United Arab Emirates: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in the United Arab Emirates

In 2022, after two years of growth, there was significant decline in the refined palm oil market in the United Arab Emirates, when its value decreased by -21.3% to $X. Overall, consumption, however, showed a slight increase. As a result, consumption reached the peak level of $X, and then fell remarkably in the following year.

Refined Palm Oil Exports

Exports from the United Arab Emirates

In 2022, approx. X tons of refined palm oil were exported from the United Arab Emirates; dropping by -9.4% against 2021. In general, exports showed a pronounced setback. The pace of growth was the most pronounced in 2014 with an increase of 34%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined palm oil exports reduced to $X in 2022. Overall, exports recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 48% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Bahrain (X tons) was the main destination for refined palm oil exports from the United Arab Emirates, accounting for a 67% share of total exports. Moreover, refined palm oil exports to Bahrain exceeded the volume sent to the second major destination, Rwanda (X tons), sevenfold. The third position in this ranking was held by Morocco (X tons), with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bahrain stood at +39.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Rwanda (+90.2% per year) and Morocco (+142.4% per year).

In value terms, Bahrain ($X) emerged as the key foreign market for refined palm oil exports from the United Arab Emirates, comprising 74% of total exports. The second position in the ranking was taken by Rwanda ($X), with a 9.1% share of total exports. It was followed by Morocco, with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bahrain totaled +37.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Rwanda (+89.2% per year) and Morocco (+173.8% per year).

Export Prices by Country

In 2022, the average refined palm oil export price amounted to $X per ton, leveling off at the previous year. Overall, the export price, however, recorded a slight contraction. The most prominent rate of growth was recorded in 2020 when the average export price increased by 25%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to Tanzania ($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 Morocco (+12.9%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into the United Arab Emirates

Refined palm oil imports into the United Arab Emirates contracted to X tons in 2022, declining by -14.1% on the previous year. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 39% against the previous year. As a result, imports attained the peak of X tons, and then reduced in the following year.

In value terms, refined palm oil imports shrank notably to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 88% against the previous year. As a result, imports reached the peak of $X, and then reduced dramatically in the following year.

Imports by Country

In 2022, Singapore (X tons) constituted the largest refined palm oil supplier to the United Arab Emirates, with a 0.1% share of total imports. Moreover, refined palm oil imports from Singapore exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Singapore stood at -22.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+65.8% per year) and India (-23.4% per year).

In value terms, Singapore ($X) constituted the largest supplier of refined palm oil to the United Arab Emirates, comprising 0.1% of total imports. The second position in the ranking was taken by the Netherlands ($X), with less than 0.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Singapore amounted to -23.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+51.0% per year) and India (-20.3% per year).

Import Prices by Country

In 2022, the average refined palm oil import price amounted to $X per ton, declining by -10.8% against the previous year. Over the period under review, the import price saw a mild curtailment. The most prominent rate of growth was recorded in 2021 when the average import price increased by 35%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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