Bahrain: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Bahrain

For the third year in a row, the Bahraini refined palm oil market recorded growth in sales value, which increased by 67% to $X in 2022. Overall, consumption showed a prominent increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Refined Palm Oil Production in Bahrain

In value terms, refined palm oil production dropped to $X in 2022 estimated in export price. In general, production, however, recorded a significant increase. The pace of growth appeared the most rapid in 2013 when the production volume increased by 316%. Refined palm oil production peaked at $X in 2019; afterwards, it flattened through to 2022.

Refined Palm Oil Exports

Exports from Bahrain

After five years of growth, overseas shipments of refined palm oil decreased by -99.8% to X kg in 2022. In general, exports faced a sharp downturn. The growth pace was the most rapid in 2019 when exports increased by 312%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined palm oil exports fell sharply to $X in 2022. Overall, exports faced a dramatic descent. The pace of growth was the most pronounced in 2018 when exports increased by 254% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Pakistan (X kg) was the main destination for refined palm oil exports from Bahrain, accounting for a 97% share of total exports. It was followed by Oman (X kg), with a 2.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Pakistan totaled -41.3%.

In value terms, Pakistan ($X) emerged as the key foreign market for refined palm oil exports from Bahrain, comprising 92% of total exports. The second position in the ranking was held by Oman ($X), with an 8.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Pakistan amounted to -33.4%.

Export Prices by Country

In 2022, the average refined palm oil export price amounted to $X per ton, with an increase of 83% against the previous year. Overall, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Oman ($X per ton), while the average price for exports to Pakistan stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Oman (+18.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Bahrain

In 2022, refined palm oil imports into Bahrain skyrocketed to X tons, rising by 42% on 2021 figures. Over the period under review, imports recorded a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 46%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, refined palm oil imports surged to $X in 2022. Overall, imports showed a resilient expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 87%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, Saudi Arabia (X tons) constituted the largest supplier of refined palm oil to Bahrain, accounting for a 47% share of total imports. Moreover, refined palm oil imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold. The third position in this ranking was taken by the United Arab Emirates (X tons), with a 19% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Saudi Arabia amounted to +56.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-1.1% per year) and the United Arab Emirates (+11.6% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of refined palm oil to Bahrain, comprising 47% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 23% share of total imports. It was followed by the United Arab Emirates, with a 19% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Saudi Arabia amounted to +52.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+1.8% per year) and the United Arab Emirates (+13.2% per year).

Import Prices by Country

In 2022, the average refined palm oil import price amounted to $X per ton, jumping by 28% against the previous year. In general, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined palm oil import price increased by +126.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 47% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Oman ($X per ton) and the United Arab Emirates ($X per ton), while the price for Indonesia ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+2.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform