Vietnam: Oil Crops Market 2024

Oil Crops Market Size in Vietnam

The Vietnamese oil crops market amounted to $X in 2022, rising by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level in 2022 and is likely to see gradual growth in the near future.

Oil Crops Production in Vietnam

In value terms, oil crops production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

In 2022, the average yield of oil crops (primary) in Vietnam reduced modestly to X tons per ha, shrinking by X% compared with 2021 figures. In general, the yield indicated pronounced growth from 2012 to 2022: its figure 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, oil crops yield increased by X% against 2012 indices. The most prominent rate of growth was recorded in 2018 when the yield increased by X%. The oil crops yield peaked at X tons per ha in 2021, and then shrank in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of oil crops (primary) were harvested in Vietnam; approximately mirroring the year before. Overall, the harvested area, however, saw a pronounced curtailment. The oil crops harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area failed to regain momentum.

Oil Crops Exports

Exports from Vietnam

In 2022, shipments abroad of oil crops (primary) decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, saw a strong increase. The growth pace was the most rapid in 2016 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2021, and then fell in the following year.

In value terms, oil crops exports reduced notably to $X in 2022. Overall, exports, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for oil crops exports from Vietnam, accounting for a X% share of total exports. Moreover, oil crops exports to China exceeded the volume sent to the second major destination, Thailand (X tons), sixfold. The third position in this ranking was held by Cambodia (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (X% per year) and Cambodia (X% per year).

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

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (X% per year) and South Korea (X% per year).

Export Prices by Country

The average oil crops export price stood at $X per ton in 2022, waning by X% against the previous year. In general, 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, oil crops export price decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

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

Oil Crops Imports

Imports into Vietnam

After three years of growth, overseas purchases of oil crops (primary) decreased by X% to X tons in 2022. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then contracted in the following year.

In value terms, oil crops imports expanded significantly to $X in 2022. In general, total imports indicated a strong expansion 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 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

Brazil (X tons), the United States (X tons) and Canada (X tons) were the main suppliers of oil crops imports to Vietnam, together accounting for X% of total imports. Uruguay and China lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Uruguay (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), the United States ($X) and China ($X) appeared to be the largest oil crops suppliers to Vietnam, together accounting for X% of total imports.

China, with a CAGR of X%, saw the highest growth rate of the value of imports, among 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, with an increase of X% against the previous year. Over the period under review, import price indicated a temperate expansion 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, oil crops import price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of X%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Uruguay ($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 more modest paces of growth.

Source: IndexBox Platform

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