China: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in China

The Chinese rapeseed oil market shrank remarkably to $X in 2022, waning by -16.3% against the previous year. Overall, consumption continues to indicate a abrupt decline. Rapeseed oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Rapeseed Oil Production in China

In value terms, rapeseed oil production rose remarkably to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2020 when the production volume increased by 33%. Rapeseed oil production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Rapeseed Oil Exports

Exports from China

After four years of decline, overseas shipments of rapeseed oil increased by 41% to X tons in 2022. Over the period under review, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2017 when exports increased by 303% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, rapeseed oil exports skyrocketed to $X in 2022. Overall, exports, however, saw a abrupt decrease. The growth pace was the most rapid in 2017 with an increase of 252% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The Philippines (X tons) was the main destination for rapeseed oil exports from China, accounting for a 28% share of total exports. Moreover, rapeseed oil exports to the Philippines exceeded the volume sent to the second major destination, Malaysia (X tons), threefold. The third position in this ranking was taken by Japan (X tons), with a 1.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-40.2% per year) and Japan (+11.2% per year).

In value terms, the Philippines ($X) emerged as the key foreign market for rapeseed oil exports from China, comprising 29% of total exports. The second position in the ranking was held by Malaysia ($X), with a 7.5% share of total exports. It was followed by Japan, with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Philippines was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-27.4% per year) and Japan (+16.9% per year).

Export Prices by Country

The average rapeseed oil export price stood at $X per ton in 2022, rising by 34% against the previous year. In general, the export price showed a temperate increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by 53% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Malaysia ($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 (+21.6%), while the prices for the other major destinations experienced more modest paces of growth.

Rapeseed Oil Imports

Imports into China

In 2022, overseas purchases of rapeseed oil decreased by -45.1% to X tons for the first time since 2016, thus ending a five-year rising trend. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 71%. Over the period under review, imports attained the peak figure at X tons in 2021, and then dropped significantly in the following year.

In value terms, rapeseed oil imports declined sharply to $X in 2022. Over the period under review, imports, however, continue to indicate modest growth. The most prominent rate of growth was recorded in 2018 with an increase of 72%. Imports peaked at $X in 2021, and then reduced notably in the following year.

Imports by Country

Russia (X tons), the United Arab Emirates (X tons) and Canada (X tons) were the main suppliers of rapeseed oil imports to China, with a combined 89% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +157.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) constituted the largest supplier of rapeseed oil to China, comprising 47% of total imports. The second position in the ranking was taken by Canada ($X), with a 22% share of total imports. It was followed by the United Arab Emirates, with a 20% share.

From 2012 to 2022, the average annual growth rate of value from Russia totaled +165.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (-11.9% per year) and the United Arab Emirates (+32.5% per year).

Import Prices by Country

In 2022, the average rapeseed oil import price amounted to $X per ton, jumping by 35% against the previous year. Over the period under review, import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rapeseed oil import price increased by +82.9% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Australia ($X per ton) and Canada ($X per ton), while the price for the Netherlands ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+11.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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