Ecuador: Palm Oil Market 2024

Palm Oil Market Size in Ecuador

After two years of growth, the Ecuadorian palm oil market decreased by -6.1% to $X in 2022. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Palm Oil Production in Ecuador

In value terms, palm oil production amounted to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt curtailment. The pace of growth appeared the most rapid in 2016 when the production volume increased by 13%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Palm Oil Exports

Exports from Ecuador

In 2022, shipments abroad of palm oil was finally on the rise to reach X tons after four years of decline. Overall, exports, however, showed a abrupt decrease. The pace of growth appeared the most rapid in 2015 with an increase of 25%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, palm oil exports shrank to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt descent. The growth pace was the most rapid in 2021 when exports increased by 16%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Colombia (X tons) was the main destination for palm oil exports from Ecuador, with a 61% share of total exports. Moreover, palm oil exports to Colombia exceeded the volume sent to the second major destination, India (X tons), fourfold. Brazil (X tons) ranked third in terms of total exports with a 4.4% share.

From 2012 to 2022, the average annual growth rate of volume to Colombia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+7.1% per year) and Brazil (-15.3% per year).

In value terms, Colombia ($X) remains the key foreign market for palm oil exports from Ecuador, comprising 55% of total exports. The second position in the ranking was held by India ($X), with a 16% share of total exports. It was followed by the United States, with a 4.9% share.

From 2012 to 2022, the average annual growth rate of value to Colombia stood at -3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+7.7% per year) and the United States (+28.7% per year).

Export Prices by Country

The average palm oil export price stood at $X per ton in 2022, which is down by -16.9% against the previous year. Over the period under review, the export price continues to indicate a slight decrease. The growth pace was the most rapid in 2021 an increase of 51%. As a result, the export price reached the peak level of $X per ton, and then reduced notably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Brazil ($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 the Netherlands (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Oil Imports

Imports into Ecuador

After four years of growth, purchases abroad of palm oil decreased by -20.8% to X tons in 2022. In general, imports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2020 with an increase of 224%. Imports peaked at X tons in 2021, and then reduced notably in the following year.

In value terms, palm oil imports contracted markedly to $X in 2022. Overall, imports, however, continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 400%. Over the period under review, imports attained the peak figure at $X in 2021, and then contracted notably in the following year.

Imports by Country

In 2022, Mexico (X tons) was the main palm oil supplier to Ecuador, with a 97% share of total imports. It was followed by Colombia (X tons), with a 1.1% share of total imports. Peru (X tons) ranked third in terms of total imports with a 0.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Mexico amounted to +116.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-5.3% per year) and Peru (-27.2% per year).

In value terms, Mexico ($X) constituted the largest supplier of palm oil to Ecuador, comprising 93% of total imports. The second position in the ranking was held by Colombia ($X), with a 0.9% share of total imports. It was followed by Peru, with a 0.5% share.

From 2012 to 2022, the average annual growth rate of value from Mexico totaled +104.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-4.6% per year) and Peru (-25.4% per year).

Import Prices by Country

In 2022, the average palm oil import price amounted to $X per ton, which is down by -1.8% against the previous year. In general, import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, palm oil import price increased by +60.7% against 2019 indices. The pace of growth appeared the most rapid in 2016 an increase of 67%. The import price peaked at $X per ton in 2021, and then declined in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the Netherlands ($X per ton) and Malaysia ($X per ton), while the price for Colombia ($X per ton) and Peru ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+22.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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