Puerto Rico: Oil Crops Market 2024

Oil Crops Market Size in Puerto Rico

The Puerto Rican oil crops market reached $X in 2021, surging by 8% against the previous year. In general, consumption, however, faced a drastic downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Oil Crops Production in Puerto Rico

In value terms, oil crops production expanded notably to $X in 2021 estimated in export price. In general, production, however, faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2016 with an increase of 232%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

In 2021, the average yield of oil crops (primary) in Puerto Rico fell slightly to X tons per ha, leveling off at the previous year's figure. Overall, the yield saw a pronounced curtailment. The most prominent rate of growth was recorded in 2016 when the yield increased by 386%. The global yield peaked at X tons per ha in 2012; however, from 2013 to 2021, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the harvested area of oil crops (primary) in Puerto Rico rose notably to X ha, with an increase of 5.7% against the year before. Over the period under review, the harvested area, however, faced a deep reduction. The pace of growth was the most pronounced in 2019 with an increase of 17%. Over the period under review, the harvested area dedicated to oil crops production attained the peak figure at X ha in 2013; however, from 2014 to 2021, the harvested area failed to regain momentum.

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Oil Crops Exports

Exports from Puerto Rico

In 2021, approx. less than X kg of oil crops (primary) were exported from Puerto Rico; approximately mirroring the previous year's figure. Overall, exports recorded a relatively flat trend pattern.

In value terms, oil crops exports stood at less than $X in 2021. In general, exports recorded a relatively flat trend pattern.

Exports by Country

In 2021, Brazil (X tons), distantly followed by the United States (X tons) and Canada (X tons) represented the main exporters of oil crops (primary), together mixing up 69% of total exports. The following exporters - Argentina (X tons), Ukraine (X tons), Paraguay (X tons), the Netherlands (X tons), Russia (X tons), Australia (X tons) and France (X tons) - together made up 18% of total exports.

From 2012 to 2021, the biggest increases were recorded for Paraguay (with a CAGR of +12.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest oil crops supplying countries from Puerto Rico were Brazil ($X), the United States ($X) and Canada ($X), together accounting for 61% of total exports. Argentina, Ukraine, the Netherlands, France, Paraguay, Russia and Australia lagged somewhat behind, together accounting for a further 19%.

Russia, with a CAGR of +13.1%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Puerto Rico stood at less than $X per ton in 2021, remaining stable against the previous year. In general, the export price saw a relatively flat trend pattern.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was France ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+3.0%), while the other leaders experienced more modest paces of growth.

Oil Crops Imports

Imports into Puerto Rico

Oil crops imports into Puerto Rico was estimated at less than X kg in 2021, therefore, remained relatively stable against the previous year's figure. Over the period under review, imports recorded a relatively flat trend pattern.

In value terms, oil crops imports totaled less than $X in 2021. Overall, imports recorded a relatively flat trend pattern.

Imports by Country

China prevails in imports structure, reaching X tons, which was near 53% of total imports in 2021. It was distantly followed by Germany (X tons), creating a 5% share of total imports. The Netherlands (X tons), Japan (X tons), Argentina (X tons), Thailand (X tons), Spain (X tons), Turkey (X tons), Mexico (X tons), Pakistan (X tons) and Belgium (X tons) followed a long way behind the leaders.

Imports into China increased at an average annual rate of +5.8% from 2012 to 2021. At the same time, Argentina (+101.1%), Pakistan (+16.9%), Thailand (+7.7%), Turkey (+4.7%), the Netherlands (+2.2%), Germany (+1.6%) and Mexico (+1.0%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in the world, with a CAGR of +101.1% from 2012-2021. Japan and Spain experienced a relatively flat trend pattern. By contrast, Belgium (-1.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and Argentina increased by +3.9 and +2.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported oil crops (primary) into Puerto Rico, comprising 49% of global imports. The second position in the ranking was held by Germany ($X), with a 5.2% share of global imports. It was followed by Japan, with a 3.4% share.

In China, oil crops imports expanded at an average annual rate of +4.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Germany (+1.6% per year) and Japan (+0.4% per year).

Import Prices by Country

In 2021, the import price in Puerto Rico amounted to less than $X per ton, flattening at the previous year. In general, the import price continues to indicate a relatively flat trend pattern.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+4.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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