Turkey - Refined Palm Oil - Market Analysis, Forecast, Size, Trends And Insights
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View PricingRefined Palm Oil Price in Turkey - 2023
Contents:
- Refined Palm Oil Price in Turkey (CIF) - 2023
- Refined Palm Oil Price in Turkey (FOB) - 2023
- Refined Palm Oil Imports in Turkey
- Refined Palm Oil Exports in Turkey
Refined Palm Oil Price in Turkey (CIF) - 2023
The average refined palm oil import price stood at $916 per ton in July 2023, reducing by -13% against the previous month. In general, the import price saw a pronounced contraction. The most prominent rate of growth was recorded in June 2023 when the average import price increased by 7.1% month-to-month. The import price peaked at $1,368 per ton in August 2022; however, from September 2022 to July 2023, import prices remained at a lower figure.
Average prices varied noticeably amongst the major supplying countries. In July 2023, the country with the highest price was Malaysia ($930 per ton), while the price for Indonesia stood at $861 per ton.
From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by Malaysia (-2.7%).
Refined Palm Oil Price in Turkey (FOB) - 2023
In July 2023, the average refined palm oil export price amounted to $862 per ton, falling by -10.5% against the previous month. In general, the export price saw a abrupt curtailment. The pace of growth appeared the most rapid in June 2023 when the average export price increased by 11% month-to-month. The export price peaked at $1,622 per ton in July 2022; however, from August 2022 to July 2023, the export prices failed to regain momentum.
Average prices varied somewhat for the major foreign markets. In July 2023, the country with the highest price was Syrian Arab Republic ($1,187 per ton), while the average price for exports to Ukraine ($835 per ton) was amongst the lowest.
From July 2022 to July 2023, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (0.0%), while the prices for the other major destinations experienced a decline.
Refined Palm Oil Imports in Turkey
For the fourth consecutive year, Turkey recorded growth in overseas purchases of refined palm oil, which increased by 24% to 1M tons in 2022. The total import volume increased at an average annual rate of +12.2% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, refined palm oil imports surged to $1.2B in 2022. Over the period under review, imports saw a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Refined Palm Oil in Turkey (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Malaysia | 362 | 389 | 602 | 834 | 32.1% |
| Indonesia | 52.6 | 112 | 174 | 365 | 90.7% |
| Others | 1.5 | 1.7 | 1.4 | 7.8 | 73.2% |
| Total | 416 | 502 | 777 | 1,206 | 42.6% |
Top Suppliers of Refined Palm Oil to Turkey in 2022:
- Malaysia (711.9K tons)
- Indonesia (300.5K tons)
Refined Palm Oil Exports in Turkey
In 2022, the amount of refined palm oil exported from Turkey surged to 233K tons, jumping by 41% against the year before. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 81%. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in years to come.
In value terms, refined palm oil exports skyrocketed to $291M in 2022. Over the period under review, exports showed significant growth. The pace of growth was the most pronounced in 2020 when exports increased by 111%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the immediate term.
| Export of Refined Palm Oil in Turkey (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Russia | 39.2 | 90.6 | 147 | 163 | 60.8% |
| Georgia | 5.7 | 4.8 | 5.2 | 63.4 | 123.2% |
| Ukraine | N/A | 0.3 | N/A | 42.3 | 1087.4% |
| Iraq | 4.9 | 11.9 | 28.2 | 12.8 | 37.7% |
| Syrian Arab Republic | N/A | N/A | N/A | 8.1 | 0% |
| Others | 1.8 | 1.3 | 1.6 | 0.6 | -30.7% |
| Total | 51.7 | 109 | 182 | 291 | 77.9% |
Top Export Markets for Refined Palm Oil from Turkey in 2022:
- Russia (136.6K tons)
- Georgia (44.7K tons)
- Ukraine (36.5K tons)
- Iraq (9.9K tons)
- Syrian Arab Republic (5.1K tons)
This report provides an in-depth analysis of the refined palm oil market in Turkey. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 10415700 - Refined palm oil and its fractions (excluding chemically modified)
Country coverage:
- Turkey
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Turkey
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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Imports of Refined Palm Oil reached a pinnacle of 1 million tons before decreasing sharply in the subsequent year. The value of these imports visibly declined to $797 million in 2023.
139
In the period between October 2023 and January 2024, the growth of imports for Refined Palm Oil stayed relatively flat, with imports decreasing to $48M in January 2024.
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In July 2023, the imports of Refined Palm Oil experienced a slight expansion, with a value of $70M.
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In July 2022, the palm oil price stood at $1,303 per ton (CIF, Turkey), standing approximately at the previous month.
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