Cameroon: Palm Oil Market 2024

Palm Oil Market Size in Cameroon

After two years of growth, the Cameroonian palm oil market decreased by -1.4% to $X in 2022. In general, consumption saw a pronounced descent. Palm oil consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Palm Oil Production in Cameroon

In value terms, palm oil production amounted to $X in 2022 estimated in export price. Overall, production recorded a abrupt contraction. The most prominent rate of growth was recorded in 2020 when the production volume increased by 8.5%. Palm oil production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Palm Oil Exports

Exports from Cameroon

In 2022, exports of palm oil from Cameroon shrank to X tons, waning by -11.6% compared with 2021. Overall, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2019 when exports increased by 342% against the previous year. The exports peaked at X tons in 2021, and then contracted in the following year.

In value terms, palm oil exports contracted rapidly to $X in 2022. In general, exports, however, enjoyed a measured expansion. The pace of growth was the most pronounced in 2019 with an increase of 109% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then shrank significantly in the following year.

Exports by Country

Central African Republic (X tons) was the main destination for palm oil exports from Cameroon, with a 54% share of total exports. Moreover, palm oil exports to Central African Republic exceeded the volume sent to the second major destination, Gabon (X tons), fourfold. The third position in this ranking was held by Spain (X tons), with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Central African Republic stood at +30.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Gabon (-7.7% per year) and Spain (+37.5% per year).

In value terms, the largest markets for palm oil exported from Cameroon were Central African Republic ($X), Gabon ($X) and Congo ($X), together comprising 76% of total exports.

In terms of the main countries of destination, Congo, with a CAGR of +48.6%, 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

The average palm oil export price stood at $X per ton in 2022, falling by -12.4% against the previous year. Overall, the export price showed a abrupt decline. The growth pace was the most rapid in 2020 when the average export price increased by 45%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Gabon ($X per ton), while the average price for exports to Central African Republic ($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 Morocco (+23.1%), while the prices for the other major destinations experienced mixed trend patterns.

Palm Oil Imports

Imports into Cameroon

After two years of growth, overseas purchases of palm oil decreased by -12.9% to X tons in 2022. Over the period under review, imports showed a mild slump. The most prominent rate of growth was recorded in 2017 when imports increased by 76%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, palm oil imports dropped remarkably to $X in 2022. In general, imports saw a perceptible descent. The most prominent rate of growth was recorded in 2020 with an increase of 105%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and Sao Tome and Principe (X tons) were the main suppliers of palm oil imports to Cameroon, with a combined 77% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sao Tome and Principe (with a CAGR of +94.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest palm oil suppliers to Cameroon were Indonesia ($X), Malaysia ($X) and Sao Tome and Principe ($X), together accounting for 77% of total imports.

In terms of the main suppliers, Sao Tome and Principe, with a CAGR of +177.7%, saw the highest rates of growth with regard to the value of imports, 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 palm oil import price amounted to $X per ton, dropping by -13.5% against the previous year. Over the period under review, the import price recorded a mild decline. The most prominent rate of growth was recorded in 2021 an increase of 46% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

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 Singapore ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sao Tome and Principe (+43.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform