Eastern Asia: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in Eastern Asia

In 2022, the East Asian crude coconut oil market increased by 12% to $X, rising for the second consecutive year after five years of decline. Over the period under review, consumption, however, continues to indicate a precipitous curtailment. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Coconut Oil Production in Eastern Asia

In value terms, crude coconut oil production skyrocketed to $X in 2022 estimated in export price. Overall, production, however, showed a prominent increase. The pace of growth was the most pronounced in 2015 with an increase of 247% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Crude Coconut Oil Exports

Exports in Eastern Asia

After two years of growth, overseas shipments of crude coconut (copra) oil decreased by -7.5% to X tons in 2022. Over the period under review, exports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 435% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, crude coconut oil exports reduced sharply to $X in 2022. Overall, exports, however, posted a strong increase. The most prominent rate of growth was recorded in 2013 when exports increased by 172%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China dominates exports structure, reaching X tons, which was approx. 98% of total exports in 2022. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the crude coconut (copra) oil exports, with a CAGR of +20.2% from 2012 to 2022. Taiwan (Chinese) (-8.1%) illustrated a downward trend over the same period. China (+61 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) saw its share reduced by -7.3% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest crude coconut oil supplier in Eastern Asia, comprising 93% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 2.5% share of total exports.

In China, crude coconut oil exports increased at an average annual rate of +10.9% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, declining by -13.3% against the previous year. Overall, the export price recorded a perceptible contraction. The most prominent rate of growth was recorded in 2016 when the export price increased by 143%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while China stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.2%).

Crude Coconut Oil Imports

Imports in Eastern Asia

In 2022, purchases abroad of crude coconut (copra) oil increased by 3.4% to X tons, rising for the second consecutive year after six years of decline. In general, imports, however, showed a dramatic downturn. The pace of growth was the most pronounced in 2021 with an increase of 11%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, crude coconut oil imports declined to $X in 2022. Overall, imports, however, showed a dramatic curtailment. The pace of growth appeared the most rapid in 2014 when imports increased by 71% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

China prevails in imports structure, finishing at X tons, which was near 86% of total imports in 2022. It was distantly followed by South Korea (X tons), mixing up a 4.6% share of total imports. The following importers - Japan (X tons), Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons) - together made up 9.9% of total imports.

Imports into China decreased at an average annual rate of -29.9% from 2012 to 2022. At the same time, South Korea (+188.9%), Japan (+30.6%) and Hong Kong SAR (+7.9%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +188.9% from 2012-2022. By contrast, Taiwan (Chinese) (-31.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of South Korea, Japan and Hong Kong SAR increased by +4.6, +4.2 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported crude coconut (copra) oil in Eastern Asia, comprising 72% of total imports. The second position in the ranking was taken by Japan ($X), with an 11% share of total imports. It was followed by Taiwan (Chinese), with a 7.1% share.

In China, crude coconut oil imports declined by an average annual rate of -25.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+25.3% per year) and Taiwan (Chinese) (-21.1% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, which is down by -6.5% against the previous year. In general, the import price, however, continues to indicate resilient growth. The most prominent rate of growth was recorded in 2014 an increase of 70% against the previous year. The level of import peaked at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+15.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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