Hong Kong SAR, China: Groundnut Oil Market 2024

Groundnut Oil Market Size in Hong Kong SAR, China

For the third year in a row, the Hong Kong groundnut oil market recorded growth in sales value, which increased by X% to $X in 2022. Overall, the total consumption indicated a remarkable increase 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, consumption increased by X% against 2019 indices. Groundnut oil consumption peaked in 2022 and is likely to see steady growth in the near future.

Groundnut Oil Exports

Exports from Hong Kong SAR, China

In 2022, overseas shipments of groundnut oil decreased by X% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports continue to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2016 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, groundnut oil exports dropped remarkably to $X in 2022. Overall, exports recorded a perceptible contraction. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Macao SAR (X tons), the United States (X tons) and Australia (X tons) were the main destinations of groundnut oil exports from Hong Kong SAR, with a combined X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of X%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for groundnut oil exported from Hong Kong SAR were Macao SAR ($X), the United States ($X) and Australia ($X), with a combined X% share of total exports.

Australia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average groundnut oil export price amounted to $X per ton, with an increase of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

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

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Groundnut Oil Imports

Imports into Hong Kong SAR, China

In 2022, imports of groundnut oil into Hong Kong SAR expanded remarkably to X tons, increasing by X% compared with the year before. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its volume 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 2020 indices. The pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, groundnut oil imports rose rapidly to $X in 2022. Overall, total imports indicated a notable 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 increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest groundnut oil supplier to Hong Kong SAR, accounting for a X% share of total imports. Moreover, groundnut oil imports from China exceeded the figures recorded by the second-largest supplier, Nicaragua (X tons), twofold. The third position in this ranking was held by the United States (X tons), with an X% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Nicaragua (X% per year) and the United States (X% per year).

In value terms, China ($X) constituted the largest supplier of groundnut oil to Hong Kong SAR, comprising X% of total imports. The second position in the ranking was held by Nicaragua ($X), with a X% share of total imports. It was followed by the United States, with an X% share.

From 2012 to 2022, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Nicaragua (X% per year) and the United States (X% per year).

Import Prices by Country

In 2022, the average groundnut oil import price amounted to $X per ton, approximately equating the previous year. In general, the import price saw a slight downturn. The most prominent rate of growth was recorded in 2015 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Nicaragua ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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