Latin America and the Caribbean: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Latin America and the Caribbean

In 2022, the Latin American crude maize oil market decreased by X% to $X for the first time since 2016, thus ending a five-year rising trend. The total consumption indicated a notable 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, consumption increased by X% against 2016 indices. Over the period under review, the market attained the maximum level at $X in 2021, and then dropped modestly in the following year.

Crude Maize Oil Production in Latin America and the Caribbean

In value terms, crude maize oil production rose remarkably to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

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Crude Maize Oil Exports

Exports in Latin America and the Caribbean

For the third consecutive year, LatAmerica and the Caribbean recorded decline in overseas shipments of crude maize (corn) oil, which decreased by X% to X tons in 2022. Overall, exports, however, saw a modest increase. The most prominent rate of growth was recorded in 2015 with an increase of X%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude maize oil exports rose significantly to $X in 2022. Over the period under review, exports, however, continue to indicate a measured increase. The pace of growth appeared the most rapid in 2015 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Brazil was the major exporter of crude maize (corn) oil in Latin America and the Caribbean, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. It was distantly followed by Argentina (X tons) and Paraguay (X tons), together constituting a X% share of total exports. Colombia (X tons) held a minor share of total exports.

Exports from Brazil increased at an average annual rate of X% from 2012 to 2022. At the same time, Colombia (X%), Paraguay (X%) and Argentina (X%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. While the share of Paraguay (X p.p.) and Colombia (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest crude maize oil supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Argentina ($X), with a X% share of total exports. It was followed by Colombia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Argentina (X% per year) and Colombia (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, surging by X% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while Argentina ($X per ton) was amongst the lowest.

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

Crude Maize Oil Imports

Imports in Latin America and the Caribbean

In 2022, after two years of decline, there was significant growth in supplies from abroad of crude maize (corn) oil, when their volume increased by X% to X tons. In general, imports, however, continue to indicate a deep downturn. The pace of growth appeared the most rapid in 2019 with an increase of X%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, crude maize oil imports surged to $X in 2022. Overall, imports, however, continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2019 with an increase of X%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

The purchases of the four major importers of crude maize (corn) oil, namely Brazil, the Dominican Republic, Mexico and Uruguay, represented more than two-thirds of total import. It was distantly followed by Haiti (X tons) and Chile (X tons), together constituting a X% share of total imports. Jamaica (X tons) followed a long way behind the leaders.

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

In value terms, the largest crude maize oil importing markets in Latin America and the Caribbean were the Dominican Republic ($X), Uruguay ($X) and Brazil ($X), together accounting for X% of total imports. Mexico, Haiti, Chile and Jamaica lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Mexico, with a CAGR of X%, recorded 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 import price in Latin America and the Caribbean amounted to $X per ton, jumping by X% against the previous year. Overall, the import price showed a mild increase. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Jamaica ($X per ton), while Mexico ($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 Dominican Republic (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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