Hong Kong SAR, China: Crude Groundnut Oil Market 2024

Crude Groundnut Oil Market Size in Hong Kong SAR, China

In 2022, the Hong Kong crude groundnut oil market increased by 9.2% to $X, rising for the fourth year in a row after two years of decline. In general, consumption recorded a relatively flat trend pattern. Crude groundnut oil consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Crude Groundnut Oil Exports

Exports from Hong Kong SAR, China

In 2022, approx. X tons of crude groundnut oil were exported from Hong Kong SAR; shrinking by -98.5% on the previous year. Over the period under review, exports continue to indicate a precipitous shrinkage. The growth pace was the most rapid in 2016 when exports increased by 94% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude groundnut oil exports declined notably to $X in 2022. In general, exports continue to indicate a dramatic slump. The most prominent rate of growth was recorded in 2015 when exports increased by 49%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Canada (X tons) was the main destination for crude groundnut oil exports from Hong Kong SAR, accounting for a 96% share of total exports. Moreover, crude groundnut oil exports to Canada exceeded the volume sent to the second major destination, Fiji (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada stood at -31.7%.

In value terms, Canada ($X) emerged as the key foreign market for crude groundnut oil exports from Hong Kong SAR, comprising 81% of total exports. The second position in the ranking was held by Fiji ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Canada stood at -32.1%.

Export Prices by Country

In 2022, the average crude groundnut oil export price amounted to $X per ton, declining by -56.5% against the previous year. Overall, the export price saw a abrupt decrease. The most prominent rate of growth was recorded in 2017 when the average export price increased by 80%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Fiji ($X per ton), while the average price for exports to Canada stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+2.9%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Groundnut Oil Imports

Imports into Hong Kong SAR, China

In 2022, approx. X tons of crude groundnut oil were imported into Hong Kong SAR; standing approx. at the previous year's figure. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 61% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, crude groundnut oil imports contracted modestly to $X in 2022. In general, imports, however, saw a pronounced downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 27% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Nicaragua (X tons) was the main supplier of crude groundnut oil to Hong Kong SAR, accounting for a 93% share of total imports. Moreover, crude groundnut oil imports from Nicaragua exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold. India (X tons) ranked third in terms of total imports with a 1.9% share.

From 2012 to 2022, the average annual growth rate of volume from Nicaragua stood at +14.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-10.8% per year) and India (-24.0% per year).

In value terms, Nicaragua ($X) constituted the largest supplier of crude groundnut oil to Hong Kong SAR, comprising 91% of total imports. The second position in the ranking was held by China ($X), with a 6.1% share of total imports. It was followed by India, with a 1.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Nicaragua totaled +21.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-12.4% per year) and India (-17.7% per year).

Import Prices by Country

The average crude groundnut oil import price stood at $X per ton in 2022, dropping by -4.1% against the previous year. In general, the import price recorded a perceptible decline. The pace of growth was the most pronounced in 2020 when the average import price increased by 27% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were China ($X per ton) and India ($X per ton), while the price for Nicaragua ($X per ton) and Argentina ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+8.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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