Eastern Asia: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Eastern Asia

The East Asian crude maize oil market shrank slightly to $X in 2022, remaining constant against the previous year. The market value increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Crude Maize Oil Production in Eastern Asia

In value terms, crude maize oil production dropped modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 35% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Crude Maize Oil Exports

Exports in Eastern Asia

In 2022, the amount of crude maize (corn) oil exported in Eastern Asia contracted sharply to X tons, falling by -78% compared with 2021 figures. Over the period under review, exports saw a abrupt decline. The pace of growth was the most pronounced in 2016 when exports increased by 289%. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude maize oil exports contracted remarkably to $X in 2022. In general, exports saw a abrupt decline. The pace of growth appeared the most rapid in 2016 with an increase of 280%. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, South Korea (X tons) was the major exporter of crude maize (corn) oil, generating 58% of total exports. Taiwan (Chinese) (X tons) took the second position in the ranking, distantly followed by Japan (X tons). All these countries together held near 41% share of total exports. Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to crude maize oil exports from South Korea stood at -9.9%. At the same time, Hong Kong SAR (+8.2%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +8.2% from 2012-2022. By contrast, Taiwan (Chinese) (-8.7%) and Japan (-20.7%) illustrated a downward trend over the same period. While the share of South Korea (+18 p.p.), Taiwan (Chinese) (+11 p.p.) and Hong Kong SAR (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Japan (-19.4 p.p.) displayed negative dynamics.

In value terms, South Korea ($X) remains the largest crude maize oil supplier in Eastern Asia, comprising 57% of total exports. The second position in the ranking was taken by Japan ($X), with a 21% share of total exports. It was followed by Taiwan (Chinese), with an 18% share.

In South Korea, crude maize oil exports contracted by an average annual rate of -12.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (-16.6% per year) and Taiwan (Chinese) (-13.2% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, with an increase of 12% against the previous year. In general, the export price, however, continues to indicate a mild decline. The most prominent rate of growth was recorded in 2020 an increase of 17%. The level of export peaked at $X per ton in 2013; however, from 2014 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 Hong Kong SAR ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.2%), while the other leaders experienced mixed trends in the export price figures.

Crude Maize Oil Imports

Imports in Eastern Asia

In 2022, approx. X tons of crude maize (corn) oil were imported in Eastern Asia; with a decrease of -93.4% on 2021. In general, imports saw a deep setback. The pace of growth appeared the most rapid in 2014 with an increase of 4,890%. Over the period under review, imports attained the maximum at X tons in 2021, and then dropped dramatically in the following year.

In value terms, crude maize oil imports shrank remarkably to $X in 2022. Overall, imports showed a abrupt slump. The pace of growth was the most pronounced in 2014 with an increase of 1,866% against the previous year. The level of import peaked at $X in 2021, and then shrank markedly in the following year.

Imports by Country

South Korea dominates imports structure, reaching X tons, which was near 88% of total imports in 2022. It was distantly followed by Macao SAR (X tons), making up an 8.5% share of total imports. The following importers - Hong Kong SAR (X tons) and China (X tons) - each amounted to a 3.8% share of total imports.

Imports into South Korea decreased at an average annual rate of -15.1% from 2012 to 2022. At the same time, Macao SAR (+19.1%) displayed positive paces of growth. Moreover, Macao SAR emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +19.1% from 2012-2022. China experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-13.6%) illustrated a downward trend over the same period. While the share of Macao SAR (+8.2 p.p.) and Hong Kong SAR (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of South Korea (-11.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) constitutes the largest market for imported crude maize (corn) oil in Eastern Asia, comprising 82% of total imports. The second position in the ranking was held by Macao SAR ($X), with a 12% share of total imports. It was followed by Hong Kong SAR, with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in South Korea amounted to -10.8%. The remaining importing countries recorded the following average annual rates of imports growth: Macao SAR (+19.4% per year) and Hong Kong SAR (-10.6% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, with an increase of 41% against the previous year. Overall, the import price recorded a buoyant increase. The pace of growth appeared the most rapid in 2013 an increase of 128% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+5.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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