Malaysia: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Malaysia

In 2022, after three years of growth, there was significant decline in the Malaysian market for crude sunflower-seed and safflower oil, when its value decreased by -11.3% to $X. Over the period under review, consumption showed a strong increase. Over the period under review, the market hit record highs at $X in 2021, and then fell in the following year.

Production of Crude Sunflower-Seed And Safflower Oil in Malaysia

In value terms, crude sunflower-seed and safflower oil production rose modestly to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 58%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from Malaysia

In 2022, shipments abroad of crude sunflower-seed and safflower oil decreased by -15.5% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 405% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, crude sunflower-seed and safflower oil exports shrank dramatically to $X in 2022. Over the period under review, exports recorded a perceptible setback. The most prominent rate of growth was recorded in 2014 with an increase of 375% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for crude sunflower-seed and safflower oil exports from Malaysia, accounting for a 89% share of total exports. Moreover, crude sunflower-seed and safflower oil exports to Japan exceeded the volume sent to the second major destination, Singapore (X tons), eightfold.

From 2012 to 2022, the average annual growth rate of volume to Japan stood at +3.6%.

In value terms, Japan ($X) emerged as the key foreign market for crude sunflower-seed and safflower oil exports from Malaysia, comprising 89% of total exports. The second position in the ranking was taken by Singapore ($X), with an 11% share of total exports.

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

Export Prices by Country

In 2022, the average export price for crude sunflower-seed and safflower oil amounted to $X per ton, with a decrease of -3.6% against the previous year. Over the period under review, the export price recorded a noticeable reduction. The most prominent rate of growth was recorded in 2018 an increase of 21% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Singapore totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (-2.9%), while the prices for the other major destinations experienced a decline.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into Malaysia

Crude sunflower-seed and safflower oil imports into Malaysia was estimated at X tons in 2022, approximately reflecting the year before. Overall, imports recorded a strong expansion. The growth pace was the most rapid in 2019 with an increase of 82% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, crude sunflower-seed and safflower oil imports dropped notably to $X in 2022. Over the period under review, imports enjoyed resilient growth. The pace of growth was the most pronounced in 2019 when imports increased by 91% against the previous year. Imports peaked at $X in 2021, and then reduced notably in the following year.

Imports by Country

In 2022, Ukraine (X tons) constituted the largest crude sunflower-seed and safflower oil supplier to Malaysia, with a 56% share of total imports. Moreover, crude sunflower-seed and safflower oil imports from Ukraine exceeded the figures recorded by the second-largest supplier, Argentina (X tons), threefold. Russia (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ukraine totaled +13.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-1.6% per year) and Russia (+55.1% per year).

In value terms, Ukraine ($X) constituted the largest supplier of crude sunflower-seed and safflower oil to Malaysia, comprising 63% of total imports. The second position in the ranking was held by Argentina ($X), with a 13% share of total imports. It was followed by Russia, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Ukraine stood at +13.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-4.8% per year) and Russia (+46.7% per year).

Import Prices by Country

The average import price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, shrinking by -17% against the previous year. In general, the import price continues to indicate a mild descent. The pace of growth was the most pronounced in 2021 when the average import price increased by 51%. As a result, import price attained the peak level of $X per ton, and then shrank dramatically in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Switzerland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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