Refined soybean oil and fractions market in Greece

Earlier Report Observations

Between 2018 and 2020, the Greek market for refined soybean oil expanded from 32 591 t to 35 593 t, reflecting steady growth in consumption.

Market volume contracted to 30 160 t in 2021 before recovering slightly to 31 443 t in 2022. In November 2022, the European Commission implemented new regulations (EU 2022/2104 and 2022/2105) that updated and simplified trade standards for vegetable oils, including soybean oil, clarifying the regulatory environment. However, a sharp decline followed in 2023, with volume falling to 22 258 t.

A strong rebound occurred in 2024 as the market reached 32 176 t. This recovery was supported by the completion of a new oil mill by AGRO.VI.M S.A., which increased domestic production capacity and boosted supply.

Production refined soybean oil and fractions in Greece

In value, 2017-2020, K $ US

Greece's production of refined soybean oil and fractions has increased for the second year in a row. In 2020, output was valued at 33 285 thousand US dollars, showing a moderate year-on-year rise of 9.7%. Over the period from 2017 to 2020, production grew by 4.3%, with an average annual growth rate of 1.4%. The lowest value was recorded in 2018 at 29 088 thousand US dollars, which also saw the largest decline of 8.9%.

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

In kind, 2017-2020, t

Production of refined soybean oil and fractions in Greece has risen for the second consecutive year. In 2020, Greece produced 37 625 tonnes, up 7.5% compared to the previous year. From 2017 to 2020, production increased by 9.5%, with an average annual growth rate of 3.1%. The lowest output was in 2018 at 32 563 tonnes, marking the largest decline of 5.2%. The biggest increase occurred in 2019, with a 7.5% rise.

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

Exports refined soybean oil and fractions from Greece

Exports in kind, t

The market exhibited volatility during these years. Exports varied significantly, with the lowest point in 2018 at 1 164 tonnes and the highest in 2020 at 3 572 tonnes, representing a 3.1-fold difference. In 2020, Greece exported 3 572 tonnes of refined soybean oil and fractions, a 28.8% increase from the previous year. The largest decline was in 2018 at 23.3%, while the largest increase was in 2019 at 138.3%.

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

From 2017 to 2020, Egypt, Bulgaria, and Cyprus were the leading destinations for Greece's exports of refined soybean oil and fractions in volume terms. Egypt accounted for 49.1% of exports, Bulgaria for 27.6%, and Cyprus for 17.3%. Together, these three countries made up 93.9% of total export flows.

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

The market showed volatility during these years. Export values reached their lowest point in 2018 at 1 150 thousand US dollars and peaked in 2020 at 3 196 thousand US dollars, with a 2.8-fold difference. In 2020, Greece exported refined soybean oil and fractions worth 3 196 thousand US dollars, up 42.6% from the previous year. The largest decline was in 2018 at 22.8%, while the largest increase was in 2019 at 94.9%.

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

From 2017 to 2020, Egypt, Bulgaria, and Cyprus remained the primary buyers of refined soybean oil and fractions from Greece in value terms. Egypt represented 45.0% of exports, Bulgaria 28.8%, and Cyprus 20.2%. Collectively, these three countries accounted for 94.0% of total export value.

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 soybean oil and fractions to Greece

Imports in kind, t

The market displayed volatility over the observed period. Imports hit their lowest point in 2017 and peaked in 2019, with a 2.8-fold gap between these years. In 2020, Greece imported 1 540 tonnes of refined soybean oil and fractions, a 41.6% decrease from the previous year. The highest import volume was in 2019 at 2 637 tonnes, which also saw the largest increase of 121.2%.

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

From 2017 to 2020, Italy and Serbia were the dominant sources for Greece's imports of refined soybean oil and fractions in volume terms. Together, they accounted for 92.8% of total import flows, with the remaining share distributed among other 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

Volatility characterized the market during these years. Import values fell to their lowest point in 2017 and reached their maximum in 2019, with a 2.2-fold swing. In 2020, Greece's imports of refined soybean oil and fractions totaled 1 405 thousand US dollars, down 26.8% from 2019. The highest value was recorded in 2019 at 1 919 thousand US dollars, which also experienced the largest increase of 86.7%.

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

From 2017 to 2020, Italy and Serbia together represented 91.9% of Greece's total imports of refined soybean oil and fractions in value terms. Other countries contributed to a diversified but less significant 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