Portugal: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in Portugal

The Portuguese crude coconut oil market reduced notably to $X in 2022, shrinking by -35.6% 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). Overall, consumption, however, enjoyed significant growth. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Crude Coconut Oil Exports

Exports from Portugal

In 2022, shipments abroad of crude coconut (copra) oil was finally on the rise to reach X tons after two years of decline. Over the period under review, exports posted a prominent expansion. The pace of growth was the most pronounced in 2017 with an increase of 6,133% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, crude coconut oil exports skyrocketed to $X in 2022. Overall, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 6,694%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Angola (X tons) was the main destination for crude coconut oil exports from Portugal, with a 73% share of total exports. Moreover, crude coconut oil exports to Angola exceeded the volume sent to the second major destination, Spain (X kg), ninefold. The third position in this ranking was taken by Mozambique (X kg), with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Angola amounted to +92.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (-38.9% per year) and Mozambique (+36.0% per year).

In value terms, Angola ($X) remains the key foreign market for crude coconut (copra) oil exports from Portugal, comprising 72% of total exports. The second position in the ranking was taken by Spain ($X), with a 7.6% share of total exports. It was followed by Mozambique, with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Angola amounted to +78.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (-40.6% per year) and Mozambique (+28.9% per year).

Export Prices by Country

The average crude coconut oil export price stood at $X per ton in 2022, which is down by -44.9% against the previous year. In general, the export price, however, saw a resilient increase. The growth pace was the most rapid in 2013 an increase of 142% against the previous year. The export price peaked at $X per ton in 2021, and then fell markedly in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Cabo Verde ($X per ton), while the average price for exports to Belgium ($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 Cabo Verde (+8.3%), while the prices for the other major destinations experienced a decline.

Crude Coconut Oil Imports

Imports into Portugal

In 2022, crude coconut oil imports into Portugal dropped significantly to X tons, declining by -45.7% compared with the previous year's figure. In general, imports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2017 when imports increased by 438% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, crude coconut oil imports shrank rapidly to $X in 2022. Over the period under review, imports, however, recorded a significant increase. The growth pace was the most rapid in 2017 when imports increased by 554% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest crude coconut oil supplier to Portugal, accounting for a 72% share of total imports. Moreover, crude coconut oil imports from Spain exceeded the figures recorded by the second-largest supplier, Sri Lanka (X tons), fivefold. The Netherlands (X tons) ranked third in terms of total imports with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain stood at +202.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (+41.1% per year) and the Netherlands (-11.6% per year).

In value terms, Spain ($X) constituted the largest supplier of crude coconut (copra) oil to Portugal, comprising 53% of total imports. The second position in the ranking was held by Sri Lanka ($X), with a 24% share of total imports. It was followed by Slovenia, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value from Spain stood at +229.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (+38.9% per year) and Slovenia (+16.9% per year).

Import Prices by Country

The average crude coconut oil import price stood at $X per ton in 2022, surging by 25% against the previous year. Overall, the import price continues to indicate a prominent increase. The pace of growth was the most pronounced in 2020 an increase of 53% against the previous year. Over the period under review, average import prices hit record highs 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 Germany ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+15.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :