Thailand: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in Thailand

The Thai refined rapeseed oil market expanded modestly to $X in 2022, picking up by 3.3% against the previous year. Over the period under review, consumption, however, continues to indicate a perceptible descent. 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.

Refined Rapeseed Oil Production in Thailand

In value terms, refined rapeseed oil production stood at $X in 2022 estimated in export price. In general, production, however, saw a deep slump. The most prominent rate of growth was recorded in 2020 with an increase of 10% against the previous year. Refined rapeseed oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Rapeseed Oil Exports

Exports from Thailand

In 2022, after five years of growth, there was significant decline in overseas shipments of refined rape, colza or mustard oil, when their volume decreased by -85.8% to X tons. Over the period under review, exports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 1,099%. Over the period under review, the exports hit record highs at X tons in 2021, and then dropped markedly in the following year.

In value terms, refined rapeseed oil exports contracted dramatically to $X in 2022. In general, exports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 902% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then contracted remarkably in the following year.

Exports by Country

The Philippines (X tons) was the main destination for refined rapeseed oil exports from Thailand, with a 85% share of total exports. Moreover, refined rapeseed oil exports to the Philippines exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), more than tenfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 3.8% share.

From 2012 to 2022, the average annual growth rate of volume to the Philippines amounted to +241.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+9.8% per year) and Taiwan (Chinese) (+41.4% per year).

In value terms, the Philippines ($X) emerged as the key foreign market for refined rape, colza or mustard oil exports from Thailand, comprising 67% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 23% share of total exports. It was followed by Hong Kong SAR, with a 4.3% share.

From 2012 to 2022, the average annual growth rate of value to the Philippines stood at +325.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+43.7% per year) and Hong Kong SAR (+16.4% per year).

Export Prices by Country

The average refined rapeseed oil export price stood at $X per ton in 2022, rising by 77% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The export price peaked 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 Taiwan (Chinese) ($X per ton), while the average price for exports to Malaysia ($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 Philippines (+24.6%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Rapeseed Oil Imports

Imports into Thailand

Refined rapeseed oil imports into Thailand reduced to X tons in 2022, with a decrease of -9.1% compared with 2021. Over the period under review, imports, however, posted significant growth. The growth pace was the most rapid in 2015 when imports increased by 259% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, refined rapeseed oil imports soared to $X in 2022. In general, imports, however, showed a strong expansion. The pace of growth appeared the most rapid in 2015 with an increase of 154%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest refined rapeseed oil supplier to Thailand, accounting for a 71% share of total imports. Moreover, refined rapeseed oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Australia (X tons), fourfold. Japan (X tons) ranked third in terms of total imports with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia amounted to +28.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+23.0% per year) and Japan (+5.4% per year).

In value terms, Malaysia ($X) constituted the largest supplier of refined rape, colza or mustard oil to Thailand, comprising 67% of total imports. The second position in the ranking was taken by Australia ($X), with an 18% share of total imports. It was followed by Japan, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia amounted to +31.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+26.9% per year) and Japan (+1.3% per year).

Import Prices by Country

In 2022, the average refined rapeseed oil import price amounted to $X per ton, with an increase of 34% against the previous year. In general, the import price, however, showed a perceptible descent. The pace of growth appeared the most rapid in 2021 an increase of 42%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 Singapore ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+27.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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