ASEAN: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in ASEAN

The ASEAN refined maize oil market declined to $X in 2022, with a decrease of X% against the previous year. Over the period under review, consumption recorded a pronounced descent. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Refined Maize Oil Production in ASEAN

In value terms, refined maize oil production dropped slightly to $X in 2022 estimated in export price. Overall, production continues to indicate a pronounced descent. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

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Refined Maize Oil Exports

Exports in ASEAN

In 2022, overseas shipments of refined maize (corn) oil were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2019 when exports increased by X%. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, refined maize oil exports skyrocketed to $X in 2022. Overall, exports, however, showed a noticeable descent. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia represented the major exporter of refined maize (corn) oil in ASEAN, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. Singapore (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Myanmar (X%).

Exports from Malaysia increased at an average annual rate of X% from 2012 to 2022. At the same time, Myanmar (X%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of X% from 2012-2022. By contrast, Singapore (X%) illustrated a downward trend over the same period. While the share of Malaysia (X p.p.) and Myanmar (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Singapore (X p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) remains the largest refined maize oil supplier in ASEAN, comprising X% of total exports. The second position in the ranking was held by Singapore ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Malaysia stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (X% per year) and Myanmar (X% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, with an increase of X% against the previous year. In general, the export price showed a mild expansion. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. Over the period under review, the export prices attained the maximum in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the other leaders experienced more modest paces of growth.

Refined Maize Oil Imports

Imports in ASEAN

In 2022, approx. X tons of refined maize (corn) oil were imported in ASEAN; with a decrease of X% on the year before. Overall, imports saw a slight contraction. The growth pace was the most rapid in 2013 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined maize oil imports fell slightly to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of $X, and then declined in the following year.

Imports by Country

Malaysia was the key importing country with an import of about X tons, which amounted to X% of total imports. The Philippines (X tons) ranks second in terms of the total imports with a X% share, followed by Indonesia (X%), Singapore (X%) and Vietnam (X%). Thailand (X tons) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined maize oil importing markets in ASEAN were Malaysia ($X), the Philippines ($X) and Indonesia ($X), with a combined X% share of total imports.

The Philippines, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, jumping by X% against the previous year. Import price indicated a modest increase from 2012 to 2022: its price 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, refined maize oil import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Indonesia ($X per ton) and Thailand ($X per ton), while Singapore ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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