Sri Lanka: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in Sri Lanka

The Sri Lankan crude coconut oil market was estimated at $X in 2022, increasing by 3.2% against the previous year. In general, consumption, however, continues to indicate a noticeable decrease. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Coconut Oil Production in Sri Lanka

In value terms, crude coconut oil production contracted modestly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by 13% against the previous year. Crude coconut oil production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Crude Coconut Oil Exports

Exports from Sri Lanka

In 2022, shipments abroad of crude coconut (copra) oil decreased by -4.7% to X tons, falling for the second consecutive year after two years of growth. In general, exports, however, saw a significant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 315% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, crude coconut oil exports reduced markedly to $X in 2022. Overall, exports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 369%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for crude coconut oil exports from Sri Lanka, with a 26% share of total exports. Moreover, crude coconut oil exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), twofold. The third position in this ranking was taken by Australia (X tons), with a 6.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +15.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+47.5% per year) and Australia (+20.0% per year).

In value terms, the United States ($X) emerged as the key foreign market for crude coconut (copra) oil exports from Sri Lanka, comprising 25% of total exports. The second position in the ranking was taken by Germany ($X), with a 12% share of total exports. It was followed by the Netherlands, with a 7.5% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +15.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+44.8% per year) and the Netherlands (+30.1% per year).

Export Prices by Country

The average crude coconut oil export price stood at $X per ton in 2022, with a decrease of -14% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by 15%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Lithuania ($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 the Netherlands (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Coconut Oil Imports

Imports into Sri Lanka

In 2022, approx. X tons of crude coconut (copra) oil were imported into Sri Lanka; rising by 105% compared with 2021. In general, imports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2013 with an increase of 186%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, crude coconut oil imports soared to $X in 2022. Overall, imports saw significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India (X tons), Indonesia (X tons) and Papua New Guinea (X tons) were the main suppliers of crude coconut oil imports to Sri Lanka, together accounting for 91% of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +67.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest crude coconut oil suppliers to Sri Lanka were India ($X), Indonesia ($X) and Papua New Guinea ($X), together comprising 93% of total imports.

India, with a CAGR of +82.8%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average crude coconut oil import price stood at $X per ton in 2022, with an increase of 52% against the previous year. Over the period under review, the import price continues to indicate a prominent expansion. The pace of growth appeared the most rapid in 2015 an increase of 82%. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average 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 Papua New Guinea ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+11.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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