Rapeseed, colza or mustard oil and fractions market in Latin America and the Caribbean

Earlier Report Observations

The market volume for rapeseed, colza or mustard oil and fractions in Latin America and the Caribbean exhibited considerable volatility from 2018 to 2023. Starting at 948 thousand tons in 2018, consumption fell to 836 thousand tons the following year before gradually recovering to 914 thousand tons in 2021. A sharp drop to 786 thousand tons occurred in 2022, marking the lowest point of the period, followed by a strong rebound to 909 thousand tons in 2023.

Domestic production followed a similar pattern, declining from 691 thousand tons in 2018 to a low of 587 thousand tons in 2022, then jumping to 714 thousand tons in 2023. Concurrently, export shipments expanded dramatically, rising from 14 thousand tons in 2018 to 93 thousand tons in 2023, reflecting a growing orientation toward foreign markets.

Import volumes, after peaking at 271 thousand tons in 2018, generally remained lower through 2023, though they reached 287 thousand tons that year. The market's contraction in 2022 aligned with the trough in local output, while the subsequent recovery was supported by the simultaneous rise in production and maintained import levels.

Production rapeseed, colza or mustard oil and fractions in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of rapeseed, colza or mustard oil and fractions, 2017-2020

World map of production of rapeseed, colza or mustard oil and fractions, 2017-2020

Latin America and the Caribbean's production of rapeseed, colza, or mustard oil and fractions declined for the third consecutive year. In 2020, the region produced 647.5 thousand tons, marking a 1.4% decrease from 2019. From 2017 to 2020, production fell by 13.5%, which translates to an average annual decline of 4.7%.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Following a two-year decline, Latin America and the Caribbean's production of rapeseed, colza, or mustard oil and fractions increased in value. In 2020, the output was valued at 646.8 million US dollars, up 0.6% from 2019. Over the 2017-2020 period, production value decreased by 25.8%, with a compound annual growth rate of -9.5%. The lowest value was recorded in 2019 at 642.7 million US dollars, while the largest decline occurred in 2018 at 17.4%.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Exports rapeseed, colza or mustard oil and fractions from Latin America and the Caribbean

Exports in kind, K t

Exports of rapeseed, colza, or mustard oil and fractions from Latin America and the Caribbean increased for the second consecutive year. In 2020, exports reached 19.1 thousand tons, a 9.8% rise from the previous year. From 2017 to 2020, exports grew by 30.1%, with a compound annual growth rate of 9.2%. The lowest volume was in 2018 at 13.5 thousand tons, which also saw the largest decline of 7.6%. The largest increase occurred in 2019 at 28.2%.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, K t

From 2017 to 2020, the United States and China were the leading destinations for exports in kind, together accounting for 10.6% of total flows.

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

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Exports in value, M $ US

Exports of rapeseed, colza, or mustard oil and fractions from Latin America and the Caribbean increased in value for the second year in a row. In 2020, exports stood at 19.0 million US dollars, a 12.0% increase from the previous year. Over the 2017-2020 period, export value rose by 11.5%, with a compound annual growth rate of 3.7%. The lowest value was recorded in 2018 at 14.1 million US dollars, which also experienced the largest decline of 17.3%. The largest increase was in 2019 at 20.4%.

Annual dynamics of product's exports from Latin America and the Caribbean in value, 2017-2020, M $ US

From 2017 to 2020, the United States and China together accounted for 12.3% of total exports in value terms, making them the primary markets for rapeseed, colza, or mustard oil and fractions from Latin America and the Caribbean.

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

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Imports rapeseed, colza or mustard oil and fractions to Latin America and the Caribbean

Imports in kind, K t

In 2020, Latin America and the Caribbean imported approximately 232.5 thousand tons of rapeseed, colza, or mustard oil and fractions, a 17.9% increase year-over-year. The lowest volume was in 2019 at 197.2 thousand tons, while the highest was in 2018 at 271.1 thousand tons. The largest decline occurred in 2019 at 27.2%.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, K t

From 2017 to 2020, Canada and the United States were the main sources for imports in kind, jointly representing 88.5% of total flows, with other partners contributing much smaller shares.

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

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Imports in value, M $ US

In 2020, imports of rapeseed, colza, or mustard oil and fractions into Latin America and the Caribbean amounted to 224.6 million US dollars, showing a strong 24.4% increase from the previous year. Over the 2017-2020 period, import value decreased by 5.5%, with a compound annual growth rate of -1.9%. The lowest value was in 2019 at 180.6 million US dollars, while the highest was in 2018 at 268.0 million US dollars. The largest decline occurred in 2019 at 32.6%.

Annual dynamics of product's imports to Latin America and the Caribbean in value, 2017-2020, M $ US

From 2017 to 2020, Canada and the United States were the core markets for imports in value terms, jointly accounting for 87.2% of total flows, with other destinations having comparatively modest shares.

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

World map of product's imports to Latin America and the Caribbean in value, 2017-2020