Kuwait: Palm Oil Market 2024

Palm Oil Market Size in Kuwait

The Kuwaiti palm oil market shrank significantly to $X in 2022, dropping by -20.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a slight contraction. As a result, consumption reached the peak level of $X, and then fell markedly in the following year.

Palm Oil Exports

Exports from Kuwait

After five years of growth, shipments abroad of palm oil decreased by -26.2% to X tons in 2022. Over the period under review, exports, however, continue to indicate prominent growth. The pace of growth appeared the most rapid in 2020 with an increase of 490%. The exports peaked at X tons in 2021, and then shrank remarkably in the following year.

In value terms, palm oil exports dropped notably to $X in 2022. In general, exports, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2020 when exports increased by 364%. The exports peaked at $X in 2021, and then dropped notably in the following year.

Exports by Country

The Netherlands (X tons) was the main destination for palm oil exports from Kuwait, accounting for a 90% share of total exports. Moreover, palm oil exports to the Netherlands exceeded the volume sent to the second major destination, Saudi Arabia (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands stood at +48.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+22.6% per year) and the United Arab Emirates (-18.9% per year).

In value terms, the Netherlands ($X) remains the key foreign market for palm oil exports from Kuwait, comprising 86% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 9.4% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands amounted to +42.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+17.8% per year) and the United Arab Emirates (-12.7% per year).

Export Prices by Country

The average palm oil export price stood at $X per ton in 2022, approximately equating the previous year. In general, the export price recorded a deep contraction. The most prominent rate of growth was recorded in 2017 an increase of 44% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to the Netherlands ($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 Arab Emirates (+7.7%), while the prices for the other major destinations experienced a decline.

Palm Oil Imports

Imports into Kuwait

Palm oil imports into Kuwait fell to X tons in 2022, shrinking by -13.5% on 2021. In general, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 37% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, palm oil imports declined significantly to $X in 2022. Overall, imports showed a slight setback. The growth pace was the most rapid in 2021 when imports increased by 84% against the previous year. As a result, imports reached the peak of $X, and then fell notably in the following year.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest palm oil supplier to Kuwait, with a 41% share of total imports. Moreover, palm oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), eightfold.

From 2012 to 2022, the average annual growth rate of volume from Malaysia stood at -7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-10.2% per year) and Indonesia (+40.3% per year).

In value terms, Malaysia ($X) constituted the largest supplier of palm oil to Kuwait, comprising 42% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 4.4% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia stood at -7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-12.8% per year) and Indonesia (+29.8% per year).

Import Prices by Country

In 2022, the average palm oil import price amounted to $X per ton, declining by -10.8% against the previous year. In general, the import price recorded a slight reduction. The pace of growth appeared the most rapid in 2021 when the average import price increased by 34%. The import price peaked 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 country with the highest price was Malaysia ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (-0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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