Indonesia: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in Indonesia

The Indonesian crude coconut oil market was estimated at $X in 2022, approximately equating the previous year. Over the period under review, the total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.6% 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 +9.5% against 2019 indices. Crude coconut oil consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Crude Coconut Oil Production in Indonesia

In value terms, crude coconut oil production rose remarkably to $X in 2022 estimated in export price. In general, production showed a perceptible contraction. The most prominent rate of growth was recorded in 2014 when the production volume increased by 46%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Crude Coconut Oil Exports

Exports from Indonesia

In 2022, shipments abroad of crude coconut (copra) oil increased by 1.9% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, saw a deep downturn. The most prominent rate of growth was recorded in 2018 with an increase of 47%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude coconut oil exports surged to $X in 2022. Overall, exports, however, saw a slight decrease. The pace of growth appeared the most rapid in 2021 when exports increased by 78%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for crude coconut oil exports from Indonesia, with a 33% share of total exports. Moreover, crude coconut oil exports to Malaysia exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. The United States (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia totaled -4.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-14.2% per year) and the United States (-1.2% per year).

In value terms, Malaysia ($X) remains the key foreign market for crude coconut (copra) oil exports from Indonesia, comprising 26% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 12% share of total exports. It was followed by the United States, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia totaled -1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-10.9% per year) and the United States (+3.6% per year).

Export Prices by Country

The average crude coconut oil export price stood at $X per ton in 2022, with an increase of 27% against the previous year. Overall, the export price posted a resilient expansion. The pace of growth appeared the most rapid in 2021 when the average export price increased by 70% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to China ($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 United States (+4.9%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Coconut Oil Imports

Imports into Indonesia

After five years of growth, overseas purchases of crude coconut (copra) oil decreased by -33.5% to X tons in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 110%. Imports peaked at X tons in 2021, and then fell sharply in the following year.

In value terms, crude coconut oil imports declined notably to $X in 2022. Overall, imports, however, showed resilient growth. The pace of growth appeared the most rapid in 2020 when imports increased by 89% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then shrank markedly in the following year.

Imports by Country

In 2022, the Philippines (X tons) constituted the largest crude coconut oil supplier to Indonesia, accounting for a 83% share of total imports. Moreover, crude coconut oil imports from the Philippines exceeded the figures recorded by the second-largest supplier, India (X tons), ninefold. Singapore (X tons) ranked third in terms of total imports with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Philippines was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+1.8% per year) and Singapore (+102.7% per year).

In value terms, the Philippines ($X) constituted the largest supplier of crude coconut (copra) oil to Indonesia, comprising 91% of total imports. The second position in the ranking was taken by India ($X), with a 4% share of total imports. It was followed by Singapore, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Philippines amounted to +13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-6.0% per year) and Singapore (+82.9% per year).

Import Prices by Country

The average crude coconut oil import price stood at $X per ton in 2022, growing by 22% against the previous year. In general, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude coconut oil import price increased by +152.7% against 2019 indices. The pace of growth appeared the most rapid in 2020 an increase of 47% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Philippines ($X per ton), while the price for India ($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 Philippines (+13.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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