Singapore: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Singapore

In 2022, the Singaporean market for crude sunflower-seed and safflower oil decreased by -3.1% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, enjoyed noticeable growth. Crude sunflower-seed and safflower oil consumption peaked at $X in 2021, and then fell modestly in the following year.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from Singapore

In 2022, shipments abroad of crude sunflower-seed and safflower oil decreased by -82.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports recorded a deep reduction. The pace of growth was the most pronounced in 2015 with an increase of 630%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, crude sunflower-seed and safflower oil exports contracted sharply to $X in 2022. In general, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2015 when exports increased by 536%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Cambodia (X tons), Brunei Darussalam (X tons) and Indonesia (X tons) were the main destinations of crude sunflower-seed and safflower oil exports from Singapore, together accounting for 96% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of +11.1%), while the other leaders experienced mixed trend patterns.

In value terms, Cambodia ($X), Brunei Darussalam ($X) and Indonesia ($X) constituted the largest markets for crude sunflower-seed and safflower oil exported from Singapore worldwide, with a combined 89% share of total exports.

Indonesia, with a CAGR of +9.0%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average export price for crude sunflower-seed and safflower oil amounted to $X per ton, rising by 14% against the previous year. Overall, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude sunflower-seed and safflower oil export price increased by +83.9% against 2018 indices. The growth pace was the most rapid in 2021 when the average export price increased by 40% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Timor-Leste ($X per ton) and Indonesia ($X per ton), while the average price for exports to Brunei Darussalam ($X per ton) and Cambodia ($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 Papua New Guinea (+56.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into Singapore

In 2022, after two years of growth, there was significant decline in purchases abroad of crude sunflower-seed and safflower oil, when their volume decreased by -20.2% to X tons. Over the period under review, imports, however, showed a noticeable increase. The growth pace was the most rapid in 2017 when imports increased by 357%. Imports peaked at X tons in 2021, and then fell rapidly in the following year.

In value terms, crude sunflower-seed and safflower oil imports surged to $X in 2022. In general, imports, however, posted a temperate expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 252% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Russia (X tons) was the main supplier of crude sunflower-seed and safflower oil to Singapore, accounting for a 98% share of total imports. It was followed by Malaysia (X tons), with a 0.8% share of total imports. Ukraine (X tons) ranked third in terms of total imports with a 0.4% share.

From 2012 to 2022, the average annual growth rate of volume from Russia stood at +257.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-32.4% per year) and Ukraine (-17.8% per year).

In value terms, Russia ($X) constituted the largest supplier of crude sunflower-seed and safflower oil to Singapore, comprising 98% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 0.6% share of total imports. It was followed by Ukraine, with a 0.4% share.

From 2012 to 2022, the average annual growth rate of value from Russia amounted to +248.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-34.8% per year) and Ukraine (-17.9% per year).

Import Prices by Country

In 2022, the average import price for crude sunflower-seed and safflower oil amounted to $X per ton, with an increase of 46% against the previous year. Overall, the import price, however, recorded a slight setback. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Malaysia ($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 (+3.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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