Singapore: Maize Oil Market 2024

Maize Oil Market Size in Singapore

The Singaporean maize oil market surged to $X in 2022, with an increase of X% against the previous year. Over the period under review, consumption posted a significant expansion. Maize oil consumption peaked in 2022 and is expected to retain growth in the near future.

Maize Oil Production in Singapore

In value terms, maize oil production rose to $X in 2022 estimated in export price. In general, production, however, recorded prominent growth. The pace of growth appeared the most rapid in 2019 with an increase of X%. Maize oil production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

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Maize Oil Exports

Exports from Singapore

For the fifth year in a row, Singapore recorded decline in shipments abroad of maize oil, which decreased by X% to X tons in 2022. Overall, exports showed a dramatic descent. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, maize oil exports shrank to $X in 2022. Over the period under review, exports recorded a deep setback. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The Philippines (X tons) was the main destination for maize oil exports from Singapore, with a X% share of total exports. Moreover, maize oil exports to the Philippines exceeded the volume sent to the second major destination, Kuwait (X tons), fourfold. The third position in this ranking was held by Indonesia (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (X% per year) and Indonesia (X% per year).

In value terms, the Philippines ($X) emerged as the key foreign market for maize oil exports from Singapore, comprising X% of total exports. The second position in the ranking was taken by Kuwait ($X), with a X% share of total exports. It was followed by Indonesia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Philippines stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (X% per year) and Indonesia (X% per year).

Export Prices by Country

In 2022, the average maize oil export price amounted to $X per ton, jumping by X% against the previous year. In general, the export price continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2019 an increase of X%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Cambodia ($X per ton) and Brunei Darussalam ($X per ton), while the average price for exports to Malaysia ($X per ton) and Bahrain ($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 Malaysia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Oil Imports

Imports into Singapore

In 2022, the amount of maize oil imported into Singapore soared to X tons, jumping by X% against the previous year. In general, imports recorded a strong expansion. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, maize oil imports surged to $X in 2022. Overall, imports recorded a buoyant expansion. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of maize oil to Singapore, accounting for a X% share of total imports. Moreover, maize oil imports from the United States exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. South Korea (X tons) ranked third in terms of total imports with a X% share.

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

In value terms, the United States ($X) constituted the largest supplier of maize oil to Singapore, comprising X% of total imports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

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

Import Prices by Country

The average maize oil import price stood at $X per ton in 2022, surging by X% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform

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