Middle East: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in the Middle East

In 2022, after two years of growth, there was significant decline in the Middle Eastern crude palm oil market, when its value decreased by -87.2% to $X. Over the period under review, consumption, however, continues to indicate a deep contraction. As a result, consumption reached the peak level of $X, and then dropped markedly in the following year.

Crude Palm Oil Production in the Middle East

In value terms, crude palm oil production surged to $X in 2022 estimated in export price. Overall, production saw significant growth. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Crude Palm Oil Exports

Exports in the Middle East

In 2022, shipments abroad of crude palm oil decreased by -94.4% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports faced a deep contraction. The pace of growth was the most pronounced in 2020 when exports increased by 503%. The volume of export peaked at X tons in 2021, and then reduced rapidly in the following year.

In value terms, crude palm oil exports reduced sharply to $X in 2022. In general, exports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2020 with an increase of 521% against the previous year. The level of export peaked at $X in 2021, and then reduced notably in the following year.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the key exporter of crude palm oil, creating 72% of total exports. It was distantly followed by Saudi Arabia (X tons) and Iran (X tons), together committing a 19% share of total exports. The following exporters - Lebanon (X tons), Jordan (X tons) and Oman (X tons) - each finished at an 8.7% share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -14.4% from 2012 to 2022. At the same time, Iran (+6.1%) and Lebanon (+4.0%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +6.1% from 2012-2022. By contrast, Jordan (-4.9%), Oman (-8.7%) and Saudi Arabia (-15.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Iran, Lebanon, Jordan and the United Arab Emirates increased by +5.1, +2.6, +1.9 and +1.9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest crude palm oil supplier in the Middle East, comprising 58% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 26% share of total exports. It was followed by Jordan, with a 5.1% share.

In the United Arab Emirates, crude palm oil exports decreased by an average annual rate of -13.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-10.9% per year) and Jordan (-5.3% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, surging by 3.3% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 31% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lebanon (+5.9%), while the other leaders experienced more modest paces of growth.

Crude Palm Oil Imports

Imports in the Middle East

In 2022, the amount of crude palm oil imported in the Middle East declined sharply to X tons, dropping by -94.4% compared with the previous year. In general, imports continue to indicate a deep contraction. The growth pace was the most rapid in 2014 with an increase of 27% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then shrank rapidly in the following year.

In value terms, crude palm oil imports fell markedly to $X in 2022. Over the period under review, imports saw a abrupt decrease. The pace of growth appeared the most rapid in 2021 when imports increased by 80%. As a result, imports reached the peak of $X, and then contracted markedly in the following year.

Imports by Country

Qatar was the main importing country with an import of around X tons, which recorded 51% of total imports. Oman (X tons) took a 30% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (14%). Yemen (X tons) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Kuwait (with a CAGR of +62.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Qatar ($X) constitutes the largest market for imported crude palm oil in the Middle East, comprising 68% of total imports. The second position in the ranking was held by Oman ($X), with a 16% share of total imports. It was followed by Kuwait, with a 12% share.

In Qatar, crude palm oil imports expanded at an average annual rate of +28.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (-9.2% per year) and Kuwait (+61.1% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, surging by 18% against the previous year. Over the period under review, the import price showed modest growth. The growth pace was the most rapid in 2021 when the import price increased by 46%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while Yemen ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+2.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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