Belgium: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Belgium

In 2022, the Belgian crude palm oil market increased by 11% to $X, rising for the second consecutive year after three years of decline. Over the period under review, consumption, however, saw a perceptible increase. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Crude Palm Oil Exports

Exports from Belgium

In 2022, crude palm oil exports from Belgium fell dramatically to X tons, reducing by -90.9% compared with the year before. In general, exports, however, recorded a moderate expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 913% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, crude palm oil exports dropped remarkably to $X in 2022. Overall, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2020 when exports increased by 870%. The exports peaked at $X in 2021, and then shrank significantly in the following year.

Exports by Country

France (X tons) was the main destination for crude palm oil exports from Belgium, accounting for a 83% share of total exports. Moreover, crude palm oil exports to France exceeded the volume sent to the second major destination, the Netherlands (X tons), eightfold. Morocco (X tons) ranked third in terms of total exports with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to France amounted to +22.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+47.0% per year) and Morocco (+170.7% per year).

In value terms, France ($X) remains the key foreign market for crude palm oil exports from Belgium, comprising 77% of total exports. The second position in the ranking was taken by the Netherlands ($X), with an 8.9% share of total exports. It was followed by Morocco, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to France amounted to +26.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+41.0% per year) and Morocco (+187.6% per year).

Export Prices by Country

The average crude palm oil export price stood at $X per ton in 2022, growing by 37% against the previous year. Over the period under review, the export price saw a strong increase. The most prominent rate of growth was recorded in 2014 an increase of 116%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to the Netherlands ($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 UK (+20.9%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Palm Oil Imports

Imports into Belgium

In 2022, approx. X tons of crude palm oil were imported into Belgium; waning by -21% against the previous year. Over the period under review, imports, however, showed slight growth. The growth pace was the most rapid in 2013 with an increase of 240% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, crude palm oil imports totaled $X in 2022. Overall, imports, however, recorded a moderate increase. The most prominent rate of growth was recorded in 2013 when imports increased by 229% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Malaysia (X tons), the Netherlands (X tons) and Indonesia (X tons) were the main suppliers of crude palm oil imports to Belgium, together accounting for 92% of total imports. Guatemala, Peru and Papua New Guinea lagged somewhat behind, together accounting for a further 5.7%.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of +139.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest crude palm oil suppliers to Belgium were Malaysia ($X), the Netherlands ($X) and Indonesia ($X), with a combined 93% share of total imports. Guatemala, Peru and Papua New Guinea lagged somewhat behind, together accounting for a further 5.4%.

Peru, with a CAGR of +125.3%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average crude palm oil import price amounted to $X per ton, picking up by 34% against the previous year. Overall, the import price posted measured growth. The pace of growth appeared the most rapid in 2021 when the average import price increased by 46%. The import price peaked in 2022 and is expected to retain growth in years to come.

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 Papua New Guinea ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Papua New Guinea (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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