Guatemala: Oil Crops Market 2024

Oil Crops Market Size in Guatemala

In 2022, the Guatemalan oil crops market decreased by X% to $X for the first time since 2017, thus ending a four-year rising trend. In general, consumption, however, recorded a resilient expansion. Over the period under review, the market attained the maximum level at $X in 2021, and then contracted slightly in the following year.

Oil Crops Production in Guatemala

In value terms, oil crops production amounted to $X in 2022 estimated in export price. In general, production, however, posted a strong increase. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

The average yield of oil crops (primary) in Guatemala shrank slightly to X tons per ha in 2022, remaining stable against the previous year's figure. The yield figure increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the yield increased by X%. Over the period under review, the average oil crops yield attained the maximum level at X tons per ha in 2017; however, from 2018 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of oil crops (primary) production in Guatemala contracted to X ha, which is down by X% on the year before. Overall, the total harvested area indicated prominent growth from 2012 to 2022: its figure 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, oil crops harvested area increased by X% against 2012 indices. The pace of growth appeared the most rapid in 2015 with an increase of X%. The oil crops harvested area peaked at X ha in 2021, and then dropped in the following year.

Oil Crops Exports

Exports from Guatemala

In 2022, after two years of growth, there was significant decline in shipments abroad of oil crops (primary), when their volume decreased by X% to X tons. Over the period under review, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, oil crops exports reduced modestly to $X in 2022. In general, total exports indicated a prominent expansion 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, exports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2013 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2021, and then shrank modestly in the following year.

Exports by Country

Mexico (X tons), the United States (X tons) and Japan (X tons) were the main destinations of oil crops exports from Guatemala, together accounting for X% 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 Mexico (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for oil crops exported from Guatemala were the United States ($X), Mexico ($X) and Germany ($X), together accounting for X% of total exports.

Among the main countries of destination, Mexico, with a CAGR of X%, saw 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 oil crops export price stood at $X per ton in 2022, jumping by X% against the previous year. In general, export price indicated a strong 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 pace of growth appeared the most rapid in 2017 when the average export price increased by X%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to El Salvador ($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 France (X%), while the prices for the other major destinations experienced more modest paces of growth.

Oil Crops Imports

Imports into Guatemala

In 2022, after three years of growth, there was significant decline in supplies from abroad of oil crops (primary), when their volume decreased by X% to X tons. Overall, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2014 when imports increased by X%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, oil crops imports declined significantly to $X in 2022. In general, imports saw a mild curtailment. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, imports attained the peak figure at $X in 2021, and then contracted significantly in the following year.

Imports by Country

Venezuela (X tons), Argentina (X tons) and Canada (X tons) were the main suppliers of oil crops imports to Guatemala, together comprising X% of total imports. Nicaragua, India, Brazil, Peru and the United States lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Peru (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Peru ($X), Venezuela ($X) and India ($X) constituted the largest oil crops suppliers to Guatemala, together accounting for X% of total imports.

In terms of the main suppliers, Peru, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average oil crops import price amounted to $X per ton, growing by X% against the previous year. Over the period under review, the import price recorded a prominent expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

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

Source: IndexBox Platform

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