Eastern Asia: Virgin Olive Oil Market 2024

Virgin Olive Oil Exports

Exports in Eastern Asia

In 2022, overseas shipments of virgin olive oil decreased by -5.8% to X tons, falling for the second consecutive year after two years of growth. Overall, exports saw a mild slump. The growth pace was the most rapid in 2013 with an increase of 126% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, virgin olive oil exports shrank to $X in 2022. In general, exports saw a mild reduction. The pace of growth appeared the most rapid in 2013 with an increase of 64%. 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

The shipments of the three major exporters of virgin olive oil, namely Hong Kong SAR, Taiwan (Chinese) and South Korea, represented more than two-thirds of total export. It was distantly followed by Japan (X tons), mixing up a 17% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Japan (with a CAGR of +8.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil supplying countries in Eastern Asia were Japan ($X), South Korea ($X) and Hong Kong SAR ($X), with a combined 85% share of total exports.

Hong Kong SAR, with a CAGR of +7.8%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, declining by -8.6% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the export price increased by 32% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while Taiwan (Chinese) ($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 (+6.5%), while the other leaders experienced mixed trends in the export price figures.

Virgin Olive Oil Imports

Imports in Eastern Asia

For the third year in a row, Eastern Asia recorded decline in overseas purchases of virgin olive oil, which decreased by -14.7% to X tons in 2022. The total import volume increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 31%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, virgin olive oil imports fell modestly to $X in 2022. The total import value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 25%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan was the main importing country with an import of about X tons, which accounted for 55% of total imports. South Korea (X tons) held the second position in the ranking, followed by China (X tons) and Taiwan (Chinese) (X tons). All these countries together held approx. 43% share of total imports. Hong Kong SAR (X tons) followed a long way behind the leaders.

Imports into Japan increased at an average annual rate of +4.4% from 2012 to 2022. At the same time, Taiwan (Chinese) (+10.8%), South Korea (+8.6%) and Hong Kong SAR (+5.3%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +10.8% from 2012-2022. By contrast, China (-8.8%) illustrated a downward trend over the same period. While the share of Japan (+15 p.p.), South Korea (+11 p.p.) and Taiwan (Chinese) (+3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of China (-29.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest virgin olive oil importing markets in Eastern Asia were Japan ($X), China ($X) and South Korea ($X), together accounting for 92% of total imports. Taiwan (Chinese) and Hong Kong SAR lagged somewhat behind, together accounting for a further 7.5%.

Among the main importing countries, Taiwan (Chinese), with a CAGR of +13.2%, 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 more modest paces of growth.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, rising by 12% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The growth pace was the most rapid in 2013 when the import price increased by 22% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

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 China ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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