Overview of the Global Market for Crude Palm Oil
In value terms, palm oil imports stood at $943M in 2017. The palm oil imports continue to indicate a prominent expansion. The level of imports peaked at $1.4B in 2013; however, from 2014 to 2017, imports failed to regain their momentum.
From 2007 to 2017, the most notable rate of growth in terms of imports, amongst the main importing countries, was attained by Italy (+11.6% per year).
In value terms, Spain ($467M) and Italy ($466M) were the countries with the highest levels of imports in 2017, with a combined 99% share of total imports.
Italy (+13.2% per year) experienced the highest growth rate of imports, in terms of the main importing countries over the last decade.
Average import prices varied noticeably amongst the major importing countries. In 2017, the country with the highest import price was Spain ($756 per tonne), while Italy totaled $705 per tonne.
From 2007 to 2017, the most notable rate of growth in terms of import prices was attained by Italy (+1.5% per year).
In value terms, palm oil exports totaled $12M in 2017. The palm oil exports continue to indicate a strong increase. In that year, palm oil exports attained their peak , and are likely to continue its growth in the immediate term.
From 2007 to 2017, average annual rates of growth with regard to palm oil exports from Spain stood at +7.5%. At the same time, Portugal (+99.9%) displayed positive paces of growth. Moreover, Portugal emerged as the fastest growing exporter in Southern Europe, with a CAGR of +99.9% from 2007-2017. By contrast, Italy (-1.6%) illustrated a downward trend over the same period. Portugal (-4.9%) and Spain (-46.4%) significantly weakened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, Spain ($9.9M) remains the largest palm oil supplier in Southern Europe, comprising 87% of global exports. The second position in the ranking was occupied by Italy ($1.1M), with a 9.3% share of global exports.
From 2007 to 2017, the average annual rate of growth in terms of value in Spain stood at +8.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Italy (+1.5% per year) and Portugal (+94.1% per year).
Export prices varied noticeably by the country of destination; the country with the highest export price was Italy ($1.8 per kg), while Portugal ($691 per tonne) was amongst the lowest.
From 2007 to 2017, the most notable rate of growth in terms of export prices was attained by Italy (+3.2% per year), while the other leaders experienced mixed trends in the export price figures.
In value terms, palm oil production stood at $116M in 2017 estimated in export prices. The palm oil production continues to indicate a prominent expansion. The pace of growth appeared the most rapid in 2011, when it surged by 63% against the previous year. Over the period under review, palm oil production reached its maximum level at $167M in 2014; however, from 2015 to 2017, production stood at a somewhat lower figure.
From 2007 to 2017, the average annual rate of growth in terms of volume in Spain stood at +7.5%.