Sunflower, safflower or cottonseed oil and fractions market in Greece

Earlier Report Observations

The market volume for sunflower, safflower, and cottonseed oil in Greece experienced considerable volatility between 2018 and 2023. Starting at 177 500 tons in 2018, it dipped to 167 100 tons the following year before a moderate recovery to 172 200 tons in 2020. A sharp contraction to 129 900 tons occurred in 2021, but the market rebounded strongly over the next two years, reaching 155 400 tons in 2022 and surging to 203 800 tons in 2023.

This trajectory was shaped by contrasting movements in domestic production and trade. Local output grew steadily from 75 000 tons in 2018 to a peak of 107 400 tons in 2020, then stabilized around 102 800–104 700 tons in 2022–2023. Imports, which had initially declined from 106 500 tons in 2018 to 62 500 tons in 2021, rose markedly to 111 100 tons in 2023. Exports saw a temporary spike to 29 400 tons in 2021, likely absorbing some domestic surplus, before falling back to 12 000 tons in 2023.

Preliminary data for 2024 points to a continued rise in imports, which reached 126 700 tons, while exports fell to 8 800 tons. This shift coincided with climate-related challenges affecting olive oil production in Greece and Europe, which may have spurred demand for alternative vegetable oils such as sunflower oil.

Production sunflower, safflower or cottonseed oil and fractions in Greece

In kind, 2017-2020, t

From 2017 to 2020, Greece maintained the 27th position globally in the production volume of sunflower, safflower, or cottonseed oil and fractions.

Top producers of sunflower, safflower or cottonseed oil and fractions, 2017-2020

World map of production of sunflower, safflower or cottonseed oil and fractions, 2017-2020

Greece's production of sunflower, safflower, or cottonseed oil and fractions has increased for the third consecutive year. In 2020, the country produced 107 400 tonnes, marking a 14.6% rise compared to the previous year. Over the 2017-2020 period, production grew by 101.9%, with a compound annual growth rate of 26.4%.

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

In value, 2017-2020, M $ US

The data shows irregular changes, pointing to a volatile market environment. The value of output varied 2.1-fold between the minimum in 2017 and the maximum in 2020. In 2020, the output of sunflower, safflower, or cottonseed oil and fractions was valued at 136.3 million US dollars in Greece, representing a 24.7% increase year-over-year. The largest decline occurred in 2019 at 4.6%, while the largest increase was recorded in 2018 at 76.7%.

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

Exports sunflower, safflower or cottonseed oil and fractions from Greece

Exports in kind, K t

In 2020, sunflower, safflower, or cottonseed oil and fractions exports from Greece totaled 5.0 thousand tonnes, which is 10.1% lower than the previous year. Over the 2017-2020 period, exports increased by 23.6%, with a compound annual growth rate of 7.3%. The minimum value was recorded in 2018 at 4.0 thousand tonnes, while the maximum was in 2019 at 5.5 thousand tonnes. The largest increase occurred in 2019 at 37.9%.

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

From 2017 to 2020, Cyprus (21.5% of exports in kind), Bulgaria (18.7% of exports in kind), and Sweden (16.8% of exports in kind) led the ranking of buyers for sunflower, safflower, or cottonseed oil and fractions from Greece. Their combined share reached 57.1% of total exports in kind.

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, M $ US

After a two-year improvement, sunflower, safflower, or cottonseed oil and fractions exports from Greece declined. In 2020, exports amounted to 6.3 million US dollars, which is 2.2% lower compared to 2019. Over the 2017-2020 period, exports increased by 28.7%, with a compound annual growth rate of 8.8%. The maximum value was recorded in 2019 at 6.5 million US dollars, and the largest increase occurred in 2018 at 24.9%.

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

From 2017 to 2020, Cyprus (21.1% of exports in value terms), Bulgaria (19.0% of exports in value terms), and Sweden (18.3% of exports in value terms) formed the main cluster of markets for exports in value terms, with a combined share of 58.4% of total flows.

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

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

Imports sunflower, safflower or cottonseed oil and fractions to Greece

Imports in kind, K t

Sunflower, safflower, or cottonseed oil and fractions imports into Greece declined for the third consecutive year. In 2020, imports reached 69.7 thousand tonnes, down by 11.7% year-over-year. Between 2017 and 2020, imports decreased by 44.5%, equating to an annualized rate of 17.8%.

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

From 2017 to 2020, Bulgaria (64.9% of imports in kind), Ukraine (12.1% of imports in kind), and Romania (8.0% of imports in kind) made the biggest contribution to imports in kind, jointly accounting for 85.0% of total flows.

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, M $ US

After a two-year decline, the volume of sunflower, safflower, or cottonseed oil and fractions imports into Greece increased. In 2020, Greece imported 62.0 million US dollars worth of these products, reflecting a small improvement of 1.2% over the past year. Between 2017 and 2020, imports decreased by 42.7%, equating to an annualized rate of 16.9%. The minimum value was recorded in 2019 at 61.2 million US dollars, and the largest decline occurred in 2019 at 32.3%.

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

Throughout 2017 to 2020, Bulgaria (67.4% of imports in value terms), Ukraine (11.3% of imports in value terms), and Romania (8.0% of imports in value terms) remained the main markets for imports in value terms of sunflower, safflower, or cottonseed oil and fractions to Greece, jointly taking 86.7% of total flows.

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

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