Uruguay: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Uruguay

The Uruguayan chemically modified oils market reduced to $X in 2022, waning by -9% against the previous year. Over the period under review, consumption, however, saw a remarkable increase. Chemically modified oils consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Chemically Modified Oils Production in Uruguay

In value terms, chemically modified oils production dropped to $X in 2022 estimated in export price. Overall, production, however, enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by 68% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Chemically Modified Oils Exports

Exports from Uruguay

Chemically modified oils exports from Uruguay reached X tons in 2022, picking up by 5% compared with the year before. In general, exports continue to indicate significant growth. The growth pace was the most rapid in 2021 when exports increased by 95%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, chemically modified oils exports skyrocketed to $X in 2022. Overall, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 211%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

The Netherlands (X tons) was the main destination for chemically modified oils exports from Uruguay, accounting for a 94% share of total exports. Moreover, chemically modified oils exports to the Netherlands exceeded the volume sent to the second major destination, the UK (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands amounted to +39.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+29.8% per year) and Portugal (-6.1% per year).

In value terms, the Netherlands ($X) remains the key foreign market for animal or vegetable fats and oils chemically modified exports from Uruguay, comprising 94% of total exports. The second position in the ranking was taken by the UK ($X), with a 3.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands totaled +47.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+30.0% per year) and Portugal (-3.9% per year).

Export Prices by Country

The average chemically modified oils export price stood at $X per ton in 2022, increasing by 14% against the previous year. Overall, the export price continues to indicate a tangible increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by 59%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in years to come.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Portugal ($X per ton), while the average price for exports to the Netherlands ($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 Nicaragua (+22.5%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into Uruguay

In 2022, purchases abroad of animal or vegetable fats and oils chemically modified decreased by -38.5% to X tons, falling for the third year in a row after three years of growth. In general, imports, however, showed a buoyant expansion. The pace of growth appeared the most rapid in 2017 with an increase of 299% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, chemically modified oils imports declined to $X in 2022. Overall, imports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 383% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Brazil (X tons) was the main supplier of chemically modified oils to Uruguay, accounting for a 97% share of total imports. It was followed by Argentina (X tons), with a 2.4% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil amounted to +105.5%.

In value terms, Brazil ($X) constituted the largest supplier of animal or vegetable fats and oils chemically modified to Uruguay, comprising 96% of total imports. The second position in the ranking was taken by Argentina ($X), with a 1.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Brazil totaled +111.8%.

Import Prices by Country

The average chemically modified oils import price stood at $X per ton in 2022, surging by 50% against the previous year. In general, the import price showed strong growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Argentina totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+18.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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