Hong Kong Experiences $58M Boom in Rapeseed Oil Imports in 2023

Hong Kong Rapeseed Oil Imports

After two years of decline, supplies from abroad of rapeseed oil increased by 51% to 44K tons in 2023. In general, imports showed a relatively flat trend pattern. Imports peaked at 67K tons in 2017; however, from 2018 to 2023, imports failed to regain momentum.

In value terms, rapeseed oil imports expanded remarkably to $58M (IndexBox estimates) in 2023. Overall, total imports indicated mild growth from 2013 to 2023: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +68.3% against 2019 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 19% against the previous year. Imports peaked at $64M in 2017; however, from 2018 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, the United Arab Emirates (22K tons) constituted the largest supplier of rapeseed oil to Hong Kong, accounting for a 50% share of total imports. Moreover, rapeseed oil imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Canada (7.4K tons), threefold. The third position in this ranking was taken by China (6.4K tons), with a 14% share.

From 2013 to 2023, the average annual growth rate of volume from the United Arab Emirates totaled +19.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (-14.0% per year) and China (+14.3% per year).

In value terms, the United Arab Emirates ($28M) constituted the largest supplier of rapeseed oil to Hong Kong, comprising 48% of total imports. The second position in the ranking was held by Malaysia ($10M), with an 18% share of total imports. It was followed by Canada, with a 17% share.

From 2013 to 2023, the average annual rate of growth in terms of value from the United Arab Emirates totaled +19.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+30.6% per year) and Canada (-13.1% per year).

Imports by Type

In 2023, vegetable oils; low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified (27K tons) constituted the largest type of rapeseed oil supplied to Hong Kong, with a 61% share of total imports. Moreover, vegetable oils; low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified exceeded the figures recorded for the second-largest type, vegetable oils; low erucic acid rape or colza oil and its fractions, crude (9.1K tons), threefold. Vegetable oils; excluding low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified (8.2K tons) ranked third in terms of total imports with a 19% share.

From 2013 to 2023, the average annual rate of growth in terms of the volume of vegetable oils; low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified imports stood at +2.0%. With regard to the other supplied products, the following average annual rates of growth were recorded: vegetable oils; low erucic acid rape or colza oil and its fractions, crude (-5.3% per year) and vegetable oils; excluding low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified (+7.6% per year).

In value terms, vegetable oils; low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified ($34M) constituted the largest type of rapeseed oil supplied to Hong Kong, comprising 59% of total imports. The second position in the ranking was held by vegetable oils; excluding low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified ($13M), with a 22% share of total imports. It was followed by vegetable oils; low erucic acid rape or colza oil and its fractions, crude, with an 18% share.

Import Prices by Country

In 2023, the rapeseed oil price amounted to $1,306 per ton (CIF, Hong Kong), shrinking by -24.6% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2022 when the average import price increased by 53% against the previous year. As a result, import price reached the peak level of $1,731 per ton, and then fell rapidly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Malaysia ($1,821 per ton), while the price for Ukraine ($728 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Canada (+1.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform