Colombia: Palm Oil Market 2024

Palm Oil Market Size in Colombia

In 2022, the Colombian palm oil market increased by X% to $X, rising for the third year in a row after two years of decline. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Palm Oil Production in Colombia

In value terms, palm oil production expanded to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

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Palm Oil Exports

Exports from Colombia

In 2022, overseas shipments of palm oil were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports showed a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, palm oil exports soared to $X in 2022. In general, exports continue to indicate resilient growth. The pace of growth appeared the most rapid in 2017 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Brazil (X tons), the Netherlands (X tons) and Mexico (X tons) were the main destinations of palm oil exports from Colombia, with a combined X% share of total exports. Spain, Italy, the Dominican Republic, the United States, Ecuador and Venezuela lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), the Netherlands ($X) and Spain ($X) were the largest markets for palm oil exported from Colombia worldwide, together accounting for X% of total exports. Mexico, Italy, the Dominican Republic, the United States, Ecuador and Venezuela lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Italy, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average palm oil export price amounted to $X per ton, jumping by X% against the previous year. Overall, the export price enjoyed a pronounced expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in years to come.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Venezuela ($X per ton) and the Dominican Republic ($X per ton), while the average price for exports to Mexico ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ecuador (X%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Oil Imports

Imports into Colombia

For the fourth consecutive year, Colombia recorded decline in overseas purchases of palm oil, which decreased by X% to X tons in 2022. Overall, imports, however, posted a modest expansion. The pace of growth appeared the most rapid in 2016 with an increase of X%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, palm oil imports amounted to $X in 2022. Over the period under review, total imports indicated a temperate 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 decreased by X% against 2018 indices. The growth pace was the most rapid in 2016 when imports increased by X%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Indonesia (X tons), Ecuador (X tons) and Peru (X tons) were the main suppliers of palm oil imports to Colombia, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of X%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest palm oil suppliers to Colombia were Indonesia ($X), Ecuador ($X) and Peru ($X), together comprising X% of total imports.

In terms of the main suppliers, Indonesia, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average palm oil import price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, the import price continues to indicate a mild expansion. The growth pace was the most rapid in 2021 when the average import price increased by X%. The import price peaked in 2022 and is likely to continue growth in years to come.

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 Brazil ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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