Bangladesh: Crude Rapeseed Oil Market 2024

Crude Rapeseed Oil Market Size in Bangladesh

The Bangladeshi crude rapeseed oil market stood at $X in 2022, rising by 1.8% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Crude Rapeseed Oil Production in Bangladesh

In value terms, crude rapeseed oil production rose modestly to $X in 2022 estimated in export price. Overall, production showed notable growth. The pace of growth appeared the most rapid in 2015 when the production volume increased by 284%. Crude rapeseed oil production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Crude Rapeseed Oil Exports

Exports from Bangladesh

In 2022, shipments abroad of crude rape, colza or mustard oil increased by 15% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports posted a significant increase. The growth pace was the most rapid in 2019 when exports increased by 643%. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, crude rapeseed oil exports declined slightly to $X in 2022. In general, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2019 with an increase of 509%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for crude rapeseed oil exports from Bangladesh, with a 79% share of total exports. Moreover, crude rapeseed oil exports to the United Arab Emirates exceeded the volume sent to the second major destination, Saudi Arabia (X tons), more than tenfold. Qatar (X tons) ranked third in terms of total exports with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates stood at +66.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+32.9% per year) and Qatar (+12.6% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for crude rape, colza or mustard oil exports from Bangladesh, comprising 79% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 6% share of total exports. It was followed by Qatar, with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates stood at +85.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+30.7% per year) and Qatar (+12.3% per year).

Export Prices by Country

In 2022, the average crude rapeseed oil export price amounted to $X per ton, with a decrease of -17% against the previous year. In general, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude rapeseed oil export price increased by +23.2% against 2019 indices. The pace of growth was the most pronounced in 2015 an increase of 28% against the previous year. The export price peaked at $X per ton in 2021, and then contracted significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Qatar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Rapeseed Oil Imports

Imports into Bangladesh

In 2022, the amount of crude rape, colza or mustard oil imported into Bangladesh fell to X tons, reducing by -14.4% on the previous year's figure. Overall, imports, however, continue to indicate a strong expansion. The growth pace was the most rapid in 2021 with an increase of 158% against the previous year. As a result, imports reached the peak of X tons, and then reduced in the following year.

In value terms, crude rapeseed oil imports contracted to $X in 2022. Over the period under review, imports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 50%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) was the main crude rapeseed oil supplier to Bangladesh, accounting for a 91% share of total imports. Moreover, crude rapeseed oil imports from the United States exceeded the figures recorded by the second-largest supplier, India (X tons), tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +165.8%.

In value terms, the United States ($X) constituted the largest supplier of crude rape, colza or mustard oil to Bangladesh, comprising 68% of total imports. The second position in the ranking was taken by India ($X), with a 32% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +78.9%.

Import Prices by Country

The average crude rapeseed oil import price stood at $X per ton in 2022, with an increase of 3.2% against the previous year. In general, the import price, however, showed a deep contraction. The pace of growth was the most pronounced in 2020 an increase of 54% against the previous year. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while the price for the United States stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+7.4%).

Source: IndexBox Platform

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