Ecuador: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Ecuador

In 2022, the Ecuadorian refined palm oil market decreased by -3.5% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +26.6% against 2019 indices. Refined palm oil consumption peaked at $X in 2021, and then shrank slightly in the following year.

Refined Palm Oil Production in Ecuador

In value terms, refined palm oil production rose to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 15% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Refined Palm Oil Exports

Exports from Ecuador

In 2022, overseas shipments of refined palm oil increased by 14% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, showed a mild decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 147% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, refined palm oil exports dropped to $X in 2022. Overall, exports, however, saw a perceptible decline. The most prominent rate of growth was recorded in 2018 with an increase of 107%. Over the period under review, the exports hit record highs 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 refined palm oil exports from Ecuador, with a 83% share of total exports. Moreover, refined palm oil exports to Colombia exceeded the volume sent to the second major destination, the United States (X tons), more than tenfold. Portugal (X tons) ranked third in terms of total exports with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Colombia stood at +2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+29.4% per year) and Portugal (+44.1% per year).

In value terms, Colombia ($X) remains the key foreign market for refined palm oil exports from Ecuador, comprising 78% of total exports. The second position in the ranking was taken by the United States ($X), with a 9.6% share of total exports. It was followed by Portugal, with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Colombia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+30.2% per year) and Portugal (+41.6% per year).

Export Prices by Country

In 2022, the average refined palm oil export price amounted to $X per ton, declining by -18.4% against the previous year. Over the period under review, the export price saw a mild downturn. The most prominent rate of growth was recorded in 2021 an increase of 49%. As a result, the export price attained the peak level of $X per ton, and then declined remarkably in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Colombia ($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 Cuba (+13.5%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Ecuador

After five years of growth, purchases abroad of refined palm oil decreased by -21.1% to X tons in 2022. In general, imports, however, recorded significant growth. The pace of growth appeared the most rapid in 2015 when imports increased by 872%. Over the period under review, imports attained the maximum at X tons in 2021, and then fell markedly in the following year.

In value terms, refined palm oil imports shrank dramatically to $X in 2022. Over the period under review, imports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2020 when imports increased by 449% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then fell sharply in the following year.

Imports by Country

In 2022, Mexico (X tons) was the main supplier of refined palm oil to Ecuador, with a approx. 99% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Mexico stood at +116.5%.

In value terms, Mexico ($X) constituted the largest supplier of refined palm oil to Ecuador.

From 2012 to 2022, the average annual rate of growth in terms of value from Mexico stood at +104.9%.

Import Prices by Country

The average refined palm oil import price stood at $X per ton in 2022, falling by -1.8% against the previous year. In general, the import price, however, enjoyed measured growth. The most prominent rate of growth was recorded in 2014 when the average import price increased by 197% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for Mexico.

From 2012 to 2022, the rate of growth in terms of prices for Peru amounted to +6.9% per year.

Source: IndexBox Platform

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