Singapore: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Singapore

The Singaporean crude maize oil market surged to $X in 2022, jumping by 84% against the previous year. Over the period under review, consumption enjoyed a significant increase. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in years to come.

Crude Maize Oil Production in Singapore

In value terms, crude maize oil production rose slightly to $X in 2022 estimated in export price. Overall, production showed a mild reduction. The most prominent rate of growth was recorded in 2020 with an increase of 13%. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Crude Maize Oil Exports

Exports from Singapore

Crude maize oil exports from Singapore declined notably to X tons in 2022, dropping by -16.5% against the year before. In general, exports faced a precipitous setback. The pace of growth appeared the most rapid in 2021 when exports increased by 65% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude maize oil exports dropped rapidly to $X in 2022. Overall, exports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 when exports increased by 99% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for crude maize oil exports from Singapore, with a 51% share of total exports. Moreover, crude maize oil exports to Indonesia exceeded the volume sent to the second major destination, Brunei Darussalam (X tons), twofold. Cambodia (X tons) ranked third in terms of total exports with a 21% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia amounted to +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (+9.8% per year) and Cambodia (+41.4% per year).

In value terms, Indonesia ($X) remains the key foreign market for crude maize (corn) oil exports from Singapore, comprising 54% of total exports. The second position in the ranking was held by Cambodia ($X), with a 22% share of total exports. It was followed by Brunei Darussalam, with a 20% share.

From 2012 to 2022, the average annual growth rate of value to Indonesia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+39.6% per year) and Brunei Darussalam (+6.2% per year).

Export Prices by Country

In 2022, the average crude maize oil export price amounted to $X per ton, approximately mirroring the previous year. In general, the export price, however, saw a significant expansion. The most prominent rate of growth was recorded in 2019 when the average export price increased by 125%. Over the period under review, the average export prices attained the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Indonesia ($X per ton) and Cambodia ($X per ton), while the average price for exports to Brunei Darussalam ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+30.1%), while the prices for the other major destinations experienced a decline.

Crude Maize Oil Imports

Imports into Singapore

Crude maize oil imports into Singapore surged to X tons in 2022, increasing by 64% on the year before. Over the period under review, imports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 1,325% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, crude maize oil imports skyrocketed to $X in 2022. Overall, imports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2016 when imports increased by 1,473% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, the United States (X tons) constituted the largest crude maize oil supplier to Singapore, with a 76% share of total imports. Moreover, crude maize oil imports from the United States exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +25.1%.

In value terms, the United States ($X) constituted the largest supplier of crude maize (corn) oil to Singapore, comprising 76% of total imports. The second position in the ranking was held by Malaysia ($X), with a 24% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +32.3%.

Import Prices by Country

In 2022, the average crude maize oil import price amounted to $X per ton, surging by 37% against the previous year. In general, the import price posted mild growth. The most prominent rate of growth was recorded in 2021 when the average import price increased by 42%. The import price peaked in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Malaysia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.7%).

Source: IndexBox Platform

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