Singapore: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in Singapore

After two years of growth, the Singaporean refined rapeseed oil market decreased by -17.9% to $X in 2022. Overall, consumption showed a pronounced slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Rapeseed Oil Production in Singapore

In value terms, refined rapeseed oil production totaled $X in 2022 estimated in export price. In general, production, however, recorded a pronounced shrinkage. The pace of growth was the most pronounced in 2020 when the production volume increased by 16%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Rapeseed Oil Exports

Exports from Singapore

After three years of decline, shipments abroad of refined rape, colza or mustard oil increased by 27% to X tons in 2022. Over the period under review, exports, however, saw a slight reduction. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, refined rapeseed oil exports reduced to $X in 2022. In general, exports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2021 when exports increased by 14%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The Philippines (X tons) was the main destination for refined rapeseed oil exports from Singapore, accounting for a 77% share of total exports. Moreover, refined rapeseed oil exports to the Philippines exceeded the volume sent to the second major destination, Fiji (X tons), sevenfold. The third position in this ranking was taken by Indonesia (X tons), with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines stood at +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Fiji (-0.7% per year) and Indonesia (+2.2% per year).

In value terms, the Philippines ($X) remains the key foreign market for refined rape, colza or mustard oil exports from Singapore, comprising 75% of total exports. The second position in the ranking was held by Fiji ($X), with an 11% share of total exports. It was followed by Indonesia, with a 4% share.

From 2012 to 2022, the average annual growth rate of value to the Philippines totaled +1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Fiji (-4.9% per year) and Indonesia (-2.9% per year).

Export Prices by Country

The average refined rapeseed oil export price stood at $X per ton in 2022, declining by -31.4% against the previous year. In general, the export price showed a pronounced decline. The pace of growth was the most pronounced in 2021 when the average export price increased by 37% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Hong Kong SAR ($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 Australia (+0.1%), while the prices for the other major destinations experienced a decline.

Refined Rapeseed Oil Imports

Imports into Singapore

In 2022, supplies from abroad of refined rape, colza or mustard oil decreased by -23.9% to X tons, falling for the fifth year in a row after two years of growth. Over the period under review, imports showed a noticeable curtailment. The pace of growth was the most pronounced in 2013 when imports increased by 14% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined rapeseed oil imports dropped rapidly to $X in 2022. In general, imports showed a noticeable decline. The pace of growth was the most pronounced in 2021 with an increase of 38% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates (X tons), Malaysia (X tons) and Australia (X tons) were the main suppliers of refined rapeseed oil imports to Singapore, together comprising 92% of total imports. Germany lagged somewhat behind, comprising a further 3.3%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +96.0%), while purchases for the other leaders experienced a decline.

In value terms, the United Arab Emirates ($X), Malaysia ($X) and Australia ($X) were the largest refined rapeseed oil suppliers to Singapore, together accounting for 90% of total imports. Germany lagged somewhat behind, accounting for a further 2.7%.

Among the main suppliers, Germany, with a CAGR of +88.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average refined rapeseed oil import price amounted to $X per ton, surging by 3.4% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 49%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Malaysia ($X per ton) and Australia ($X per ton), while the price for the United Arab Emirates ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+1.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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