Hong Kong SAR, China: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Hong Kong SAR, China

In 2022, the Hong Kong refined coconut oil market increased by 2.6% to $X, rising for the second consecutive year after three years of decline. In general, consumption, however, recorded a perceptible descent. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Coconut Oil Production in Hong Kong SAR, China

In value terms, refined coconut oil production fell to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a perceptible decline. The growth pace was the most rapid in 2014 when the production volume increased by 24% against the previous year. Refined coconut oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Coconut Oil Exports

Exports from Hong Kong SAR, China

After four years of decline, shipments abroad of refined coconut (copra) oil increased by 159% to X tons in 2022. Overall, exports recorded a prominent increase. The pace of growth was the most pronounced in 2017 with an increase of 168%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined coconut oil exports soared to $X in 2022. In general, exports posted a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of 256% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for refined coconut oil exports from Hong Kong SAR, accounting for a 79% share of total exports. Moreover, refined coconut oil exports to China exceeded the volume sent to the second major destination, Macao SAR (X tons), fourfold.

From 2012 to 2022, the average annual growth rate of volume to China stood at +18.1%.

In value terms, China ($X) remains the key foreign market for refined coconut (copra) oil exports from Hong Kong SAR, comprising 81% of total exports. The second position in the ranking was taken by Macao SAR ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled +12.5%.

Export Prices by Country

In 2022, the average refined coconut oil export price amounted to $X per ton, which is down by -9.6% against the previous year. In general, the export price recorded a noticeable descent. The most prominent rate of growth was recorded in 2017 when the average export price increased by 33% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+86.9%), while the prices for the other major destinations experienced a decline.

Refined Coconut Oil Imports

Imports into Hong Kong SAR, China

In 2022, supplies from abroad of refined coconut (copra) oil increased by 63% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, refined coconut oil imports skyrocketed to $X in 2022. Over the period under review, total imports indicated a tangible increase from 2012 to 2022: its value 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, imports increased by +103.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 47% against the previous year. Over the period under review, imports reached the peak figure 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 refined coconut oil imports to Hong Kong SAR, together comprising 89% of total imports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +60.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), Malaysia ($X) and Thailand ($X) constituted the largest refined coconut oil suppliers to Hong Kong SAR, with a combined 83% share of total imports.

The Philippines, with a CAGR of +57.6%, saw the highest rates of growth with regard to the value of imports, in terms of 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 refined coconut oil import price stood at $X per ton in 2022, shrinking by -15.1% against the previous year. Over the period under review, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined coconut oil import price increased by +43.0% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 51% against the previous year. As a result, import price attained the peak level of $X per ton, and then reduced remarkably 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 the United States (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :