Colombia: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Colombia

The Colombian refined palm oil market rose notably to $X in 2022, surging by 8.6% against the previous year. The market value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Refined palm oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Refined Palm Oil Production in Colombia

In value terms, refined palm oil production dropped to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +5.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 21%. Refined palm oil production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Refined Palm Oil Exports

Exports from Colombia

Refined palm oil exports from Colombia contracted notably to X tons in 2022, which is down by -31.5% against 2021. In general, exports, however, showed strong growth. The most prominent rate of growth was recorded in 2021 when exports increased by 171%. As a result, the exports attained the peak of X tons, and then dropped markedly in the following year.

In value terms, refined palm oil exports shrank markedly to $X in 2022. Over the period under review, exports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 165% against the previous year. As a result, the exports attained the peak of $X, and then reduced notably in the following year.

Exports by Country

Ecuador (X tons), Venezuela (X tons) and the United States (X tons) were the main destinations of refined palm oil exports from Colombia, with a combined 59% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +123.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ecuador ($X) remains the key foreign market for refined palm oil exports from Colombia, comprising 35% of total exports. The second position in the ranking was held by the United States ($X), with a 14% share of total exports. It was followed by Venezuela, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ecuador stood at +131.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+9.1% per year) and Venezuela (+26.3% per year).

Export Prices by Country

In 2022, the average refined palm oil export price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 11% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Chile ($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 (+3.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Colombia

In 2022, overseas purchases of refined palm oil increased by 7.8% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, saw a pronounced reduction. The pace of growth was the most pronounced in 2018 with an increase of 204% 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, refined palm oil imports fell slightly to $X in 2022. Overall, imports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2018 when imports increased by 171% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ecuador (X tons) was the main refined palm oil supplier to Colombia, with a 94% share of total imports. Moreover, refined palm oil imports from Ecuador exceeded the figures recorded by the second-largest supplier, Peru (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Ecuador totaled +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (+29.4% per year) and Venezuela (+11.4% per year).

In value terms, Ecuador ($X) constituted the largest supplier of refined palm oil to Colombia, comprising 96% of total imports. The second position in the ranking was taken by Peru ($X), with a 2.8% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Ecuador amounted to +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (+26.6% per year) and Venezuela (+0.7% per year).

Import Prices by Country

The average refined palm oil import price stood at $X per ton in 2022, shrinking by -9.6% against the previous year. Overall, the import price continues to indicate a pronounced shrinkage. The pace of growth appeared the most rapid in 2014 an increase of 26%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Ecuador ($X per ton), while the price for Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (-2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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