Philippines: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in the Philippines

The Philippine crude maize oil market expanded modestly to $X in 2022, increasing by X% against the previous year. Overall, consumption, however, posted resilient growth. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Crude Maize Oil Production in the Philippines

In value terms, crude maize oil production expanded markedly to $X in 2022 estimated in export price. Overall, production, however, recorded a strong increase. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Crude maize oil production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

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Crude Maize Oil Exports

Exports from the Philippines

In 2022, after eight years of decline, there was significant growth in shipments abroad of crude maize (corn) oil, when their volume increased by X% to X kg. Overall, exports, however, continue to indicate a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude maize oil exports expanded remarkably to $X in 2022. Over the period under review, exports, however, saw a abrupt descent. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Micronesia (X kg) and Sweden (X kg) were the main destinations of crude maize oil exports from the Philippines.

From 2012 to 2022, the biggest increases were recorded for Sweden (with a CAGR of X%).

In value terms, Micronesia ($X) remains the key foreign market for crude maize (corn) oil exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by Sweden ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Micronesia totaled X%.

Export Prices by Country

The average crude maize oil export price stood at $X per ton in 2022, leveling off at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2020 an increase of X%. Over the period under review, the average export prices attained the maximum at $X per ton in 2021, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Micronesia ($X per ton), while the average price for exports to Sweden stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Micronesia (X%).

Crude Maize Oil Imports

Imports into the Philippines

In 2022, crude maize oil imports into the Philippines shrank significantly to X kg, with a decrease of X% on the year before. Over the period under review, imports faced a sharp decline. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, crude maize oil imports declined dramatically to $X in 2022. In general, imports recorded a sharp decrease. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Italy (X kg) constituted the largest crude maize oil supplier to the Philippines, accounting for a X% share of total imports. Moreover, crude maize oil imports from Italy exceeded the figures recorded by the second-largest supplier, the United States (X kg), twofold.

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

In value terms, the largest crude maize oil suppliers to the Philippines were the United States ($X), Italy ($X) and South Korea ($X).

The United States, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average crude maize oil import price amounted to $X per ton, declining by X% against the previous year. Overall, import price indicated a tangible 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, crude maize oil import price increased by X% against 2017 indices. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton, and then dropped dramatically in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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