Turkey: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in Turkey

After two years of growth, the Turkish crude coconut oil market decreased by -21.5% to $X in 2022. In general, consumption recorded a abrupt decline. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Crude Coconut Oil Exports

Exports from Turkey

For the third year in a row, Turkey recorded growth in overseas shipments of crude coconut (copra) oil, which increased by 13% to X tons in 2022. In general, exports enjoyed a significant expansion. The pace of growth was the most pronounced in 2018 with an increase of 1,445%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude coconut oil exports surged to $X in 2022. Overall, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of 1,251% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the immediate term.

Exports by Country

South Africa (X tons) was the main destination for crude coconut oil exports from Turkey, accounting for a 80% share of total exports. Moreover, crude coconut oil exports to South Africa exceeded the volume sent to the second major destination, the United States (X kg), eightfold. The UK (X kg) ranked third in terms of total exports with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Africa was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+45.2% per year) and the UK (-55.4% per year).

In value terms, South Africa ($X) emerged as the key foreign market for crude coconut (copra) oil exports from Turkey, comprising 88% of total exports. The second position in the ranking was held by the United States ($X), with a 4.7% share of total exports. It was followed by the UK, with a 2.3% share.

From 2012 to 2022, the average annual growth rate of value to South Africa was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+36.1% per year) and the UK (-62.2% per year).

Export Prices by Country

In 2022, the average crude coconut oil export price amounted to $X per ton, growing by 29% against the previous year. In general, the export price saw prominent growth. The most prominent rate of growth was recorded in 2019 an increase of 69%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

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 South Africa ($X per ton), while the average price for exports to the United States ($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 Serbia (+87.5%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Coconut Oil Imports

Imports into Turkey

After two years of growth, purchases abroad of crude coconut (copra) oil decreased by -13.7% to X tons in 2022. Overall, imports faced a sharp shrinkage. The growth pace was the most rapid in 2013 when imports increased by 96%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude coconut oil imports fell sharply to $X in 2022. Over the period under review, imports showed a deep setback. The pace of growth appeared the most rapid in 2017 when imports increased by 112% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Sri Lanka (X tons) constituted the largest crude coconut oil supplier to Turkey, accounting for a 83% share of total imports. Moreover, crude coconut oil imports from Sri Lanka exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), more than tenfold. The third position in this ranking was taken by Vietnam (X tons), with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume from Sri Lanka amounted to +49.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (-14.0% per year) and Vietnam (-0.2% per year).

In value terms, Sri Lanka ($X) constituted the largest supplier of crude coconut (copra) oil to Turkey, comprising 85% of total imports. The second position in the ranking was taken by Vietnam ($X), with an 8.4% share of total imports. It was followed by the Philippines, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Sri Lanka stood at +33.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+16.7% per year) and the Philippines (-10.0% per year).

Import Prices by Country

The average crude coconut oil import price stood at $X per ton in 2022, shrinking by -11.6% against the previous year. Over the period under review, the import price, however, recorded buoyant growth. The pace of growth appeared the most rapid in 2016 an increase of 48%. The import price peaked at $X per ton in 2021, and then shrank in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+17.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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