Global Refined Coconut Oil Imports Go Down with Reduced Purchases from the U.S.

IndexBox has just published a new report: 'World - Refined Coconut (Copra) Oil - Market Analysis, Forecast, Size, Trends And Insights'. Here is a summary of the report's key findings.

Global refined coconut oil imports dropped by -5.5% y-o-y to 1M tonnes in 2020. The U.S., China, Germany and South Korea constitute the largest importers of refined coconut oil worldwide. In 2020, American and Chinese imports declined significantly, while the purchases in Turkey followed an upward trend. Last year, the average refined coconut oil import price rose by +4.5% compared to the figures of 2019. 

Global Refined Coconut Oil Imports

Global refined coconut oil imports declined to 1M tonnes in 2020, waning by -5.5% compared with 2019. In value terms, refined coconut oil imports contracted modestly to $1.3B (IndexBox estimates) in 2020. 

In 2020, the U.S. (266K tonnes), distantly followed by China (159K tonnes), Germany (59K tonnes) and South Korea (48K tonnes) represented the main importers of refined coconut (copra) oil, together committing 53% of total imports. Belgium (41K tonnes), Japan (37K tonnes), France (30K tonnes), Russia (30K tonnes), Poland (27K tonnes), Italy (24K tonnes), the UK (21K tonnes), Turkey (20K tonnes) and Singapore (17K tonnes) followed a long way behind the leaders.

In 2020, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Turkey (+24.6% y-o-y), while American (-11.8% y-o-y) and Chinese (-4.9% y-o-y) imports reduced. 

In value terms, the U.S. ($369M) constitutes the largest market for imported refined coconut (copra) oil worldwide, comprising 29% of global imports. The second position in the ranking was occupied by China ($150M), with a 12% share of global imports. It was followed by Germany, with a 5.5% share.

In 2020, the average refined coconut oil import price amounted to $1,272 per tonne, surging by 4.5% against the previous year. There were significant differences in the average prices amongst the major importing countries. In 2020, the country with the highest price was Singapore ($1,495 per tonne), while China ($943 per tonne) was amongst the lowest. In 2020, the most notable rate of growth in terms of prices was attained by Singapore, while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform