ASEAN: Crude Rapeseed Oil Market 2024

Crude Rapeseed Oil Market Size in ASEAN

In 2022, the ASEAN crude rapeseed oil market decreased by -36.1% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, continues to indicate pronounced growth. The level of consumption peaked at $X in 2021, and then fell markedly in the following year.

Crude Rapeseed Oil Production in ASEAN

In value terms, crude rapeseed oil production expanded slightly to $X in 2022 estimated in export price. Overall, production showed a strong expansion. The pace of growth was the most pronounced in 2015 with an increase of 37% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Crude Rapeseed Oil Exports

Exports in ASEAN

Crude rapeseed oil exports fell rapidly to X tons in 2022, waning by -34.7% against the year before. Overall, exports continue to indicate a noticeable shrinkage. The pace of growth appeared the most rapid in 2017 when exports increased by 143%. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude rapeseed oil exports shrank dramatically to $X in 2022. In general, exports continue to indicate a mild descent. The most prominent rate of growth was recorded in 2017 when exports increased by 196%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Indonesia (X tons) was the major exporter of crude rape, colza or mustard oil, comprising 55% of total exports. It was distantly followed by Malaysia (X tons), Singapore (X tons) and Thailand (X tons), together comprising a 41% share of total exports. The following exporters - Vietnam (X tons) and the Philippines (X tons) - each accounted for a 4.3% share of total exports.

Exports from Indonesia decreased at an average annual rate of -3.1% from 2012 to 2022. At the same time, Vietnam (+47.2%), Singapore (+15.9%) and the Philippines (+14.2%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +47.2% from 2012-2022. By contrast, Malaysia (-7.9%) and Thailand (-7.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Singapore, Indonesia, Vietnam and the Philippines increased by +9.1, +3.3, +2.5 and +1.8 percentage points, respectively.

In value terms, the largest crude rapeseed oil supplying countries in ASEAN were Indonesia ($X), Malaysia ($X) and Singapore ($X), together comprising 93% of total exports. Thailand, the Philippines and Vietnam lagged somewhat behind, together accounting for a further 6.7%.

Among the main exporting countries, Vietnam, with a CAGR of +41.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, rising by 10% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The pace of growth was the most pronounced in 2017 an increase of 21% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+6.9%), while the other leaders experienced more modest paces of growth.

Crude Rapeseed Oil Imports

Imports in ASEAN

In 2022, supplies from abroad of crude rape, colza or mustard oil decreased by -69.8% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports recorded a perceptible downturn. The most prominent rate of growth was recorded in 2013 with an increase of 102%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, crude rapeseed oil imports fell markedly to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 100%. The level of import peaked at $X in 2021, and then fell markedly in the following year.

Imports by Country

Malaysia dominates imports structure, finishing at X tons, which was approx. 82% of total imports in 2022. Vietnam (X tons) took the second position in the ranking, followed by Thailand (X tons). All these countries together held approx. 17% share of total imports.

Imports into Malaysia decreased at an average annual rate of -4.4% from 2012 to 2022. At the same time, Thailand (+54.6%) and Vietnam (+9.0%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +54.6% from 2012-2022. Thailand (+7.9 p.p.) and Vietnam (+6 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia saw its share reduced by -13.9% from 2012 to 2022, respectively.

In value terms, Malaysia ($X) constitutes the largest market for imported crude rape, colza or mustard oil in ASEAN, comprising 79% of total imports. The second position in the ranking was held by Vietnam ($X), with a 10% share of total imports.

In Malaysia, crude rapeseed oil imports plunged by an average annual rate of -1.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (+20.2% per year) and Thailand (+50.7% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, surging by 42% against the previous year. Over the period under review, the import price recorded a tangible expansion. The most prominent rate of growth was recorded in 2021 when the import price increased by 47%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+10.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform