Hong Kong SAR, China: Coconut Oil Market 2024

Coconut Oil Market Size in Hong Kong SAR, China

In 2022, the Hong Kong coconut oil market increased by 4.5% to $X, rising for the second consecutive year after four years of decline. In general, consumption saw a relatively flat trend pattern. Coconut oil consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Coconut Oil Production in Hong Kong SAR, China

In value terms, coconut oil production declined rapidly to $X in 2022 estimated in export price. In general, production showed a noticeable curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 127% against the previous year. Coconut oil production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Coconut Oil Exports

Exports from Hong Kong SAR, China

After four years of decline, shipments abroad of coconut (copra) oil increased by 121% to X tons in 2022. In general, exports showed slight growth. The most prominent rate of growth was recorded in 2013 with an increase of 548%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, coconut oil exports soared to $X in 2022. Over the period under review, exports recorded a moderate increase. The most prominent rate of growth was recorded in 2013 when exports increased by 331% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for coconut oil exports from Hong Kong SAR, with a 76% share of total exports. Moreover, coconut oil exports to China exceeded the volume sent to the second major destination, Macao SAR (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume to China amounted to +1.1%.

In value terms, China ($X) remains the key foreign market for coconut (copra) oil exports from Hong Kong SAR, comprising 73% of total exports. The second position in the ranking was taken by Macao SAR ($X), with a 27% share of total exports.

From 2012 to 2022, the average annual growth rate of value to China stood at +3.5%.

Export Prices by Country

The average coconut oil export price stood at $X per ton in 2022, waning by -16.3% against the previous year. Over the period under review, the export price, however, saw a modest increase. The most prominent rate of growth was recorded in 2016 when the average export price increased by 107% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Macao SAR ($X per ton), while the average price for exports to China amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+2.4%).

Coconut Oil Imports

Imports into Hong Kong SAR, China

In 2022, approx. X tons of coconut (copra) oil were imported into Hong Kong SAR; with an increase of 41% against the previous year's figure. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 50%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, coconut oil imports skyrocketed to $X in 2022. In general, total imports indicated temperate growth 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, imports increased by +62.5% against 2020 indices. The pace of growth was the most pronounced in 2013 when imports increased by 68% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

Malaysia (X tons), the Philippines (X tons) and Thailand (X tons) were the main suppliers of coconut oil imports to Hong Kong SAR, together comprising 86% of total imports. The United States, Indonesia, Sri Lanka and Singapore lagged somewhat behind, together comprising a further 12%.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +39.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest coconut oil suppliers to Hong Kong SAR were Thailand ($X), the Philippines ($X) and Malaysia ($X), with a combined 78% share of total imports. The United States, Sri Lanka, Singapore and Indonesia lagged somewhat behind, together accounting for a further 16%.

Sri Lanka, with a CAGR of +45.6%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average coconut oil import price stood at $X per ton in 2022, reducing by -16.9% against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut oil import price increased by +21.6% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 35%. As a result, import price attained the peak level of $X per ton, and then plummeted in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+13.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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