Hungary: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Hungary

The Hungarian refined soybean oil market declined to $X in 2022, which is down by X% against the previous year. Over the period under review, consumption showed a slight contraction. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Refined Soybean Oil Production in Hungary

In value terms, refined soybean oil production reduced modestly to $X in 2022 estimated in export price. In general, production recorded a pronounced decrease. The most prominent rate of growth was recorded in 2015 with an increase of X%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Refined Soybean Oil Exports

Exports from Hungary

In 2021, overseas shipments of refined soybean oil and its fractions decreased by X% to X kg, falling for the second consecutive year after two years of growth. In general, exports continue to indicate a dramatic contraction. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, refined soybean oil exports stood at $X in 2021. Overall, exports showed a sharp setback. The most prominent rate of growth was recorded in 2019 with an increase of X%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X kg) was the main destination for refined soybean oil exports from Hungary, accounting for a X% share of total exports. Moreover, refined soybean oil exports to Indonesia exceeded the volume sent to the second major destination, Switzerland (X kg), threefold.

From 2012 to 2021, the average annual growth rate of volume to Indonesia was relatively modest.

From 2012 to 2021, the average annual rate of growth in terms of value to Indonesia was relatively modest.

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2021, stabilizing at the previous year. Overall, the export price continues to indicate a significant expansion. The pace of growth was the most pronounced in 2013 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Switzerland totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (X%).

Refined Soybean Oil Imports

Imports into Hungary

Refined soybean oil imports into Hungary rose rapidly to X tons in 2022, picking up by X% against the year before. Overall, imports continue to indicate significant growth. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, refined soybean oil imports surged to $X in 2022. Over the period under review, imports saw significant growth. The pace of growth was the most pronounced in 2013 with an increase of X%. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of refined soybean oil to Hungary, accounting for a X% share of total imports. Moreover, refined soybean oil imports from Belgium exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. The third position in this ranking was taken by Serbia (X tons), with a X% share.

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

In value terms, Belgium ($X) constituted the largest supplier of refined soybean oil and its fractions to Hungary, comprising X% of total imports. The second position in the ranking was taken by Germany ($X), with a X% share of total imports. It was followed by Serbia, with an X% share.

From 2012 to 2022, the average annual growth rate of value from Belgium totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Serbia (X% per year).

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, import price indicated a moderate 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, refined soybean oil import price increased by X% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by X% against the previous year. The import price peaked 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 the United States ($X per ton), while the price for Serbia ($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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