Vietnam: Oil Crops Market 2024

Oil Crops Market Size in Vietnam

After two years of growth, the Vietnamese oil crops market decreased by X% to $X in 2022. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then shrank in the following year.

Oil Crops Production in Vietnam

In value terms, oil crops production expanded modestly to $X in 2022 estimated in export price. Overall, production continues to indicate a perceptible descent. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

The average yield of oil crops (primary) in Vietnam fell to X tons per ha in 2022, dropping by X% against 2021. Over the period under review, the yield indicated a measured increase from 2012 to 2022: its figure increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, oil crops yield increased by X% against 2012 indices. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Over the period under review, the average oil crops yield hit record highs at X tons per ha in 2021, and then fell in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The oil crops harvested area in Vietnam was estimated at X ha in 2022, remaining constant against the year before. Overall, the harvested area, however, recorded a pronounced slump. Over the period under review, the harvested area dedicated to oil crops production attained the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area remained at a lower figure.

Oil Crops Exports

Exports from Vietnam

In 2022, overseas shipments of oil crops (primary) increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports showed a buoyant increase. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, oil crops exports reduced markedly to $X in 2022. In general, exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2019 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for oil crops exports from Vietnam, with a X% share of total exports. Moreover, oil crops exports to China exceeded the volume sent to the second major destination, Thailand (X tons), sixfold. Spain (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (X% per year) and Spain (X% per year).

In value terms, China ($X) remains the key foreign market for oil crops (primary) exports from Vietnam, comprising X% of total exports. The second position in the ranking was taken by Thailand ($X), with a X% share of total exports. It was followed by Spain, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (X% per year) and Spain (X% per year).

Export Prices by Country

In 2022, the average oil crops export price amounted to $X per ton, waning by X% against the previous year. In general, the export price recorded a slight descent. The most prominent rate of growth was recorded in 2017 when the average export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to China ($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 South Korea (X%), while the prices for the other major destinations experienced a decline.

Oil Crops Imports

Imports into Vietnam

After two years of growth, overseas purchases of oil crops (primary) decreased by X% to X tons in 2022. The total import volume increased at an average annual rate of X% 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 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then declined in the following year.

In value terms, oil crops imports dropped to $X in 2022. Overall, total imports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

Brazil (X tons), the United States (X tons) and Canada (X tons) were the main suppliers of oil crops imports to Vietnam, together comprising X% of total imports.

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

In value terms, Brazil ($X), the United States ($X) and Canada ($X) constituted the largest oil crops suppliers to Vietnam, with a combined X% share of total imports.

Brazil, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average oil crops import price stood at $X per ton in 2022, waning by X% against the previous year. Over the period under review, the import price showed a noticeable contraction. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 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 India ($X per ton), while the price for Argentina ($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 (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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