Eastern Asia: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Eastern Asia

In 2022, the East Asian crude palm oil market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption, however, continues to indicate a abrupt contraction. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Crude Palm Oil Production in Eastern Asia

In value terms, crude palm oil production reached $X in 2022 estimated in export price. Overall, production, however, showed a deep downturn. The pace of growth was the most pronounced in 2018 with an increase of 5.7% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Crude Palm Oil Exports

Exports in Eastern Asia

Crude palm oil exports dropped notably to X tons in 2022, shrinking by -80.2% compared with the year before. In general, exports faced a sharp downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 389% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude palm oil exports reduced markedly to $X in 2022. Overall, exports saw a abrupt downturn. The pace of growth appeared the most rapid in 2021 with an increase of 728% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Hong Kong SAR (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons) represented the largest exporter of crude palm oil in Eastern Asia, making up 79% of total export. It was distantly followed by China (X tons), generating a 21% 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 Hong Kong SAR (with a CAGR of +24.3%), while the other leaders experienced a decline in the exports figures.

In value terms, Hong Kong SAR ($X) remains the largest crude palm oil supplier in Eastern Asia, comprising 90% of total exports. The second position in the ranking was taken by China ($X), with a 5.4% share of total exports. It was followed by Taiwan (Chinese), with a 2.2% share.

In Hong Kong SAR, crude palm oil exports increased at an average annual rate of +50.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (-27.2% per year) and Taiwan (Chinese) (-6.4% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, surging by 183% against the previous year. Over the period under review, the export price enjoyed a strong increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+21.4%), while the other leaders experienced a decline in the export price figures.

Crude Palm Oil Imports

Imports in Eastern Asia

In 2022, overseas purchases of crude palm oil increased by 0.1% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, recorded a significant decline. The most prominent rate of growth was recorded in 2019 when imports increased by 875%. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, crude palm oil imports surged to $X in 2022. Overall, imports, however, continue to indicate a dramatic descent. The pace of growth appeared the most rapid in 2019 with an increase of 549% against the previous year. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

The purchases of the three major importers of crude palm oil, namely Hong Kong SAR, Democratic People's Republic of Korea and Japan, represented more than two-thirds of total import. It was distantly followed by Taiwan (Chinese) (X tons), comprising a 5.3% share of total imports. China (X tons) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Democratic People's Republic of Korea (with a CAGR of +39.0%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Hong Kong SAR ($X), Japan ($X) and Democratic People's Republic of Korea ($X) constituted the countries with the highest levels of imports in 2022, with a combined 93% share of total imports.

Democratic People's Republic of Korea, with a CAGR of +35.8%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, surging by 19% against the previous year. Import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude palm oil import price increased by +145.5% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 62%. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

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 ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+3.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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