Cameroon: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Cameroon

The Cameroonian crude palm oil market rose rapidly to $X in 2022, picking up by 5.2% against the previous year. Over the period under review, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.5% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Crude Palm Oil Production in Cameroon

In value terms, crude palm oil production surged to $X in 2022 estimated in export price. Over the period under review, production, however, showed a strong expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by 151% against the previous year. Crude palm oil production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Crude Palm Oil Exports

Exports from Cameroon

In 2022, shipments abroad of crude palm oil decreased by -14.1% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2013 when exports increased by 876% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, crude palm oil exports totaled $X in 2022. Overall, exports, however, posted a significant expansion. The growth pace was the most rapid in 2013 with an increase of 2,262%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Mozambique (X tons) was the main destination for crude palm oil exports from Cameroon, accounting for a 64% share of total exports. Moreover, crude palm oil exports to Mozambique exceeded the volume sent to the second major destination, Canada (X tons), sevenfold. The third position in this ranking was held by France (X tons), with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Mozambique was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-5.8% per year) and France (+24.3% per year).

In value terms, Mozambique ($X) emerged as the key foreign market for crude palm oil exports from Cameroon, comprising 84% of total exports. The second position in the ranking was held by Canada ($X), with a 4% share of total exports. It was followed by France, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value to Mozambique was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-9.3% per year) and France (+20.6% per year).

Export Prices by Country

The average crude palm oil export price stood at $X per ton in 2022, jumping by 18% against the previous year. Over the period under review, the export price posted a temperate increase. The growth pace was the most rapid in 2013 when the average export price increased by 142%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Canada ($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 Portugal (+51.0%), while the prices for the other major destinations experienced a decline.

Crude Palm Oil Imports

Imports into Cameroon

In 2022, the amount of crude palm oil imported into Cameroon reduced dramatically to X tons, with a decrease of -30.3% against the previous year. In general, imports continue to indicate a abrupt decline. The growth pace was the most rapid in 2021 with an increase of 153% against the previous year. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, crude palm oil imports fell remarkably to $X in 2022. Overall, imports faced a abrupt descent. The growth pace was the most rapid in 2021 when imports increased by 306% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Sao Tome and Principe (X tons) constituted the largest supplier of crude palm oil to Cameroon, with a approx. 34% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Sao Tome and Principe totaled +94.0%.

In value terms, Sao Tome and Principe ($X) constituted the largest supplier of crude palm oil to Cameroon.

From 2012 to 2022, the average annual rate of growth in terms of value from Sao Tome and Principe totaled +177.7%.

Import Prices by Country

The average crude palm oil import price stood at $X per ton in 2022, waning by -10.6% against the previous year. In general, the import price recorded a slight contraction. The most prominent rate of growth was recorded in 2021 when the average import price increased by 60%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Sao Tome and Principe.

From 2012 to 2022, the rate of growth in terms of prices for Sao Tome and Principe amounted to +43.1% per year.

Source: IndexBox Platform