Hungary: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Hungary

The Hungarian refined maize oil market rose remarkably to $X in 2022, surging by X% against the previous year. Overall, consumption, however, showed a abrupt downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Maize Oil Production in Hungary

In value terms, refined maize oil production expanded markedly to $X in 2022 estimated in export price. Overall, production, however, saw a abrupt contraction. The most prominent rate of growth was recorded in 2020 with an increase of X%. Refined maize oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Maize Oil Exports

Exports from Hungary

For the third year in a row, Hungary recorded growth in shipments abroad of refined maize (corn) oil, which increased by X% to X tons in 2022. Overall, exports, however, showed a abrupt curtailment. The growth pace was the most rapid in 2018 with an increase of X%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, refined maize oil exports surged to $X in 2022. Over the period under review, exports, however, recorded a sharp setback. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Italy (X tons) was the main destination for refined maize oil exports from Hungary, accounting for a X% share of total exports. It was followed by Lithuania (X tons), with a X% share of total exports. The third position in this ranking was held by Romania (X kg), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Italy amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (X% per year) and Romania (X% per year).

In value terms, Italy ($X) emerged as the key foreign market for refined maize (corn) oil exports from Hungary, comprising X% of total exports. The second position in the ranking was held by Lithuania ($X), with an X% share of total exports. It was followed by Romania, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Italy stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (X% per year) and Romania (X% per year).

Export Prices by Country

In 2022, the average refined maize oil export price amounted to $X per ton, falling by X% against the previous year. In general, the export price showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 an increase of X%. Over the period under review, the average export prices attained the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while the average price for exports to Italy ($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 Slovakia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into Hungary

In 2022, purchases abroad of refined maize (corn) oil was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports saw a pronounced increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, refined maize oil imports surged to $X in 2022. In general, imports continue to indicate prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Belgium (X tons), Slovakia (X tons) and Austria (X tons) were the main suppliers of refined maize oil imports to Hungary, together accounting for X% of total imports. Denmark and Germany lagged somewhat behind, together comprising a further X%.

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

In value terms, Belgium ($X), Slovakia ($X) and Austria ($X) appeared to be the largest refined maize oil suppliers to Hungary, together accounting for X% of total imports. Denmark and Germany lagged somewhat behind, together accounting for a further X%.

Denmark, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refined maize oil import price stood at $X per ton in 2022, which is down by X% against the previous year. Over the period under review, import price indicated slight growth 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 maize oil import price decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the average import price increased by X%. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform

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