Belgium: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Belgium

In 2022, the Belgian refined palm oil market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, continues to indicate a relatively flat trend pattern. Refined palm oil consumption peaked at $X in 2021, and then contracted in the following year.

Refined Palm Oil Production in Belgium

In value terms, refined palm oil production surged to $X in 2022 estimated in export price. In general, production, however, saw a slight downturn. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

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Refined Palm Oil Exports

Exports from Belgium

In 2022, shipments abroad of refined palm oil decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, saw a resilient increase. The growth pace was the most rapid in 2020 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2021, and then contracted rapidly in the following year.

In value terms, refined palm oil exports reduced to $X in 2022. Over the period under review, exports, however, continue to indicate strong growth. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then fell in the following year.

Exports by Country

Germany (X tons) was the main destination for refined palm oil exports from Belgium, accounting for a X% share of total exports. Moreover, refined palm oil exports to Germany exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. France (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and France (X% per year).

In value terms, Germany ($X) remains the key foreign market for refined palm oil exports from Belgium, comprising X% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a X% share of total exports. It was followed by France, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Germany stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and France (X% per year).

Export Prices by Country

The average refined palm oil export price stood at $X per ton in 2022, rising by X% against the previous year. Over the period under review, export price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined palm oil export price increased by X% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Italy ($X per ton) and France ($X per ton), while the average price for exports to Germany ($X per ton) and Greece ($X per ton) were amongst the lowest.

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

Refined Palm Oil Imports

Imports into Belgium

In 2022, refined palm oil imports into Belgium contracted dramatically to X tons, reducing by X% compared with the previous year. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by X%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, refined palm oil imports contracted to $X in 2022. In general, total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of refined palm oil to Belgium, accounting for a X% share of total imports. Moreover, refined palm oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), eightfold. Indonesia (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Indonesia (X% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of refined palm oil to Belgium, comprising X% of total imports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total imports. It was followed by Indonesia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Indonesia (X% per year).

Import Prices by Country

In 2022, the average refined palm oil import price amounted to $X per ton, jumping by X% against the previous year. Overall, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined palm oil import price increased by X% against 2019 indices. As a result, import price attained 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 Spain ($X per ton), while the price for Papua New Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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