Czech Republic: Crude Groundnut Oil Market 2023

Crude Groundnut Oil Market Size in the Czech Republic

The Czech crude groundnut oil market declined to $X in 2021, which is down by -11.1% against the previous year. In general, consumption saw a mild setback. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Crude Groundnut Oil Production in the Czech Republic

In value terms, crude groundnut oil production declined significantly to $X in 2021 estimated in export price. In general, production showed a perceptible setback. The most prominent rate of growth was recorded in 2020 with an increase of 114% against the previous year. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Crude Groundnut Oil Exports

Exports from the Czech Republic

In 2021, shipments abroad of crude groundnut oil decreased by -20% to X kg for the first time since 2017, thus ending a three-year rising trend. Over the period under review, exports, however, recorded buoyant growth. The pace of growth appeared the most rapid in 2020 with an increase of 400%. As a result, the exports attained the peak of X kg, and then fell notably in the following year.

In value terms, crude groundnut oil exports reduced sharply to $X in 2021. Overall, exports, however, saw prominent growth. The growth pace was the most rapid in 2020 with an increase of 566% against the previous year. As a result, the exports reached the peak of $X, and then plummeted in the following year.

Exports by Country

Slovakia (X kg) was the main destination for crude groundnut oil exports from the Czech Republic, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Slovakia totaled +39.5%.

In value terms, Slovakia ($X) emerged as the key foreign market for crude groundnut oil exports from the Czech Republic.

From 2012 to 2021, the average annual growth rate of value to Slovakia totaled +27.3%.

Export Prices by Country

The average crude groundnut oil export price stood at $X per ton in 2021, which is down by -14.5% against the previous year. Over the period under review, the export price recorded a perceptible downturn. The most prominent rate of growth was recorded in 2020 an increase of 43% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Slovakia.

From 2012 to 2021, the rate of growth in terms of prices for the Netherlands amounted to -8.3% per year.

Crude Groundnut Oil Imports

Imports into the Czech Republic

In 2021, crude groundnut oil imports into the Czech Republic soared to X tons, increasing by 269% compared with the previous year. In general, imports posted a tangible expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, crude groundnut oil imports skyrocketed to $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Italy (X tons) constituted the largest crude groundnut oil supplier to the Czech Republic, accounting for a 84% share of total imports. Moreover, crude groundnut oil imports from Italy exceeded the figures recorded by the second-largest supplier, the Netherlands (X kg), sevenfold. The third position in this ranking was held by Hungary (X kg), with a 1.8% share.

From 2012 to 2021, the average annual growth rate of volume from Italy stood at +13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-8.8% per year) and Hungary (+1.9% per year).

In value terms, Italy ($X) constituted the largest supplier of crude groundnut oil to the Czech Republic, comprising 74% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 13% share of total imports. It was followed by Hungary, with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Italy stood at +6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-4.7% per year) and Hungary (+12.4% per year).

Import Prices by Country

The average crude groundnut oil import price stood at $X per ton in 2021, with a decrease of -14.1% against the previous year. Overall, the import price saw a perceptible descent. The most prominent rate of growth was recorded in 2019 when the average import price increased by 32% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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