Oman: Palm Oil Market 2024

Palm Oil Market Size in Oman

The Omani palm oil market dropped to $X in 2022, reducing by -5.6% 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). Over the period under review, consumption, however, continues to indicate a perceptible slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Palm Oil Exports

Exports from Oman

In 2022, exports of palm oil from Oman contracted markedly to X tons, declining by -15.7% on 2021 figures. In general, exports, however, recorded buoyant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 105%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, palm oil exports declined dramatically to $X in 2022. Over the period under review, exports, however, showed a strong expansion. The growth pace was the most rapid in 2015 with an increase of 78%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Yemen (X tons), Saudi Arabia (X tons) and the United Arab Emirates (X tons) were the main destinations of palm oil exports from Oman, together comprising 84% of total exports. Somalia and Qatar lagged somewhat behind, together accounting for a further 15%.

From 2012 to 2022, the biggest increases were recorded for Qatar (with a CAGR of +23.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for palm oil exported from Oman were Saudi Arabia ($X), the United Arab Emirates ($X) and Yemen ($X), with a combined 79% share of total exports. Somalia and Qatar lagged somewhat behind, together comprising a further 19%.

Qatar, with a CAGR of +27.7%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average palm oil export price amounted to $X per ton, shrinking by -7.3% against the previous year. In general, the export price saw a noticeable curtailment. The most prominent rate of growth was recorded in 2021 an increase of 22%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Yemen ($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 Qatar (+3.5%), while the prices for the other major destinations experienced a decline.

Palm Oil Imports

Imports into Oman

In 2022, the amount of palm oil imported into Oman fell to X tons, declining by -4.8% against the previous year. The total import volume increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 30%. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, palm oil imports contracted rapidly to $X in 2022. In general, total imports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +64.6% against 2018 indices. The pace of growth was the most pronounced in 2021 when imports increased by 60% against the previous year. As a result, imports reached the peak of $X, and then reduced remarkably in the following year.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of palm oil to Oman, with a 70% share of total imports. Moreover, palm oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fourfold. The third position in this ranking was held by India (X tons), with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia stood at +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-8.1% per year) and India (+116.4% per year).

In value terms, Indonesia ($X) constituted the largest supplier of palm oil to Oman, comprising 72% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 16% share of total imports. It was followed by the United Arab Emirates, with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Indonesia totaled +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-9.5% per year) and the United Arab Emirates (-3.1% per year).

Import Prices by Country

The average palm oil import price stood at $X per ton in 2022, reducing by -14.6% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 45% against the previous year. As a result, import price attained the peak level of $X per ton, and then shrank in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (-0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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