South-Eastern Asia: Crude Rapeseed Oil Market 2024

Crude Rapeseed Oil Market Size in South-Eastern Asia

In 2022, after two years of growth, there was significant decline in the Southeast Asian crude rapeseed oil market, when its value decreased by -36.1% to $X. Over the period under review, consumption, however, saw temperate growth. The level of consumption peaked at $X in 2021, and then fell significantly in the following year.

Crude Rapeseed Oil Production in South-Eastern Asia

In value terms, crude rapeseed oil production expanded modestly to $X in 2022 estimated in export price. In general, production continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2015 with an increase of 37% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Crude Rapeseed Oil Exports

Exports in South-Eastern Asia

In 2022, exports of crude rape, colza or mustard oil in South-Eastern Asia declined sharply to X tons, waning by -34.7% on 2021 figures. In general, exports saw a perceptible descent. The most prominent rate of growth was recorded in 2017 when exports increased by 143%. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, crude rapeseed oil exports declined rapidly to $X in 2022. Over the period under review, exports recorded a slight slump. The pace of growth appeared the most rapid in 2017 with an increase of 196%. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Indonesia (X tons) was the largest exporter of crude rape, colza or mustard oil, comprising 55% of total exports. Malaysia (X tons) ranks second in terms of the total exports with a 21% share, followed by Singapore (11%) and Thailand (9.3%). The following exporters - Vietnam (X tons) and the Philippines (X tons) - each accounted for a 4.3% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to crude rapeseed oil exports from Indonesia stood at -3.1%. At the same time, Vietnam (+47.2%), Singapore (+15.9%) and the Philippines (+14.2%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +47.2% from 2012-2022. By contrast, Malaysia (-7.9%) and Thailand (-7.9%) illustrated a downward trend over the same period. Singapore (+9.1 p.p.), Indonesia (+3.3 p.p.), Vietnam (+2.5 p.p.) and the Philippines (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while Thailand and Malaysia saw its share reduced by -5.2% and -11.5% from 2012 to 2022, respectively.

In value terms, the largest crude rapeseed oil supplying countries in South-Eastern Asia were Indonesia ($X), Malaysia ($X) and Singapore ($X), together comprising 93% of total exports. Thailand, the Philippines and Vietnam lagged somewhat behind, together comprising a further 6.7%.

In terms of the main exporting countries, Vietnam, with a CAGR of +41.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, increasing by 10% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The pace of growth appeared the most rapid in 2017 when the export price increased by 21% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+6.9%), while the other leaders experienced more modest paces of growth.

Crude Rapeseed Oil Imports

Imports in South-Eastern Asia

In 2022, purchases abroad of crude rape, colza or mustard oil decreased by -69.8% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports saw a noticeable curtailment. The pace of growth appeared the most rapid in 2013 with an increase of 102% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, crude rapeseed oil imports reduced remarkably to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 100% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then shrank sharply in the following year.

Imports by Country

Malaysia dominates imports structure, amounting to X tons, which was approx. 82% of total imports in 2022. Vietnam (X tons) ranks second in terms of the total imports with an 8.7% share, followed by Thailand (8%).

Imports into Malaysia decreased at an average annual rate of -4.4% from 2012 to 2022. At the same time, Thailand (+54.6%) and Vietnam (+9.0%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +54.6% from 2012-2022. While the share of Thailand (+7.9 p.p.) and Vietnam (+6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Malaysia (-13.9 p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) constitutes the largest market for imported crude rape, colza or mustard oil in South-Eastern Asia, comprising 79% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 10% share of total imports.

In Malaysia, crude rapeseed oil imports shrank by an average annual rate of -1.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+20.2% per year) and Thailand (+50.7% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, growing by 42% against the previous year. Over the period under review, the import price showed tangible growth. The most prominent rate of growth was recorded in 2021 when the import price increased by 47% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+10.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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