Philippines: Oil Crops Market 2024

Oil Crops Market Size in the Philippines

The Philippine oil crops market dropped slightly to $X in 2022, leveling off at the previous year. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Oil Crops Production in the Philippines

In value terms, oil crops production declined to $X in 2022 estimated in export price. Over the period under review, production, however, saw a measured expansion. The most prominent rate of growth was recorded in 2017 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

The average yield of oil crops (primary) in the Philippines declined modestly to X tons per ha in 2022, leveling off at 2021 figures. In general, the yield continues to indicate a slight decrease. The pace of growth appeared the most rapid in 2018 when the yield increased by X%. Over the period under review, the average oil crops yield attained the peak level at X tons per ha in 2012; however, from 2013 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of oil crops (primary) were harvested in the Philippines; leveling off at the previous year. Overall, the harvested area continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the harvested area increased by X%. Over the period under review, the harvested area dedicated to oil crops production attained the peak figure at X ha in 2020; afterwards, it flattened through to 2022.

Oil Crops Exports

Exports from the Philippines

For the third year in a row, the Philippines recorded decline in overseas shipments of oil crops (primary), which decreased by X% to X tons in 2022. In general, exports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, oil crops exports shrank markedly to $X in 2022. Overall, total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of X%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons), Iraq (X tons) and Canada (X tons) were the main destinations of oil crops exports from the Philippines, together comprising X% of total exports. Australia, China, the United Arab Emirates, South Korea and Japan lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest markets for oil crops exported from the Philippines were the United States ($X), Iraq ($X) and Canada ($X), with a combined X% share of total exports. Australia, China, Japan, the United Arab Emirates and South Korea lagged somewhat behind, together accounting for a further X%.

Australia, with a CAGR of X%, recorded 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 oil crops export price amounted to $X per ton, which is down by X% against the previous year. In general, the export price, however, recorded prominent growth. The most prominent rate of growth was recorded in 2017 an increase of X%. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then fell dramatically in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to South Korea ($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 Hong Kong SAR (X%), while the prices for the other major destinations experienced more modest paces of growth.

Oil Crops Imports

Imports into the Philippines

In 2022, the amount of oil crops (primary) imported into the Philippines reduced modestly to X tons, remaining relatively unchanged against the year before. In general, imports, however, showed a noticeable increase. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, oil crops imports soared to $X in 2022. Overall, imports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of oil crops to the Philippines, accounting for a X% share of total imports. Moreover, oil crops imports from the United States exceeded the figures recorded by the second-largest supplier, Argentina (X tons), fourfold. The third position in this ranking was taken by Brazil (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (X% per year) and Brazil (X% per year).

In value terms, the United States ($X) constituted the largest supplier of oil crops (primary) to the Philippines, comprising X% of total imports. The second position in the ranking was held by Argentina ($X), with a X% share of total imports. It was followed by Brazil, with an X% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (X% per year) and Brazil (X% per year).

Import Prices by Country

In 2022, the average oil crops import price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, import price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, oil crops import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see steady growth in the immediate term.

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

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

Source: IndexBox Platform

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