United Arab Emirates: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in the United Arab Emirates

In 2022, the crude palm oil market in the United Arab Emirates decreased by -4% to $X for the first time since 2016, thus ending a five-year rising trend. In general, consumption, however, saw a resilient increase. Over the period under review, the market reached the maximum level at $X in 2021, and then declined slightly in the following year.

Crude Palm Oil Production in the United Arab Emirates

In value terms, crude palm oil production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 with an increase of 11% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Crude Palm Oil Exports

Exports from the United Arab Emirates

In 2022, overseas shipments of crude palm oil were finally on the rise to reach X tons for the first time since 2016, thus ending a five-year declining trend. In general, exports, however, faced a abrupt setback. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, crude palm oil exports skyrocketed to $X in 2022. Over the period under review, exports, however, recorded a deep reduction. The pace of growth appeared the most rapid in 2013 with an increase of 82% against the previous year. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mozambique (X tons), Qatar (X tons) and Saudi Arabia (X tons) were the main destinations of crude palm oil exports from the United Arab Emirates, together comprising 79% of total exports. Kuwait and Kyrgyzstan lagged somewhat behind, together comprising a further 17%.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +24.2%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Mozambique ($X), Saudi Arabia ($X) and Qatar ($X) appeared to be the largest markets for crude palm oil exported from the United Arab Emirates worldwide, together accounting for 86% of total exports. Kuwait and Kyrgyzstan lagged somewhat behind, together comprising a further 11%.

Among the main countries of destination, Kuwait, with a CAGR of +13.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average crude palm oil export price amounted to $X per ton, shrinking by -10.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2015 when the average export price increased by 24% against the previous year. The export price peaked at $X per ton in 2021, and then fell in the following year.

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 Saudi Arabia ($X per ton), while the average price for exports to Kyrgyzstan ($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 Azerbaijan (+69.4%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Palm Oil Imports

Imports into the United Arab Emirates

In 2022, after three years of growth, there was significant decline in supplies from abroad of crude palm oil, when their volume decreased by -25.2% to X tons. Over the period under review, imports faced a abrupt descent. The pace of growth appeared the most rapid in 2021 when imports increased by 101% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, crude palm oil imports contracted remarkably to $X in 2022. Overall, imports faced a sharp slump. The most prominent rate of growth was recorded in 2021 when imports increased by 101%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan (X tons), Saudi Arabia (X tons) and Malaysia (X tons) were the main suppliers of crude palm oil imports to the United Arab Emirates, with a combined 82% share of total imports. Indonesia, Spain, Qatar and Nigeria lagged somewhat behind, together accounting for a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +59.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) constituted the largest supplier of crude palm oil to the United Arab Emirates, comprising 39% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 19% share of total imports. It was followed by Indonesia, with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Saudi Arabia totaled +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-31.6% per year) and Indonesia (-25.9% per year).

Import Prices by Country

The average crude palm oil import price stood at $X per ton in 2022, remaining stable against the previous year. Overall, the import price, however, saw a abrupt slump. The growth pace was the most rapid in 2016 an increase of 15%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+12.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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