Singapore: Oil Crops Market 2024

Oil Crops Market Size in Singapore

The Singaporean oil crops market reached $X in 2022, increasing by X% against the previous year. Overall, consumption continues to indicate a perceptible shrinkage. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Oil Crops Production in Singapore

In value terms, oil crops production reduced slightly to $X in 2022 estimated in export price. Overall, production, however, recorded a pronounced increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

The average yield of oil crops (primary) in Singapore fell modestly to X tons per ha in 2022, stabilizing at the previous year's figure. Over the period under review, the yield recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the yield increased by X% against the previous year. As a result, the yield reached the peak level of X tons per ha. From 2016 to 2022, the growth of the average oil crops yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the oil crops harvested area in Singapore totaled X ha, remaining stable against 2021 figures. Over the period under review, the harvested area continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, the harvested area dedicated to oil crops production reached the maximum at X ha in 2014; however, from 2015 to 2022, the harvested area stood at a somewhat lower figure.

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Oil Crops Exports

Exports from Singapore

In 2022, after two years of growth, there was significant decline in overseas shipments of oil crops (primary), when their volume decreased by X% to X tons. In general, exports, however, enjoyed a mild expansion. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. The exports peaked at X tons in 2021, and then fell in the following year.

In value terms, oil crops exports stood at $X in 2022. Over the period under review, exports, however, enjoyed a slight expansion. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports by Country

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

From 2012 to 2022, the average annual growth rate of volume to Malaysia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (X% per year) and Jordan (X% per year).

In value terms, Malaysia ($X) remains the key foreign market for oil crops (primary) exports from Singapore, comprising X% of total exports. The second position in the ranking was taken by Indonesia ($X), with a X% share of total exports. It was followed by Jordan, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Malaysia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (X% per year) and Jordan (X% per year).

Export Prices by Country

In 2022, the average oil crops export price amounted to $X per ton, picking up by X% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average export price increased by X%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Myanmar ($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 Jordan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Oil Crops Imports

Imports into Singapore

In 2022, the amount of oil crops (primary) imported into Singapore contracted modestly to X tons, falling by X% compared with 2021. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons, and then fell in the following year.

In value terms, oil crops imports reached $X in 2022. In general, total imports indicated moderate growth 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 2017 indices. The growth pace was the most rapid in 2021 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

Canada (X tons), Malaysia (X tons) and Thailand (X tons) were the main suppliers of oil crops imports to Singapore, together comprising X% of total imports. India, the United States, Indonesia, China, Pakistan and Myanmar lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Malaysia ($X) and Canada ($X) appeared to be the largest oil crops suppliers to Singapore, with a combined X% share of total imports.

Thailand, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average oil crops import price amounted to $X per ton, growing by 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 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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