Venezuela: Coconut Market 2024

Coconut Market Size in Venezuela

The Venezuelan coconut market totaled $X in 2022, growing by 6.6% against the previous year. The market value increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Coconut Production in Venezuela

In value terms, coconut production expanded rapidly to $X in 2022 estimated in export price. Overall, the total production indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +33.6% against 2019 indices. The growth pace was the most rapid in 2020 with an increase of 45% against the previous year. Coconut production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

The average yield of coconuts in Venezuela fell slightly to X tons per ha in 2022, remaining constant against 2021. In general, the yield recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the yield increased by 3.8%. As a result, the yield attained the peak level of X tons per ha. From 2016 to 2022, the growth of the average coconut yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of coconuts were harvested in Venezuela; approximately equating the year before. The harvested area increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 with an increase of 20% against the previous year. Over the period under review, the harvested area dedicated to coconut production reached the maximum at X ha in 2018; however, from 2019 to 2022, the harvested area remained at a lower figure.

Coconut Exports

Exports from Venezuela

Coconut exports from Venezuela declined rapidly to X tons in 2022, shrinking by -26.2% against 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 65%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, coconut exports totaled $X in 2022. In general, exports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 110% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Colombia (X tons) was the main destination for coconut exports from Venezuela, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Colombia was relatively modest.

In value terms, Colombia ($X) also remains the key foreign market for coconuts exports from Venezuela.

From 2012 to 2022, the average annual rate of growth in terms of value to Colombia stood at +7.2%.

Export Prices by Country

In 2022, the average coconut export price amounted to $X per ton, surging by 36% against the previous year. Overall, the export price continues to indicate a buoyant expansion. The growth pace was the most rapid in 2021 an increase of 57%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Colombia.

From 2012 to 2022, the rate of growth in terms of prices for Colombia amounted to +6.8% per year.

Coconut Imports

Imports into Venezuela

In 2022, after four years of decline, there was significant growth in supplies from abroad of coconuts, when their volume increased by 7.1% to X tons. In general, imports, however, saw a dramatic decrease. The most prominent rate of growth was recorded in 2014 with an increase of 14% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, coconut imports shrank slightly to $X in 2022. Overall, imports, however, faced a precipitous slump. The most prominent rate of growth was recorded in 2018 when imports increased by 4.1% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) was the main coconut supplier to Venezuela, with a 91% share of total imports. Moreover, coconut imports from the United States exceeded the figures recorded by the second-largest supplier, Lebanon (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +9.1%.

In value terms, the United States ($X) constituted the largest supplier of coconuts to Venezuela, comprising 88% of total imports. The second position in the ranking was taken by Lebanon ($X), with an 11% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +7.0%.

Import Prices by Country

In 2022, the average coconut import price amounted to $X per ton, dropping by -7.6% against the previous year. Overall, the import price, however, showed moderate growth. The growth pace was the most rapid in 2019 an increase of 39%. The import price peaked at $X per ton in 2021, and then fell in the following year.

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 Lebanon ($X per ton), while the price for the United States amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+48.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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