Corn oil and fractions market in Honduras

Earlier Report Observations

From 2018 to 2023, the corn oil market volume in Honduras grew from 8.3 thousand tons to 9.6 thousand tons, an increase of 15%. This expansion was initially supported by an increase in corn harvested area and favorable weather conditions in 2018, which boosted raw material availability for oil production. Subsequent government and industry efforts to increase domestic corn supply helped maintain steady output.

Trade dynamics significantly influenced market volume. After reaching a peak of 787 tons in 2020, exports fell sharply to just 39 tons by 2023, making more product available domestically. Imports remained a key supply source, exceeding 1.1 thousand tons in both 2020 and 2023, offsetting fluctuations in local production.

By 2023, corn oil production stabilized around 8.5 thousand tons while total market volume continued to rise. A reported 5.24% increase in the country's basic grain production that year provided a stable raw material base. The market remained consolidated around established players like Grupo Jaremar, contributing to supply stability.

Production corn oil and fractions in Honduras

In kind, 2017-2020, t

Top producers of corn oil and fractions, 2017-2020

World map of production of corn oil and fractions, 2017-2020

Honduras has seen its corn oil and fractions production rise for the third year in a row. In 2020, the country produced 8,399 tonnes, showing a modest increase of 7.1% compared to 2019. Looking at the period from 2017 to 2020, production grew by 10.1%, with an average annual growth rate of 3.3%.

Annual dynamics of production in Honduras in kind, 2017-2020, t

Exports corn oil and fractions from Honduras

Exports in kind, t

Corn oil and fractions exports from Honduras have increased for the second consecutive year. In 2020, exports reached 787 tonnes, marking a significant jump of 30.3% from the previous year. The lowest point was in 2018, with 551 tonnes, which also saw the largest decline of 31.2%.

Annual dynamics of product's exports from Honduras in kind, 2017-2020, t

From 2017 to 2020, Honduras's corn oil and fractions exports were primarily directed towards Costa Rica and the United States. Together, these two countries accounted for 99.5% of total export volumes.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Honduras in kind, 2017-2020

Exports in value, K $ US

After two years of decline, Honduras's corn oil and fractions exports have rebounded. In 2020, export value stood at 608,000 US dollars, up 23.0% from 2019. However, over the 2017-2020 period, exports fell by 40.3%, translating to an annualized decrease of 15.8%. The lowest value was recorded in 2019 at 494,000 US dollars, which also experienced the steepest drop of 32.8%.

Annual dynamics of product's exports from Honduras in value, 2017-2020, K $ US

Between 2017 and 2020, the United States and Costa Rica were the main destinations for Honduras's corn oil and fractions exports in value terms, together making up 99.1% of total flows, while other markets played a minor role.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Honduras in value, 2017-2020

Imports corn oil and fractions to Honduras

Imports in kind, t

Honduras's corn oil and fractions imports have grown for the second year in a row. In 2020, imports totaled 1,495 tonnes, reflecting a robust increase of 21.0% compared to 2019. Over the 2017-2020 span, imports rose by 28.7%, with an average annual growth rate of 8.8%. The lowest volume was in 2018 at 1,141 tonnes, which also saw the largest decline of 1.8%.

Annual dynamics of product's imports to Honduras in kind, 2017-2020, t

From 2017 to 2020, the United States remained the dominant source for Honduras's corn oil and fractions imports in volume, holding a 78.2% share of total flows, with the remainder distributed among various other countries.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Honduras in kind, 2017-2020

Imports in value, K $ US

Following a two-year downturn, Honduras's corn oil and fractions imports have surged. In 2020, import value reached 2,302,000 US dollars, a sharp rise of 59.3% from 2019. Between 2017 and 2020, imports increased by 36.5%, averaging an annual growth of 10.9%. The lowest value was in 2019 at 1,445,000 US dollars, while the largest decline occurred in 2018 at 13.0%.

Annual dynamics of product's imports to Honduras in value, 2017-2020, K $ US

During 2017-2020, the United States consistently represented 72.6% of Honduras's corn oil and fractions imports in value, highlighting a strong reliance on this market, with the rest spread across other nations.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Honduras in value, 2017-2020