years of growth. Overall, imports, however, recorded modest growth. The most prominent rate of growth was recorded in 2016 when imports increased by 52% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, crude sunflower-seed and safflower oil imports skyrocketed to $X in 2022. In general, imports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 62% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Ukraine (X tons) constituted the largest supplier of crude sunflower-seed and safflower oil to the United Arab Emirates, accounting for a 73% share of total imports. Moreover, crude sunflower-seed and safflower oil imports from Ukraine exceeded the figures recorded by the second-largest supplier, Russia (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume from Ukraine totaled +2.8%.

In value terms, the largest crude sunflower-seed and safflower oil suppliers to the United Arab Emirates were Ukraine ($X) and Russia ($X).

Ukraine, with a CAGR of +5.7%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review.

Import Prices by Country

The average import price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, surging by 31% against the previous year. In general, the import price posted a temperate expansion. The most prominent rate of growth was recorded in 2021 when the average import price increased by 62% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Russia ($X per ton), while the price for Ukraine amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+5.7%).

Source: IndexBox Platform

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