Refined corn oil and fractions market in Greece

Earlier Report Observations

From 2018 to 2020, production of refined corn oil in Greece remained stable at around 13 600 t before increasing to 14 474 t in 2020. The market volume declined from 21 792 t in 2018 to 19 714 t in 2019, then recovered slightly to 19 917 t in 2020. The production growth in 2020 coincided with the introduction of Law 4759/2020 on environmental licensing and waste management, which improved the handling of raw materials and by-products, supporting higher output.

Imports of refined corn oil fell from 8 310 t in 2018 to 5 242 t in 2024, with a temporary surge to 7 484 t in 2022. This overall decline was driven by stricter regulatory requirements, including Law 4819/2021 on waste management and Law 4964/2022 simplifying environmental licensing amid the energy crisis. The implementation of EU Directive 2022/2464 on oil trade in 2022 altered circulation rules, likely prompting a short-term import spike before adjustment. Enhanced market surveillance against unsafe chemical products in 2024 further constrained imports.

Exports gradually rose from 120 t in 2018 to 468 t in 2024, peaking at 854 t in 2022. This growth was facilitated by the harmonization of European standards such as REACH and CLP, and Law 5010/2023 promoting international alignment of assessment methods, which eased access to foreign markets.

Production refined corn oil and fractions in Greece

In value, 2017-2020, K $ US

After two consecutive years of decline, Greece's production of refined corn oil and fractions rebounded in 2020. Output reached 19 547 thousand US dollars, representing a significant 15.1% increase compared to the previous year. Over the 2017-2020 period, production decreased by 18.7%, with a compound annual growth rate of -6.7%. The lowest production value was recorded in 2019 at 16 977 thousand US dollars, while the largest decline occurred in 2018 with a 19.9% drop.

Annual dynamics of production in Greece in value, 2017-2020, K $ US

In kind, 2017-2020, t

In 2020, Greece produced 14 474 metric tons of refined corn oil and fractions, showing a modest year-over-year increase of 6.4%. Between 2017 and 2020, production decreased by 15.3%, which translates to an annualized decline rate of 5.4%. The lowest production volume was recorded in 2019 at 13 598 metric tons, with the most substantial decrease occurring in 2018 at 20.4%.

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

Exports refined corn oil and fractions from Greece

Exports in kind, t

Export volumes showed considerable volatility throughout the period. In 2018, exports reached their lowest point at 120 metric tons, while they peaked in 2019 at 446 metric tons - representing a 3.7-fold difference between these years. In 2020, Greece exported 286 metric tons of refined corn oil and fractions, marking a sharp 35.9% decrease compared to 2019. The most significant increase occurred in 2019 with a 273.0% surge.

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

Between 2017 and 2020, Iraq and Albania dominated Greece's refined corn oil and fractions exports in volume terms. Iraq accounted for 40.2% of total flows, while Albania represented 39.8%. Together, these two markets constituted 80.1% of Greece's total exports, with other partners accounting for the remaining volume.

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

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

Exports in value, K $ US

Export values demonstrated significant fluctuations during the period. In 2018, exports reached their lowest value at 183 thousand US dollars, while they peaked in 2019 at 557 thousand US dollars - showing a 3.1-fold difference between these years. In 2020, Greece's refined corn oil and fractions exports amounted to 464 thousand US dollars, representing a 16.7% decrease compared to 2019. The largest decline occurred in 2018 with a 40.0% drop, while the most substantial increase was recorded in 2019 with a 205.0% surge.

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

From 2017 to 2020, three markets dominated Greece's refined corn oil and fractions exports in value terms. Iraq accounted for 39.7% of export value, Albania represented 37.2%, and Cyprus contributed 11.9%. Together, these three destinations absorbed 88.9% of Greece's total export value, establishing them as the primary markets for Greek refined corn oil and fractions.

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

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

Imports refined corn oil and fractions to Greece

Imports in kind, t

Greece's imports of refined corn oil and fractions declined for the third consecutive year in 2020. Import volumes decreased by 12.7% compared to the previous year. Over the 2017-2020 period, imports fell by 37.2%, which corresponds to an annualized decline rate of 14.4%.

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

Between 2017 and 2020, France and Italy were the dominant sources for Greece's refined corn oil and fractions imports in volume terms. Together, these two countries accounted for 92.1% of total import flows, with the remaining volume distributed among smaller markets.

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

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

Imports in value, K $ US

Greece's imports of refined corn oil and fractions declined for the third consecutive year in 2020. Import value reached 6 089 thousand US dollars, representing an 8.3% decrease compared to the previous year. Over the 2017-2020 period, imports decreased by 47%, equating to an annualized decline rate of 19.1%.

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

From 2017 to 2020, France and Italy were the primary suppliers of refined corn oil and fractions to Greece in value terms. Together, these two countries accounted for 91.7% of Greece's total import value, with other partners representing a smaller portion of imports.

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

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