Uruguay: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in Uruguay

The Uruguayan refined rapeseed oil market declined modestly to $X in 2022, with a decrease of -2.2% against the previous year. Over the period under review, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +10.1% against 2020 indices. Refined rapeseed oil consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Refined Rapeseed Oil Production in Uruguay

In value terms, refined rapeseed oil production declined modestly to $X in 2022 estimated in export price. Overall, the total production indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +4.4% against 2020 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 46% against the previous year. Refined rapeseed oil production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Refined Rapeseed Oil Exports

Exports from Uruguay

In 2022, overseas shipments of refined rape, colza or mustard oil decreased by -77.4% to X tons, falling for the second consecutive year after two years of growth. In general, exports, however, posted a buoyant increase. The pace of growth was the most pronounced in 2020 with an increase of 413% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined rapeseed oil exports reduced sharply to $X in 2022. Over the period under review, exports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 455% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Brazil (X tons) was the main destination for refined rapeseed oil exports from Uruguay, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Brazil amounted to +24.7%.

In value terms, Brazil ($X) emerged as the key foreign market for refined rape, colza or mustard oil exports from Uruguay.

From 2012 to 2022, the average annual growth rate of value to Brazil totaled +31.8%.

Export Prices by Country

In 2022, the average refined rapeseed oil export price amounted to $X per ton, with an increase of 93% against the previous year. In general, the export price showed notable growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Brazil.

From 2012 to 2022, the rate of growth in terms of prices for Brazil amounted to +5.7% per year.

Refined Rapeseed Oil Imports

Imports into Uruguay

In 2022, approx. X tons of refined rape, colza or mustard oil were imported into Uruguay; with a decrease of -17.6% on the previous year's figure. Over the period under review, imports, however, recorded a resilient increase. The growth pace was the most rapid in 2021 when imports increased by 492%. As a result, imports attained the peak of X tons, and then dropped remarkably in the following year.

In value terms, refined rapeseed oil imports surged to $X in 2022. In general, imports, however, showed prominent growth. The pace of growth was the most pronounced in 2021 with an increase of 575%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Belgium (X tons) was the main supplier of refined rapeseed oil to Uruguay, accounting for a 96% share of total imports. Moreover, refined rapeseed oil imports from Belgium exceeded the figures recorded by the second-largest supplier, Brazil (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium totaled +30.8%.

In value terms, Belgium ($X) constituted the largest supplier of refined rape, colza or mustard oil to Uruguay, comprising 97% of total imports. The second position in the ranking was taken by Brazil ($X), with a 3.1% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Belgium totaled +43.0%.

Import Prices by Country

In 2022, the average refined rapeseed oil import price amounted to $X per ton, jumping by 40% against the previous year. Over the period under review, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined rapeseed oil import price increased by +67.9% against 2016 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Brazil totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+9.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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