Central Asia: Maize Oil Market 2024

Maize Oil Market Size in Central Asia

After three years of decline, the Central Asian maize oil market increased by X% to $X in 2023. In general, consumption, however, recorded a abrupt curtailment. As a result, consumption attained the peak level of $X. From 2020 to 2023, the growth of the market remained at a somewhat lower figure.

Maize Oil Production in Central Asia

In value terms, maize oil production expanded markedly to $X in 2023 estimated in export price. Over the period under review, production posted a resilient increase. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level in 2023 and is likely to continue growth in the near future.

Maize Oil Exports

Exports in Central Asia

In 2022, overseas shipments of maize oil decreased by X% to X kg, falling for the second consecutive year after seven years of growth. In general, exports showed a precipitous slump. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, maize oil exports shrank significantly to $X in 2022. Overall, exports saw a sharp setback. The pace of growth appeared the most rapid in 2019 with an increase of X%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Turkmenistan (X kg) represented roughly X% of total exports in 2022.

Turkmenistan experienced a relatively flat trend pattern with regard to volume of exports of maize oil. Turkmenistan (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

From 2012 to 2022, the average annual growth rate of value in Turkmenistan was relatively modest.

Export Prices by Country

The export price in Central Asia stood at $X per ton in 2022, with a decrease of X% against the previous year. Over the period under review, the export price saw a abrupt decline. The pace of growth was the most pronounced in 2017 an increase of X%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Turkmenistan.

From 2012 to 2022, the rate of growth in terms of prices for Turkmenistan amounted to X% per year.

Maize Oil Imports

Imports in Central Asia

In 2023, overseas purchases of maize oil increased by X% to X tons, rising for the second consecutive year after four years of decline. Over the period under review, imports, however, saw a perceptible setback. The pace of growth was the most pronounced in 2017 with an increase of X%. As a result, imports attained the peak of X tons. From 2018 to 2023, the growth of imports failed to regain momentum.

In value terms, maize oil imports reduced to $X in 2023. Overall, imports, however, saw a pronounced contraction. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, Kazakhstan (X tons) represented the major importer of maize oil, making up X% of total imports. Uzbekistan (X tons) took an X% share (based on physical terms) of total imports, which put it in second place, followed by Kyrgyzstan (X%) and Mongolia (X%). The following importers - Tajikistan (X tons) and Turkmenistan (X tons) - each resulted at a X% share of total imports.

Imports into Kazakhstan increased at an average annual rate of X% from 2012 to 2023. At the same time, Uzbekistan (X%) and Mongolia (X%) displayed positive paces of growth. Moreover, Uzbekistan emerged as the fastest-growing importer imported in Central Asia, with a CAGR of X% from 2012-2023. By contrast, Turkmenistan (X%), Tajikistan (X%) and Kyrgyzstan (X%) illustrated a downward trend over the same period. Kazakhstan (X p.p.), Uzbekistan (X p.p.) and Mongolia (X p.p.) significantly strengthened its position in terms of the total imports, while Turkmenistan, Tajikistan and Kyrgyzstan saw its share reduced by X%, X% and X% from 2012 to 2023, respectively.

In value terms, Kazakhstan ($X) constitutes the largest market for imported maize oil in Central Asia, comprising X% of total imports. The second position in the ranking was held by Uzbekistan ($X), with a X% share of total imports. It was followed by Mongolia, with an X% share.

In Kazakhstan, maize oil imports increased at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Uzbekistan (X% per year) and Mongolia (X% per year).

Import Prices by Country

In 2023, the import price in Central Asia amounted to $X per ton, falling by X% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2022, and then declined sharply in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Uzbekistan ($X per ton), while Turkmenistan ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Uzbekistan (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform