Colombia: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Colombia

In 2022, after two years of growth, there was decline in the Colombian sunflower-seed and safflower oil market, when its value decreased by X% to $X. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then contracted modestly in the following year.

Exports of Sunflower-Seed And Safflower Oil

Exports from Colombia

Sunflower-seed and safflower oil exports from Colombia surged to X tons in 2022, increasing by X% against 2021 figures. Overall, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by X%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, sunflower-seed and safflower oil exports surged to $X in 2022. In general, exports showed a significant increase. The growth pace was the most rapid in 2016 when exports increased by X%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

China (X tons), Ecuador (X tons) and Venezuela (X tons) were the main destinations of sunflower-seed and safflower oil exports from Colombia, with a combined X% share of total exports. Peru lagged somewhat behind, comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for sunflower-seed and safflower oil exported from Colombia were China ($X), Ecuador ($X) and Peru ($X), with a combined X% share of total exports.

In terms of the main countries of destination, Peru, 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 sunflower-seed and safflower oil export price stood at $X per ton in 2022, increasing by X% against the previous year. In general, export price indicated a notable increase 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. The most prominent rate of growth was recorded in 2015 an increase of X%. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Peru ($X per ton), while the average price for exports to Venezuela ($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 Ecuador (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Sunflower-Seed And Safflower Oil

Imports into Colombia

In 2022, after two years of growth, there was significant decline in overseas purchases of sunflower-seed and safflower oil, when their volume decreased by X% to X tons. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Imports peaked at X tons in 2021, and then fell in the following year.

In value terms, sunflower-seed and safflower oil imports rose modestly to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Bolivia (X tons) constituted the largest supplier of sunflower-seed and safflower oil to Colombia, with a X% share of total imports. Moreover, sunflower-seed and safflower oil imports from Bolivia exceeded the figures recorded by the second-largest supplier, Argentina (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume from Bolivia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (X% per year) and Ecuador (X% per year).

In value terms, Bolivia ($X) constituted the largest supplier of sunflower-seed and safflower oil to Colombia, comprising X% of total imports. The second position in the ranking was taken by Argentina ($X), with a X% share of total imports.

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

Import Prices by Country

In 2022, the average sunflower-seed and safflower oil import price amounted to $X per ton, picking up by X% against the previous year. In general, import price indicated a slight increase 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, sunflower-seed and safflower oil import price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by X%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the near future.

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 Ecuador ($X per ton), while the price for Bolivia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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