South Africa: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in South Africa

In 2022, the South African refined palm oil market increased by X% to $X, rising for the third year in a row after two years of decline. Overall, the total consumption indicated perceptible 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, consumption increased by X% against 2019 indices. Over the period under review, the market reached the maximum level in 2022 and is likely to see steady growth in the immediate term.

Refined Palm Oil Exports

Exports from South Africa

In 2022, shipments abroad of refined palm oil decreased by X% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports, however, showed a buoyant increase. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, refined palm oil exports shrank to $X in 2022. Overall, exports, however, showed a strong increase. The pace of growth appeared the most rapid in 2013 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2021, and then dropped in the following year.

Exports by Country

Zimbabwe (X tons) was the main destination for refined palm oil exports from South Africa, accounting for a X% share of total exports. Moreover, refined palm oil exports to Zimbabwe exceeded the volume sent to the second major destination, Zambia (X tons), threefold. Namibia (X tons) ranked third in terms of total exports with a X% share.

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

In value terms, Zimbabwe ($X) remains the key foreign market for refined palm oil exports from South Africa, comprising X% of total exports. The second position in the ranking was held by Zambia ($X), with a X% share of total exports. It was followed by Namibia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Zimbabwe stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Zambia (X% per year) and Namibia (X% per year).

Export Prices by Country

In 2022, the average refined palm oil export price amounted to $X per ton, growing by X% against the previous year. Over the period under review, export price indicated slight growth 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, refined palm oil export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Swaziland ($X per ton) and Botswana ($X per ton), while the average price for exports to Zambia ($X per ton) and Lesotho ($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 Malawi (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Refined Palm Oil Imports

Imports into South Africa

In 2022, purchases abroad of refined palm oil was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2014 when imports increased by X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, refined palm oil imports soared to $X in 2022. Overall, imports showed a buoyant expansion. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of refined palm oil to South Africa, accounting for a X% share of total imports. Moreover, refined palm oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia stood at X%.

In value terms, Indonesia ($X) constituted the largest supplier of refined palm oil to South Africa, comprising X% of total imports. The second position in the ranking was held by Malaysia ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Indonesia amounted to X%.

Import Prices by Country

The average refined palm oil import price stood at $X per ton in 2022, with an increase of X% against the previous year. Overall, the import price continues to indicate a measured increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Indonesia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (X%).

Source: IndexBox Platform

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