Peru: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Peru

The Peruvian crude palm oil market reached $X in 2022, surging by 2.9% against the previous year. The market value increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Crude Palm Oil Production in Peru

In value terms, crude palm oil production expanded slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +5.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 21%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Crude Palm Oil Exports

Exports from Peru

In 2022, after four years of growth, there was decline in overseas shipments of crude palm oil, when their volume decreased by -0.4% to X tons. Overall, exports, however, saw a significant increase. The pace of growth appeared the most rapid in 2013 when exports increased by 2,860% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then contracted modestly in the following year.

In value terms, crude palm oil exports contracted sharply to $X in 2022. Over the period under review, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 2,963% against the previous year. The exports peaked at $X in 2021, and then reduced sharply in the following year.

Exports by Country

Colombia (X tons) was the main destination for crude palm oil exports from Peru, with a 36% share of total exports. Moreover, crude palm oil exports to Colombia exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. Mexico (X tons) ranked third in terms of total exports with a 9.2% share.

From 2012 to 2022, the average annual growth rate of volume to Colombia totaled +67.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+47.9% per year) and Mexico (+31.5% per year).

In value terms, Colombia ($X), the Netherlands ($X) and Mexico ($X) constituted the largest markets for crude palm oil exported from Peru worldwide, with a combined 48% share of total exports.

Colombia, with a CAGR of +55.2%, recorded the highest growth rate of 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

The average crude palm oil export price stood at $X per ton in 2022, shrinking by -19.9% against the previous year. Over the period under review, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude palm oil export price increased by +64.3% against 2018 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 63%. As a result, the export price reached the peak level of $X per ton, and then fell remarkably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to Colombia ($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 Mexico (+9.9%), while the prices for the other major destinations experienced a decline.

Crude Palm Oil Imports

Imports into Peru

Crude palm oil imports into Peru surged to X tons in 2022, with an increase of 31% compared with the year before. Over the period under review, imports, however, showed a abrupt contraction. The pace of growth was the most pronounced in 2020 with an increase of 139% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, crude palm oil imports reduced to $X in 2022. In general, imports, however, saw a abrupt curtailment. The growth pace was the most rapid in 2020 with an increase of 175%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Ecuador (X tons) was the main crude palm oil supplier to Peru, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Ecuador stood at -9.8%.

In value terms, Ecuador ($X) constituted the largest supplier of crude palm oil to Peru.

From 2012 to 2022, the average annual rate of growth in terms of value from Ecuador stood at -12.3%.

Import Prices by Country

In 2022, the average crude palm oil import price amounted to $X per ton, declining by -28.2% against the previous year. In general, the import price recorded a perceptible contraction. The most prominent rate of growth was recorded in 2021 an increase of 84%. As a result, import price attained the peak level of $X per ton, and then shrank significantly in the following year.

As there is only one major supplying country, the average price level is determined by prices for Ecuador.

From 2012 to 2022, the rate of growth in terms of prices for Indonesia amounted to +0.9% per year.

Source: IndexBox Platform

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