Drop in Palm Oil Price in Qatar: Decline of 6% to $1,124 per Ton Following Two Months of Decrease

Drop in Palm Oil Price in Qatar: Decline of 6% to $1,124 per Ton Following Two Months of Decrease

Qatar Palm Oil Import Price in April 2023

In April 2023, the price of palm oil in Qatar was $1,124 per ton (CIF), experiencing a decrease of 5.8% compared to the previous month. During the review period, the import price showed a noticeable decline, with the highest growth rate occurring in May 2022 when the average import price rose by 24% month-on-month, reaching a peak of $1,968 per ton. From June 2022 to April 2023, the average import prices remained relatively lower.

Average prices varied significantly among the major palm oil supplying countries. Malaysia had the highest price in April 2023 ($1,124 per ton), while India's price stood at $1,116 per ton.

From April 2022 to April 2023, India witnessed the most notable price growth among major suppliers, recording a 0.0% increase, while the other major suppliers experienced price declines.

Qatar Palm Oil Import Prices by Type

Average prices also varied considerably among different palm oil products. In April 2023, crude palm oil had the highest price of $1,134 per ton, while refined palm oil was priced at $1,118 per ton.

From April 2022 to April 2023, refined palm oil experienced a significant price decrease of -2.3%.

Qatar Palm Oil Imports

In April 2023, palm oil imports into Qatar decreased remarkably to 2,000 tons, a drop of 23.1% compared to March 2023. However, imports showed an overall measured increase, with the highest growth rate occurring in March 2023 with a 125% month-on-month increase.

In terms of value, palm oil imports in April 2023 were estimated at $2.2 million (according to IndexBox estimates), demonstrating a notable decrease. The most significant growth rate was observed in March 2023, with a 123% month-on-month increase.

Qatar Palm Oil Imports by Type

The main palm oil products imported to Qatar were refined palm oil (1,300 tons) and crude palm oil (745 tons).

From April 2022 to April 2023, the highest growth rate was seen in the import of refined palm oil, with a compound annual growth rate (CAGR) of +3.2%.

In terms of value, the most traded types of palm oil in Qatar were refined palm oil ($1.4 million) and crude palm oil ($844,000).

Qatar Palm Oil Imports by Country

Mainly, Malaysia (1,900 tons) supplied palm oil to Qatar, accounting for a 96% share of total imports. Malaysia's palm oil imports exceeded those of the second-largest supplier, India (76 tons), by more than tenfold.

From April 2022 to April 2023, the average monthly growth rate in volume from Malaysia was +2.3%.

In terms of value, Malaysia ($2.2 million) dominated as the largest palm oil supplier to Qatar, comprising 96% of total imports. India ($84,000) held the second position with a 3.8% share of total imports.

From April 2022 to April 2023, Malaysia exhibited a relatively modest average monthly growth rate in terms of value.



Source: IndexBox Market Intelligence Platform

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