Puerto Rico: Groundnut Oil Market 2024

Groundnut Oil Market Size in Puerto Rico

The Puerto Rican groundnut oil market totaled less than $X in 2021, almost unchanged from 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). In general, consumption continues to indicate a relatively flat trend pattern.

Groundnut Oil Exports

Exports from Puerto Rico

In 2021, exports of groundnut oil from Puerto Rico was estimated at less than X kg, approximately reflecting the previous year's figure. In general, exports continue to indicate a relatively flat trend pattern.

In value terms, groundnut oil exports amounted to less than $X in 2021. Overall, exports showed a relatively flat trend pattern.

Exports by Country

South Africa was the major exporter of groundnut oil in the world, with the volume of exports resulting at X tons, which was approx. 55% of total exports in 2021. India (X tons) held the second position in the ranking, followed by Brazil (X tons) and Senegal (X tons). All these countries together took near 29% share of total exports. The following exporters - Iraq (X tons), Argentina (X tons), Nicaragua (X tons), the United States (X tons), Saudi Arabia (X tons), Belgium (X tons), China (X tons) and France (X tons) - together made up 13% of total exports.

South Africa was also the fastest-growing in terms of the groundnut oil exports, with a CAGR of +131.5% from 2012 to 2021. At the same time, Iraq (+124.3%), India (+21.1%), Brazil (+9.4%), the United States (+5.9%), China (+2.3%) and Nicaragua (+1.9%) displayed positive paces of growth. Senegal experienced a relatively flat trend pattern. By contrast, Belgium (-4.0%), France (-11.3%), Argentina (-11.4%) and Saudi Arabia (-39.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of South Africa, India and Iraq increased by +54, +6.2 and +3.2 percentage points, respectively.

In value terms, the largest groundnut oil supplying countries from Puerto Rico were South Africa ($X), India ($X) and Brazil ($X), together comprising 76% of total exports.

South Africa, with a CAGR of +110.2%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Puerto Rico amounted to less than $X per ton, standing approx. at the previous year. In general, the export price recorded a relatively flat trend pattern.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Iraq ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+0.7%), while the other leaders experienced mixed trends in the export price figures.

Groundnut Oil Imports

Imports into Puerto Rico

Groundnut oil imports into Puerto Rico totaled less than X kg in 2021, flattening at the year before. Overall, imports recorded a relatively flat trend pattern.

In value terms, groundnut oil imports stood at less than $X in 2021. In general, imports showed a relatively flat trend pattern.

Imports by Country

China prevails in imports structure, finishing at X tons, which was approx. 66% of total imports in 2021. Italy (X tons) ranks second in terms of the total imports with an 8.3% share, followed by the United States (5.8%) and Belgium (1%). The Netherlands (X tons), Hong Kong SAR (X tons), Afghanistan (X tons), France (X tons), Benin (X tons) and Switzerland (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to groundnut oil imports into China stood at +19.1%. At the same time, Afghanistan (+115.4%), the United States (+13.4%), the Netherlands (+11.3%), Switzerland (+6.7%), Hong Kong SAR (+4.6%) and Italy (+1.9%) displayed positive paces of growth. Moreover, Afghanistan emerged as the fastest-growing importer imported in the world, with a CAGR of +115.4% from 2012-2021. Benin experienced a relatively flat trend pattern. By contrast, France (-9.3%) and Belgium (-13.5%) illustrated a downward trend over the same period. China (+34 p.p.) and Afghanistan (+2.3 p.p.) significantly strengthened its position in terms of the global imports, while Hong Kong SAR, Benin, Belgium, Italy and France saw its share reduced by -1.6%, -2.2%, -7.4%, -8.2% and -10.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported groundnut oil into Puerto Rico, comprising 64% of global imports. The second position in the ranking was held by Italy ($X), with an 8.7% share of global imports. It was followed by the United States, with a 6.1% share.

In China, groundnut oil imports expanded at an average annual rate of +15.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Italy (+0.2% per year) and the United States (+14.1% per year).

Import Prices by Country

The import price in Puerto Rico stood at less than $X per ton in 2021, leveling off at the previous year. In general, the import price showed a relatively flat trend pattern.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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