Colombia: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Colombia

The Colombian crude palm oil market reached $X in 2022, increasing by X% against the previous year. In general, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Crude Palm Oil Production in Colombia

In value terms, crude palm oil production amounted to $X in 2022 estimated in export price. Overall, production, however, saw a mild descent. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

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Crude Palm Oil Exports

Exports from Colombia

In 2022, overseas shipments of crude palm oil were finally on the rise to reach X tons after three years of decline. Overall, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2015 with an increase of X%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, crude palm oil exports skyrocketed to $X in 2022. In general, exports posted a buoyant expansion. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

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

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

Export Prices by Country

The average crude palm oil export price stood at $X per ton in 2022, increasing by X% against the previous year. In general, the export price showed moderate growth. The pace of growth was the most pronounced in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Germany ($X per ton) and the Dominican Republic ($X per ton), while the average price for exports to the United States ($X per ton) and Mexico ($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 Spain (X%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Palm Oil Imports

Imports into Colombia

In 2022, imports of crude palm oil into Colombia declined rapidly to X tons, reducing by X% on 2021. In general, imports saw a abrupt downturn. The growth pace was the most rapid in 2016 with an increase of X%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, crude palm oil imports contracted to $X in 2022. Overall, imports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ecuador (X tons) constituted the largest supplier of crude palm oil to Colombia, accounting for a X% share of total imports. Moreover, crude palm oil imports from Ecuador exceeded the figures recorded by the second-largest supplier, Peru (X tons), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ecuador stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (X% per year) and Guatemala (X% per year).

In value terms, Ecuador ($X) constituted the largest supplier of crude palm oil to Colombia, comprising X% of total imports. The second position in the ranking was held by Peru ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Ecuador amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (X% per year) and Guatemala (X% per year).

Import Prices by Country

The average crude palm oil import price stood at $X per ton in 2022, increasing by X% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. The import price peaked at $X per ton in 2012; afterwards, it flattened through to 2022.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Peru ($X per ton), while the price for Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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