Corn oil and fractions market in Venezuela

Earlier Report Observations

Between 2018 and 2020, Venezuela's corn oil market volume initially grew from 40 137 t to 41 662 t, supported by a reported 60% expansion in the oil extraction and refining sector's processing capacity, which included corn oil facilities. This increase in domestic production capability occurred despite difficulties in importing crude oil due to economic sanctions and blockades. In 2020, the market volume declined to 39 474 t.

From 2021 onward, the market entered a phase of rapid expansion, reaching 61 672 t in 2021—a rise of more than 56% over the previous year. This surge was fueled by continued growth in processing capacity and efforts to substitute imports amid the country's reliance on foreign maize supplies, hyperinflation, and fuel shortages. New labeling regulations for foods high in saturated and trans fats, enacted in 2021, also reshaped the commercial landscape for edible oils. In 2022, the market volume climbed to 66 006 t, driven by further reported capacity increases and shifting consumer preferences toward healthier vegetable oils, while global events such as the war in Ukraine affected regional oil prices and availability. The upward trend continued in 2023, with the market reaching 68 220 t as the sector maintained its momentum in expanding processing infrastructure.

Production corn oil and fractions in Venezuela

In kind, 2017-2020, t

Between 2017 and 2020, Venezuela ranked as the 13th largest producer of corn oil and fractions globally.

Top producers of corn oil and fractions, 2017-2020

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

Venezuela's production of corn oil and fractions saw a two-year increase before declining. In 2020, the country produced 39 432 tonnes, marking a gradual decrease of 4.7% from the previous year. Over the 2017-2020 period, production grew by 3.2%, which translates to an average annual rate of 1.0%. The peak was in 2019 at 41 373 tonnes, with the largest year-on-year increase occurring in 2018 at 4.8%.

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

Exports corn oil and fractions from Venezuela

According to industry data, Venezuela did not export any corn oil and fractions from 2017 to 2020.

Imports corn oil and fractions to Venezuela

Imports in kind, t

The import volumes showed irregular fluctuations, pointing to a volatile market. In 2020, imports hit their lowest point at 42.5 tonnes, dropping by 85.3% compared to 2019. The peak was in 2019 at 288.6 tonnes, resulting in a 6.8-fold difference between the highest and lowest years. The largest increase was recorded in 2019 at 336.3%.

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

From 2017 to 2020, the main sources for Venezuela's corn oil and fractions imports in volume terms were Turkey (50.6% of imports), Brazil (23.0%), and Panama (8.4%). Together, these three countries accounted for 81.9% of total imports.

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

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

Imports in value, K $ US

Import values displayed an unstable pattern during this period. In 2020, imports reached their lowest at 59.7 thousand US dollars, an 80.9% decrease from the previous year. The highest value was in 2019 at 311.9 thousand US dollars, creating a 5.2-fold gap between the two years. The largest increase occurred in 2019 at 217.3%.

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

In value terms, the key import origins for Venezuela's corn oil and fractions from 2017 to 2020 were Turkey (45.4% of imports), Brazil (28.0%), and Spain (8.2%). Collectively, these three markets made up 81.5% of total import flows.

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

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