Thailand's Rapeseed Oil Price Decreases to $1,696 per Ton

Thailand Rapeseed Oil Import Price in February 2023

In February 2023, the rapeseed oil price amounted to $1,696 per ton (CIF, Thailand), reducing by -12.9% against the previous month. Overall, the import price showed a pronounced contraction. The pace of growth was the most pronounced in October 2022 when the average import price increased by 32% m-o-m. As a result, import price attained the peak level of $3,284 per ton. From November 2022 to February 2023, the average import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was Japan ($3,707 per ton), while the price for India ($325 per ton) was amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was attained by India (+2.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Thailand Rapeseed Oil Import Prices by Type

There were significant differences in the average prices amongst the major supplied products. In February 2023, the product with the highest price was vegetable oils; low erucic acid rape or colza oil and its fractions, crude ($17,003 per ton), while the price for vegetable oils; excluding low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified ($802 per ton) was amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was attained by vegetable oils; low erucic acid rape or colza oil and its fractions, crude (+22.5%), while the prices for the other products experienced a decline.

Thailand Rapeseed Oil Imports

In February 2023, supplies from abroad of rapeseed oil decreased by -45.3% to 246 tons for the first time since November 2022, thus ending a two-month rising trend. Over the period under review, imports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in March 2022 with an increase of 684% against the previous month.

In value terms, rapeseed oil imports dropped sharply to $418K (IndexBox estimates) in February 2023. In general, imports, however, saw a buoyant increase. The growth pace was the most rapid in March 2022 when imports increased by 453% against the previous month.

Thailand Rapeseed Oil Imports by Type

In February 2023, vegetable oils; low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified (215 tons) constituted the largest type of rapeseed oil supplied to Thailand, accounting for a 87% 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; excluding low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified (30 tons), sevenfold. Vegetable oils; excluding low erucic acid rape or colza oil and its fractions, crude (1.3 tons) ranked third in terms of total imports with a 0.5% share.

From February 2022 to February 2023, the average monthly growth rate of the volume of import of vegetable oils; low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified totaled +15.1%. With regard to the other supplied products, the following average monthly rates of growth were recorded: vegetable oils; excluding low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified (+6.8% per month) and vegetable oils; excluding low erucic acid rape or colza oil and its fractions, crude (+28.0% per month).

In value terms, vegetable oils; low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified ($391K) constituted the largest type of rapeseed oil supplied to Thailand, comprising 94% of total imports. The second position in the ranking was taken by vegetable oils; excluding low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified ($24K), with a 5.8% share of total imports. It was followed by vegetable oils; excluding low erucic acid rape or colza oil and its fractions, crude, with a 0.6% share.

Thailand Rapeseed Oil Imports by Country

In February 2023, Malaysia (208 tons) constituted the largest supplier of rapeseed oil to Thailand, with a 84% share of total imports. Moreover, rapeseed oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, India (28 tons), eightfold.

From February 2022 to February 2023, the average monthly rate of growth in terms of volume from Malaysia stood at +24.4%. The remaining supplying countries recorded the following average monthly rates of imports growth: India (+9.9% per month) and Japan (+0.4% per month).

In value terms, Malaysia ($368K) constituted the largest supplier of rapeseed oil to Thailand, comprising 88% of total imports. The second position in the ranking was held by Japan ($40K), with a 9.6% share of total imports.

From February 2022 to February 2023, the average monthly rate of growth in terms of value from Malaysia stood at +18.3%. The remaining supplying countries recorded the following average monthly rates of imports growth: Japan (+1.5% per month) and India (+12.2% per month).

Source: IndexBox Market Intelligence Platform