Philippines: Maize Oil Market 2024

Maize Oil Market Size in the Philippines

For the fourth consecutive year, the Philippine maize oil market recorded growth in sales value, which increased by 5.5% to $X in 2022. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the immediate term.

Maize Oil Production in the Philippines

In value terms, maize oil production rose slightly to $X in 2022 estimated in export price. In general, production, however, showed a abrupt downturn. The pace of growth was the most pronounced in 2014 with an increase of 73%. Maize oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Maize Oil Exports

Exports from the Philippines

In 2015, after two years of decline, there was significant decline in shipments abroad of maize oil, when their volume decreased by -30% to X tons. Over the period under review, exports, however, continue to indicate a significant increase. Over the period under review, the exports hit record highs at X tons in 2014, and then declined markedly in the following year.

In value terms, maize oil exports contracted sharply to $X in 2015. Overall, exports, however, enjoyed significant growth. The exports peaked at $X in 2014, and then fell remarkably in the following year.

Exports by Country

Honduras (X tons) was the main destination for maize oil exports from the Philippines, with a 88% share of total exports. Moreover, maize oil exports to Honduras exceeded the volume sent to the second major destination, the Dominican Republic (X kg), more than tenfold.

From 2012 to 2015, the average annual rate of growth in terms of volume to Honduras was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (-93.3% per year) and China (-87.9% per year).

In value terms, Honduras ($X) emerged as the key foreign market for maize oil exports from the Philippines, comprising 78% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with an 11% share of total exports.

From 2012 to 2015, the average annual rate of growth in terms of value to Honduras was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (-91.3% per year) and China (-70.1% per year).

Export Prices by Country

In 2015, the average maize oil export price amounted to $X per ton, dropping by -17.6% against the previous year. In general, the export price continues to indicate a drastic downturn. The export price peaked at $X per ton in 2012; however, from 2013 to 2015, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Honduras ($X per ton) was amongst the lowest.

From 2012 to 2015, the most notable rate of growth in terms of prices was recorded for supplies to China (+147.6%).

Maize Oil Imports

Imports into the Philippines

In 2022, approx. X tons of maize oil were imported into the Philippines; with an increase of 14% against 2021. In general, imports posted buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of 174% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, maize oil imports surged to $X in 2022. Over the period under review, imports enjoyed prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of 261% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of maize oil to the Philippines, accounting for a 51% share of total imports. Moreover, maize oil imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X tons), threefold. Spain (X tons) ranked third in terms of total imports with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +49.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-0.4% per year) and Spain (+5.1% per year).

In value terms, China ($X) constituted the largest supplier of maize oil to the Philippines, comprising 52% of total imports. The second position in the ranking was held by Spain ($X), with a 21% share of total imports. It was followed by Singapore, with a 14% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +52.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+10.2% per year) and Singapore (-0.5% per year).

Import Prices by Country

In 2022, the average maize oil import price amounted to $X per ton, jumping by 21% against the previous year. In general, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil import price increased by +78.4% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the average import price increased by 43% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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