Colombia: Palm Oil Market 2024

Palm Oil Market Size in Colombia

The Colombian palm oil market expanded to $X in 2022, picking up by 4.2% against the previous year. Overall, consumption, however, continues to indicate a slight decrease. Palm oil consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Palm Oil Production in Colombia

In value terms, palm oil production expanded to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 50%. Palm oil production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Palm Oil Exports

Exports from Colombia

After three years of decline, shipments abroad of palm oil increased by 12% to X tons in 2022. In general, exports enjoyed a resilient expansion. The pace of growth was the most pronounced in 2017 when exports increased by 54%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, palm oil exports fell to $X in 2022. Over the period under review, exports recorded a remarkable increase. The most prominent rate of growth was recorded in 2017 when exports increased by 63%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons), Brazil (X tons) and Spain (X tons) were the main destinations of palm oil exports from Colombia, with a combined 57% share of total exports. Italy, Germany, the Dominican Republic, Ecuador and Mexico lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +71.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Brazil ($X) and Spain ($X) appeared to be the largest markets for palm oil exported from Colombia worldwide, together accounting for 54% of total exports. Italy, Germany, Ecuador, the Dominican Republic and Mexico lagged somewhat behind, together accounting for a further 35%.

Ecuador, with a CAGR of +67.7%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average palm oil export price amounted to $X per ton, shrinking by -20.3% against the previous year. Over the period under review, the export price saw a perceptible setback. The growth pace was the most rapid in 2021 when the average export price increased by 65% against the previous year. 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.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to the Dominican Republic ($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 Ecuador (+7.6%), while the prices for the other major destinations experienced mixed trend patterns.

Palm Oil Imports

Imports into Colombia

In 2022, after three years of decline, there was significant growth in purchases abroad of palm oil, when their volume increased by 87% to X tons. In general, imports continue to indicate a mild increase. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, palm oil imports skyrocketed to $X in 2022. Overall, imports, however, saw a slight setback. The growth pace was the most rapid in 2016 when imports increased by 81% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Ecuador (X tons) constituted the largest palm oil supplier to Colombia, accounting for a 57% share of total imports. Moreover, palm oil imports from Ecuador exceeded the figures recorded by the second-largest supplier, Brazil (X tons), twofold. Peru (X tons) ranked third in terms of total imports with a 16% share.

From 2012 to 2022, the average annual growth rate of volume from Ecuador stood at +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+18.3% per year) and Peru (+24.2% per year).

In value terms, Ecuador ($X) constituted the largest supplier of palm oil to Colombia, comprising 61% of total imports. The second position in the ranking was taken by Brazil ($X), with a 21% share of total imports. It was followed by Peru, with a 16% share.

From 2012 to 2022, the average annual growth rate of value from Ecuador stood at +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+14.9% per year) and Peru (+21.0% per year).

Import Prices by Country

The average palm oil import price stood at $X per ton in 2022, shrinking by -15.5% against the previous year. Overall, the import price recorded a pronounced decrease. The growth pace was the most rapid in 2021 an increase of 27% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 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 Indonesia ($X per ton), while the price for Honduras ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+21.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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