Refined palm oil and fractions market in Belgium

Earlier Report Observations

The Belgian market for refined palm oil and fractions grew in volume from 478 thousand tons in 2018 to a peak of 587 thousand tons in 2020, while its value in US dollars also rose notably from 2020 to 2021, reaching over 616 million US dollars, suggesting higher unit prices during that period.

From 2021 onwards, the market volume began a sustained decline, falling to 378 thousand tons by 2022. In value terms, the market stabilized near 610 million US dollars in 2022, before entering a clear downward trajectory.

A major shift occurred in 2023 with the implementation of Belgium's ban on palm oil in biofuels, which directly removed a significant consumption segment and accelerated the market's contraction to 301 thousand tons. This decline continued into 2024, with volume dropping to 178 thousand tons, influenced further by global factors such as Indonesia's maintained biodiesel blending mandate limiting export availability and historically high palm oil prices affecting import costs, alongside ongoing regulatory and consumer pressure for sustainable and traceable supply.

Production refined palm oil and fractions in Belgium

In value, 2017-2020, M $ US

Belgium's refined palm oil and fractions production rebounded in 2020 after two consecutive years of decline. Output was valued at 88.7 million US dollars, marking a 2.0% increase compared to 2019. Over the 2017-2020 period, production decreased by 17.9%, with an average annual decline of 6.4%. The lowest value was recorded in 2019 at 87.0 million US dollars, which saw the largest decline of 19.1%.

Annual dynamics of production in Belgium in value, 2017-2020, M $ US

In kind, 2017-2020, K t

Belgium's refined palm oil and fractions production declined for the second consecutive year. In 2020, output reached 87.0 thousand tons, representing a 14.6% decrease compared to the previous year. Over the 2017-2020 period, production fell by 18%, with an average annual decline of 6.4%. The highest output was recorded in 2018 at 112.3 thousand tons, which saw the largest increase of 5.8%.

Annual dynamics of production in Belgium in kind, 2017-2020, K t

Exports refined palm oil and fractions from Belgium

Exports in kind, K t

Export volumes showed significant volatility during this period. In 2019, exports reached their lowest point at 28.0 thousand tons, marking a 51.4% decline from the previous year. The highest volume was recorded in 2018 at 57.6 thousand tons, representing a 71.5% increase. By 2020, exports recovered to 30.2 thousand tons, an 8.0% increase compared to 2019. The difference between the peak in 2018 and the trough in 2019 was 2.1 times.

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

From 2017 to 2020, Germany, the Netherlands, and France remained Belgium's primary export destinations for refined palm oil and fractions in volume terms. Germany accounted for 53.9% of exports, followed by the Netherlands at 21.6%, and France at 8.1%. Together, these three countries represented 83.7% of Belgium's total export flows.

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

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

Exports in value, M $ US

In 2020, Belgium's refined palm oil and fractions exports were valued at 34.6 million US dollars, an 18.6% increase compared to the previous year. Over the 2017-2020 period, exports decreased by 8%, with an average annual decline of 2.7%. The lowest value was recorded in 2019 at 29.2 million US dollars, which saw the largest decline of 48.7%. The highest value was recorded in 2018 at 56.9 million US dollars, representing a 51.0% increase.

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

From 2017 to 2020, Germany, the Netherlands, and France remained Belgium's key export partners in value terms. Germany accounted for 53.4% of export value, followed by the Netherlands at 17.9%, and France at 8.6%. Together, these three countries represented 79.9% of Belgium's total export value.

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

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

Imports refined palm oil and fractions to Belgium

Imports in kind, K t

Belgium's imports of refined palm oil and fractions rebounded in 2020 after two years of decline. Import volumes reached 530.4 thousand tons, a 27.4% increase compared to 2019. Over the 2017-2020 period, imports grew by 24.4%, with an average annual growth rate of 7.6%. The lowest volume was recorded in 2019 at 416.4 thousand tons, which saw a decline of 1.7%.

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

From 2017 to 2020, the Netherlands remained Belgium's primary source for refined palm oil and fractions in volume terms, accounting for 81.9% of total imports. Other countries played a much smaller role in Belgium's import structure.

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

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

Imports in value, M $ US

Belgium's imports of refined palm oil and fractions rebounded in 2020 after two years of decline. Import value reached 420.0 million US dollars, a sharp 31.4% increase compared to the previous year. Over the 2017-2020 period, imports grew by 9.5%, with an average annual growth rate of 3.1%. The lowest value was recorded in 2019 at 319.6 million US dollars, which saw a decline of 11.4%.

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

From 2017 to 2020, the Netherlands dominated Belgium's imports of refined palm oil and fractions in value terms, accounting for 79.8% of total import value. The remaining imports were fragmented across other markets.

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

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