Argentina: Crude Palm Oil Market 2023

Crude Palm Oil Market Size in Argentina

After two years of decline, the Argentinian crude palm oil market increased by 7.3% to $X in 2022. In general, consumption saw significant growth. Crude palm oil consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Crude Palm Oil Production in Argentina

In value terms, crude palm oil production totaled $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 8.8%. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Crude Palm Oil Exports

Exports from Argentina

In 2022, after two years of growth, there was significant decline in shipments abroad of crude palm oil, when their volume decreased by -31.8% to X tons. Over the period under review, exports showed a deep slump. The most prominent rate of growth was recorded in 2017 with an increase of 384% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude palm oil exports reduced notably to $X in 2022. Overall, exports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2017 with an increase of 341%. 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

India (X tons) was the main destination for crude palm oil exports from Argentina, with a 90% share of total exports. Moreover, crude palm oil exports to India exceeded the volume sent to the second major destination, Mozambique (X tons), more than tenfold. The third position in this ranking was taken by Malawi (X tons), with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to India amounted to -18.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mozambique (-12.8% per year) and Malawi (-31.2% per year).

In value terms, India ($X) remains the key foreign market for crude palm oil exports from Argentina, comprising 95% of total exports. The second position in the ranking was held by Mozambique ($X), with a 3.7% share of total exports. It was followed by Malawi, with a 0.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to India amounted to -16.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mozambique (-20.2% per year) and Malawi (-39.8% per year).

Export Prices by Country

In 2022, the average crude palm oil export price amounted to $X per ton, declining by -8.2% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 44%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Malawi ($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 India (+1.4%), while the prices for the other major destinations experienced a decline.

Crude Palm Oil Imports

Imports into Argentina

In 2022, crude palm oil imports into Argentina totaled X tons, standing approx. at the previous year's figure. Overall, imports enjoyed prominent growth. The smallest decline of -33.4% was in 2016. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, crude palm oil imports stood at $X in 2022. In general, imports showed a strong expansion. The smallest decline of -39.3% was in 2016. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of crude palm oil to Argentina, accounting for a approx. 50% share of total imports.

From 2015 to 2022, the average annual rate of growth in terms of volume from Belgium was relatively modest.

In value terms, Belgium ($X) constituted the largest supplier of crude palm oil to Argentina.

From 2015 to 2022, the average annual growth rate of value from Belgium was relatively modest.

Import Prices by Country

In 2022, the average crude palm oil import price amounted to $X per ton, remaining stable against the previous year. Over the period under review, the import price enjoyed a moderate increase. The growth pace was the most rapid in 2017 when the average import price increased by 7.2% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

As there is only one major supplying country, the average price level is determined by prices for Belgium.

From 2015 to 2022, the rate of growth in terms of prices for Guatemala amounted to 0.0% per year.

Source: IndexBox Platform

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