China: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in China

The Chinese refined maize oil market reduced modestly to $X in 2022, approximately equating the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Refined Maize Oil Production in China

In value terms, refined maize oil production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2013 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

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Refined Maize Oil Exports

Exports from China

In 2022, refined maize oil exports from China surged to X tons, picking up by X% against the previous year. In general, exports posted a remarkable increase. The most prominent rate of growth was recorded in 2020 with an increase of X%. The exports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, refined maize oil exports soared to $X in 2022. Over the period under review, exports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Hong Kong SAR (X tons), the United Arab Emirates (X tons) and Oman (X tons) were the main destinations of refined maize oil exports from China, with a combined X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined maize oil exported from China were the United Arab Emirates ($X), Hong Kong SAR ($X) and Oman ($X), with a combined X% share of total exports. Malaysia, the Philippines, Jordan, Qatar and Singapore lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, the Philippines, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average refined maize oil export price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, export price indicated a slight 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 maize oil export price increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Oman ($X per ton) and Jordan ($X per ton), while the average price for exports to Malaysia ($X per ton) and Singapore ($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 the Philippines (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into China

For the third consecutive year, China recorded decline in purchases abroad of refined maize (corn) oil, which decreased by X% to X tons in 2022. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, refined maize oil imports rose to $X in 2022. Over the period under review, imports, however, enjoyed a modest expansion. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Hong Kong SAR (X tons) constituted the largest supplier of refined maize oil to China, accounting for a X% share of total imports. Moreover, refined maize oil imports from Hong Kong SAR exceeded the figures recorded by the second-largest supplier, Turkey (X tons), sixfold. The third position in this ranking was taken by the United States (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Hong Kong SAR totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (X% per year) and the United States (X% per year).

In value terms, Hong Kong SAR ($X) constituted the largest supplier of refined maize (corn) oil to China, comprising X% of total imports. The second position in the ranking was taken by the United States ($X), with a X% share of total imports. It was followed by Turkey, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Hong Kong SAR amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Turkey (X% per year).

Import Prices by Country

In 2022, the average refined maize oil import price amounted to $X per ton, jumping by X% against the previous year. Overall, import price indicated a slight 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 maize oil import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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