Refined sunflower or safflower oil and fractions market in North Macedonia

Earlier Report Observations

Between 2018 and 2019, the physical volume of the refined sunflower oil market in North Macedonia grew moderately from 31 427 t to 32 115 t, while its value in monetary terms slightly contracted from 32 327 thousand US dollars to 30 620 thousand US dollars. The following year, the global shock from Ukraine's absence as a major sunflower oil supplier led to a spike in world prices, which affected trade costs even as import volumes in kind decreased.

The years 2021 and 2022 were marked by a sharp increase in the market's value, reaching 48 284 thousand US dollars and 60 989 thousand US dollars respectively, while the physical market size remained around 29-30 thousand t. This surge in market value was primarily driven by elevated global prices and inflationary pressures stemming from continued supply chain disruptions and high commodity costs.

In 2023, the government of North Macedonia implemented temporary export restrictions on sunflower oil and introduced price control measures, including a cap on wholesale and retail margins and the removal of import duties. These actions supported growth in domestic market volume to 32 467 t, boosted imports, and curtailed exports. By 2024, the market volume in kind declined to 29 463 t, but exports rose, partly due to the attractiveness of North Macedonian prices and quality for consumers in neighboring countries.

Production refined sunflower or safflower oil and fractions in North Macedonia

In value, 2017-2020, K $ US

North Macedonia's production of refined sunflower or safflower oil and fractions has grown for the second year in a row. In 2019, the output was valued at 28 613 thousand US dollars, marking a solid 13.9% increase from 2018. From 2017 to 2019, production surged by 100.9%, which translates to an average annual growth rate of 26.2%.

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

In kind, 2017-2020, t

In 2019, North Macedonia produced 29 680 tonnes of refined sunflower or safflower oil and fractions, representing a 21.3% rise compared to the previous year. Between 2017 and 2019, production grew by 15.1%, averaging 4.8% per year. The lowest output was recorded in 2018 at 24 472 tonnes, with the largest decline that year at 5.1%.

Annual dynamics of production in North Macedonia in kind, 2017-2020, t

Exports refined sunflower or safflower oil and fractions from North Macedonia

Exports in kind, t

Following two years of growth, North Macedonia's exports of refined sunflower or safflower oil and fractions fell. In 2020, exports totaled 7 886 tonnes, a 45.8% drop from 2019. Over the period from 2017 to 2020, exports increased by 30%, with a compound annual growth rate of 9.1%. The peak was in 2019 at 14 536 tonnes, when exports saw their largest increase of 55.2%.

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

From 2017 to 2020, Serbia and Albania were the main buyers of refined sunflower or safflower oil and fractions from North Macedonia, together accounting for 84.2% of total exports in volume.

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

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

Exports in value, K $ US

After rising for two years, the value of refined sunflower or safflower oil and fractions exported from North Macedonia declined. In 2020, export value reached 8 247 thousand US dollars, down 34.2% from 2019. Between 2017 and 2020, exports grew by 48.8%, averaging 14.2% annually. The highest value was recorded in 2019 at 12 530 thousand US dollars, with the largest increase that year at 54.9%.

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

During 2017–2020, Serbia and Albania dominated the export market in value terms, together holding an 84.1% share of total flows.

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

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

Imports refined sunflower or safflower oil and fractions to North Macedonia

Imports in kind, t

In 2020, North Macedonia imported 14 195 tonnes of refined sunflower or safflower oil and fractions, a 16.4% decrease from the previous year. From 2017 to 2020, imports fell by 41.7%, with an average annual decline of 16.5%. The largest drop occurred in 2018 at 33.0%, while the biggest increase was in 2019 at 4.0%.

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

Between 2017 and 2020, Serbia accounted for nearly all imports of refined sunflower or safflower oil and fractions to North Macedonia in volume, with a 96.7% share of total flows.

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

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

Imports in value, K $ US

After two years of decline, the value of refined sunflower or safflower oil and fractions imported by North Macedonia increased. In 2020, imports were valued at approximately 14 705 thousand US dollars, up 1.2% from the previous year. From 2017 to 2020, imports decreased by 36.6%, averaging a 14.1% annual decline. The lowest value was in 2019 at 14 538 thousand US dollars, with the largest drop in 2018 at 34.0%.

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

From 2017 to 2020, Serbia effectively monopolised the import market in value terms for refined sunflower or safflower oil and fractions to North Macedonia, capturing 96.3% of total flows.

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

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