South-Eastern Asia: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in South-Eastern Asia

In 2021, the Southeast Asian refined maize oil market increased by 5.4% to $X for the first time since 2015, thus ending a five-year declining trend. Overall, consumption, however, saw a slight shrinkage. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Refined Maize Oil Production in South-Eastern Asia

In value terms, refined maize oil production amounted to $X in 2021 estimated in export price. In general, production, however, continues to indicate a mild setback. The most prominent rate of growth was recorded in 2014 when the production volume increased by 17% against the previous year. The level of production peaked at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Refined Maize Oil Exports

Exports in South-Eastern Asia

In 2021, overseas shipments of refined maize (corn) oil decreased by -20.4% to X tons, falling for the fourth consecutive year after two years of growth. Over the period under review, exports recorded a abrupt downturn. The growth pace was the most rapid in 2014 when exports increased by 13%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, refined maize oil exports contracted modestly to $X in 2021. In general, exports recorded a drastic downturn. The pace of growth appeared the most rapid in 2016 when exports increased by 8.3%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Malaysia (X tons) was the major exporter of refined maize (corn) oil, constituting 57% of total exports. Singapore (X tons) ranks second in terms of the total exports with a 22% share, followed by Myanmar (19%). Brunei Darussalam (X tons) took a little share of total exports.

Exports from Malaysia increased at an average annual rate of +1.5% from 2012 to 2021. At the same time, Myanmar (+56.5%) and Brunei Darussalam (+47.1%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +56.5% from 2012-2021. By contrast, Singapore (-15.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Malaysia, Myanmar and Brunei Darussalam increased by +28, +19 and +1.8 percentage points, respectively.

In value terms, Malaysia ($X) remains the largest refined maize oil supplier in South-Eastern Asia, comprising 68% of total exports. The second position in the ranking was held by Singapore ($X), with a 24% share of total exports. It was followed by Myanmar, with a 7.3% share.

In Malaysia, refined maize oil exports expanded at an average annual rate of +2.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Singapore (-16.7% per year) and Myanmar (+57.4% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, jumping by 24% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while Brunei Darussalam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+1.3%), while the other leaders experienced mixed trends in the export price figures.

Refined Maize Oil Imports

Imports in South-Eastern Asia

In 2021, the amount of refined maize (corn) oil imported in South-Eastern Asia surged to X tons, jumping by 17% compared with the previous year's figure. Over the period under review, imports continue to indicate a mild expansion. The growth pace was the most rapid in 2013 when imports increased by 18% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, refined maize oil imports soared to $X in 2021. Overall, imports showed a relatively flat trend pattern. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Malaysia (X tons) represented the main importer of refined maize (corn) oil, committing 43% of total imports. Indonesia (X tons) took a 19% share (based on physical terms) of total imports, which put it in second place, followed by the Philippines (16%), Singapore (13%) and Vietnam (6.8%).

Imports into Malaysia increased at an average annual rate of +6.9% from 2012 to 2021. At the same time, Indonesia (+8.9%) and the Philippines (+4.5%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +8.9% from 2012-2021. By contrast, Vietnam (-5.1%) and Singapore (-10.2%) illustrated a downward trend over the same period. Malaysia (+17 p.p.), Indonesia (+9.4 p.p.) and the Philippines (+4.3 p.p.) significantly strengthened its position in terms of the total imports, while Vietnam and Singapore saw its share reduced by -5% and -24% from 2012 to 2021, respectively.

In value terms, the largest refined maize oil importing markets in South-Eastern Asia were Malaysia ($X), Indonesia ($X) and the Philippines ($X), with a combined 78% share of total imports.

Indonesia, with a CAGR of +6.9%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per ton, with an increase of 38% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Indonesia ($X per ton) and Vietnam ($X per ton), while Malaysia ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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