China: Oil Crops Market 2024

Oil Crops Market Size in China

For the third year in a row, the Chinese oil crops market recorded growth in sales value, which increased by X% to $X in 2022. Over the period under review, consumption, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the market value increased by X% against the previous year. Oil crops consumption peaked in 2022 and is expected to retain growth in years to come.

Oil Crops Production in China

In value terms, oil crops production fell to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

The average yield of oil crops (primary) in China fell modestly to X tons per ha in 2022, leveling off at the previous year's figure. In general, the yield, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the yield increased by X%. As a result, the yield reached the peak level of X tons per ha, and then fell slightly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of oil crops (primary) were harvested in China; growing by X% against the previous year's figure. Overall, the harvested area recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to oil crops production reached the maximum at X ha in 2020; however, from 2021 to 2022, the harvested area failed to regain momentum.

Oil Crops Exports

Exports from China

After two years of decline, shipments abroad of oil crops (primary) increased by X% to X tons in 2022. In general, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, oil crops exports surged to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

South Korea (X tons) was the main destination for oil crops exports from China, with a X% share of total exports. Moreover, oil crops exports to South Korea exceeded the volume sent to the second major destination, Iran (X tons), twofold. The third position in this ranking was taken by Iraq (X tons), with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Korea totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (X% per year) and Iraq (X% per year).

In value terms, South Korea ($X) remains the key foreign market for oil crops (primary) exports from China, comprising X% of total exports. The second position in the ranking was held by Vietnam ($X), with an X% share of total exports. It was followed by Iran, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to South Korea was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Iran (X% per year).

Export Prices by Country

In 2022, the average oil crops export price amounted to $X per ton, rising by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

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 Taiwan (Chinese) ($X per ton), while the average price for exports to Russia ($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 Taiwan (Chinese) (X%), while the prices for the other major destinations experienced more modest paces of growth.

Oil Crops Imports

Imports into China

In 2022, imports of oil crops (primary) into China reduced to X tons, dropping by X% on the previous year. Over the period under review, total imports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, oil crops imports rose markedly to $X in 2022. Overall, total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

Brazil (X tons), the United States (X tons) and Argentina (X tons) were the main suppliers of oil crops imports to China, with a combined X% share of total imports. Canada, Bulgaria and Uruguay lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest oil crops suppliers to China were Brazil ($X), the United States ($X) and Argentina ($X), with a combined X% share of total imports. Canada, Uruguay and Bulgaria lagged somewhat behind, together comprising a further X%.

Bulgaria, with a CAGR of X%, 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 more modest paces of growth.

Import Prices by Country

The average oil crops import price stood at $X per ton in 2022, surging by X% against the previous year. Overall, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, oil crops import price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue growth in the immediate term.

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 Canada ($X per ton), while the price for Bulgaria ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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