Cote d'Ivoire: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Cote d'Ivoire

In 2022, after two years of decline, there was significant growth in the Cote d'Ivoire's crude palm oil market, when its value increased by 10% to $X. Over the period under review, consumption, however, saw a pronounced contraction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Palm Oil Production in Cote d'Ivoire

In value terms, crude palm oil production fell slightly to $X in 2022 estimated in export price. Over the period under review, production saw a noticeable slump. The pace of growth appeared the most rapid in 2014 with an increase of 35% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Palm Oil Exports

Exports from Cote d'Ivoire

Crude palm oil exports from Cote d'Ivoire declined rapidly to X tons in 2022, which is down by -38.2% on 2021. Over the period under review, exports, however, recorded a remarkable increase. The growth pace was the most rapid in 2021 with an increase of 299%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, crude palm oil exports fell markedly to $X in 2022. In general, exports, however, enjoyed strong growth. The pace of growth was the most pronounced in 2021 when exports increased by 456%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria (X tons), Ghana (X tons) and the Netherlands (X tons) were the main destinations of crude palm oil exports from Cote d'Ivoire, with a combined 79% share of total exports. Senegal, Belgium, Mali, Benin, Niger and Italy lagged somewhat behind, together comprising a further 20%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of +142.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for crude palm oil exported from Cote d'Ivoire were Nigeria ($X), Ghana ($X) and the Netherlands ($X), together comprising 82% of total exports. Mali, Belgium, Benin, Senegal, Italy and Niger lagged somewhat behind, together accounting for a further 18%.

Among the main countries of destination, Italy, with a CAGR of +138.4%, recorded the highest rates of growth with regard to the value of exports, 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 crude palm oil export price amounted to $X per ton, which is down by -4.6% against the previous year. In general, the export price recorded a mild slump. The pace of growth was the most pronounced in 2021 an increase of 39%. 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 the Netherlands ($X per ton), while the average price for exports to Niger ($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 Democratic Republic of the Congo (+24.7%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Palm Oil Imports

Imports into Cote d'Ivoire

After two years of decline, overseas purchases of crude palm oil increased by 27% to X tons in 2022. Overall, imports, however, showed a abrupt decline. The growth pace was the most rapid in 2018 when imports increased by 512% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, crude palm oil imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate a deep contraction. The pace of growth appeared the most rapid in 2018 with an increase of 410% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Malaysia (X tons), Liberia (X tons) and Indonesia (X tons) were the main suppliers of crude palm oil imports to Cote d'Ivoire.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Liberia (with a CAGR of +28.6%), while imports for the other leaders experienced a decline.

In value terms, Malaysia ($X), Liberia ($X) and Indonesia ($X) were the largest crude palm oil suppliers to Cote d'Ivoire.

Among the main suppliers, Liberia, with a CAGR of +39.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average crude palm oil import price stood at $X per ton in 2022, falling by -4.2% against the previous year. Overall, the import price showed a pronounced descent. The pace of growth appeared the most rapid in 2020 when the average import price increased by 25% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Liberia ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Liberia (+8.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform