Castor Oil Seed Price in Latvia - 2023
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Castor Oil Seed Price in Latvia (CIF) - 2022
The average castor oil seed import price stood at $3,007 per ton in 2022, increasing by 24% against the previous year. In general, import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, castor oil seed import price increased by +21.3% against 2019 indices. The pace of growth appeared the most rapid in 2019 an increase of 49%. Over the period under review, average import prices hit record highs in 2022 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 Poland ($4,118 per ton), while the price for India ($2,707 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.
Castor Oil Seed Imports in Latvia
In 2022, supplies from abroad of castor oil seed decreased by -34.9% to 46 tons, falling for the second year in a row after two years of growth. Over the period under review, imports continue to indicate a abrupt decline. The growth pace was the most rapid in 2020 when imports increased by 4% against the previous year. As a result, imports attained the peak of 84 tons. From 2021 to 2022, the growth of imports failed to regain momentum.
In value terms, castor oil seed imports dropped dramatically to $137K in 2022. In general, imports faced a deep contraction. The smallest decline of -4.1% was in 2021.
Import of Castor Oil Seed in Latvia (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Germany | 155 | 174 | 164 | 129 | -5.9% |
Poland | N/A | N/A | 3.9 | 7.3 | 87.2% |
India | 43.1 | 0.4 | 1.8 | 0.6 | -75.9% |
Others | 1.4 | 2.7 | 0.3 | N/A | -53.7% |
Total | 199 | 177 | 170 | 137 | -11.7% |
Top Suppliers of Castor Oil Seed to Latvia in 2022:
- Germany (43.7 tons)
- Poland (1.8 tons)
- India (0.2 tons)
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