China: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in China

In 2022, the Chinese crude coconut oil market increased by 3.9% to $X, rising for the second consecutive year after four years of decline. Overall, consumption, however, faced a sharp decrease. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Crude Coconut Oil Production in China

In value terms, crude coconut oil production shrank significantly to $X in 2022 estimated in export price. Over the period under review, production faced a abrupt downturn. The pace of growth appeared the most rapid in 2021 when the production volume increased by 100%. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Crude Coconut Oil Exports

Exports from China

In 2022, after two years of growth, there was significant decline in overseas shipments of crude coconut (copra) oil, when their volume decreased by -7.5% to X tons. Over the period under review, exports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 678%. Over the period under review, the exports hit record highs at X tons in 2021, and then contracted in the following year.

In value terms, crude coconut oil exports reduced rapidly to $X in 2022. Overall, exports, however, showed a strong expansion. The pace of growth was the most pronounced in 2017 when exports increased by 216%. The exports peaked at $X in 2021, and then shrank remarkably in the following year.

Exports by Country

Bahrain (X tons) was the main destination for crude coconut oil exports from China, with a 19% share of total exports. Moreover, crude coconut oil exports to Bahrain exceeded the volume sent to the second major destination, Germany (X tons), threefold. Tanzania (X tons) ranked third in terms of total exports with a 2.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bahrain was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+44.7% per year) and Tanzania (0.0% per year).

In value terms, the UK ($X) emerged as the key foreign market for crude coconut (copra) oil exports from China, comprising 30% of total exports. The second position in the ranking was held by Germany ($X), with a 12% share of total exports. It was followed by Bahrain, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to the UK stood at +32.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+35.0% per year) and Bahrain (0.0% per year).

Export Prices by Country

The average crude coconut oil export price stood at $X per ton in 2022, reducing by -13.9% against the previous year. In general, the export price recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2021 when the average export price increased by 40%. The export price peaked at $X per ton in 2017; however, from 2018 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 the UK ($X per ton), while the average price for exports to Tanzania ($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 Singapore (+123.4%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Coconut Oil Imports

Imports into China

In 2022, supplies from abroad of crude coconut (copra) oil increased by 3.8% to X tons, rising for the second year in a row after six years of decline. In general, imports, however, recorded a dramatic decline. The most prominent rate of growth was recorded in 2021 with an increase of 10% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, crude coconut oil imports reached $X in 2022. Overall, imports, however, faced a dramatic slump. The pace of growth was the most pronounced in 2014 with an increase of 58%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest supplier of crude coconut oil to China, accounting for a 76% share of total imports. Moreover, crude coconut oil imports from Vietnam exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Vietnam amounted to +12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (-26.7% per year) and Sri Lanka (+42.7% per year).

In value terms, Vietnam ($X), the Philippines ($X) and Sri Lanka ($X) appeared to be the largest crude coconut oil suppliers to China, with a combined 92% share of total imports.

Sri Lanka, with a CAGR of +40.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average crude coconut oil import price stood at $X per ton in 2022, approximately mirroring the previous year. In general, the import price showed strong growth. The growth pace was the most rapid in 2014 when the average import price increased by 57%. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Sri Lanka ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+13.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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