Jordan: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Jordan

The Jordanian refined coconut oil market reached $X in 2022, rising by 7.1% against the previous year. Overall, the total consumption indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -13.3% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Refined Coconut Oil Production in Jordan

In value terms, refined coconut oil production rose sharply to $X in 2022 estimated in export price. Overall, the total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -10.9% against 2020 indices. The pace of growth was the most pronounced in 2020 with an increase of 78%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Refined Coconut Oil Exports

Exports from Jordan

In 2022, overseas shipments of refined coconut (copra) oil increased by 25% to X tons, rising for the third consecutive year after two years of decline. In general, exports, however, showed a sharp contraction. The growth pace was the most rapid in 2017 with an increase of 90%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined coconut oil exports expanded slightly to $X in 2022. Overall, exports, however, recorded a precipitous shrinkage. The growth pace was the most rapid in 2020 with an increase of 169% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

South Korea (X tons) was the main destination for refined coconut oil exports from Jordan, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to South Korea was relatively modest.

In value terms, South Korea ($X) emerged as the key foreign market for refined coconut (copra) oil exports from Jordan.

From 2012 to 2022, the average annual growth rate of value to South Korea was relatively modest.

Export Prices by Country

In 2022, the average refined coconut oil export price amounted to $X per ton, dropping by -17.9% against the previous year. Overall, the export price, however, recorded a temperate expansion. The growth pace was the most rapid in 2020 an increase of 139% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for South Korea.

From 2012 to 2022, the rate of growth in terms of prices for Free Zones amounted to +16.9% per year.

Refined Coconut Oil Imports

Imports into Jordan

In 2022, overseas purchases of refined coconut (copra) oil decreased by -45.9% to X tons, falling for the third year in a row after two years of growth. Over the period under review, imports saw a abrupt shrinkage. The growth pace was the most rapid in 2019 when imports increased by 418%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, refined coconut oil imports shrank sharply to $X in 2022. Overall, imports showed a noticeable decline. The pace of growth appeared the most rapid in 2019 when imports increased by 190%. Over the period under review, imports reached the peak figure at $X in 2021, and then contracted notably in the following year.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest refined coconut oil supplier to Jordan, accounting for a 67% share of total imports. Moreover, refined coconut oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. The United Arab Emirates (X tons) ranked third in terms of total imports with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia amounted to -9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-2.1% per year) and the United Arab Emirates (+49.9% per year).

In value terms, Malaysia ($X) constituted the largest supplier of refined coconut (copra) oil to Jordan, comprising 67% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 19% share of total imports. It was followed by the United Arab Emirates, with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia stood at -4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+3.3% per year) and the United Arab Emirates (+51.5% per year).

Import Prices by Country

The average refined coconut oil import price stood at $X per ton in 2022, increasing by 18% against the previous year. Over the period under review, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.0% 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 +131.6% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 51% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United Arab Emirates ($X per ton) and India ($X per ton), while the price for Pakistan ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform