Chemically modified fats and oils market in Thailand

Earlier Report Observations

From 2018 to 2022, the market volume for chemically modified fats and oils in Thailand contracted sharply from 84.9 thousand tons to just 17.7 thousand tons, a decline of 79%. This dramatic reduction was driven by a rapid expansion in exports, which grew nearly fivefold over the same period, consistently surpassing domestic production and import volumes. Production levels remained relatively stable, fluctuating between 86.7 thousand tons and 101.1 thousand tons.

In 2023, the market volume showed signs of stabilization, edging up to 18.6 thousand tons as exports reached a near-plateau at 80.2 thousand tons. For 2024, trade data indicates a rise in imports to 16 thousand tons alongside a drop in exports to 74 thousand tons. During this year, Thai authorities intensified control measures over the oil market, mandating daily trade and price reporting from fuel traders to prevent hoarding, while growing consumer interest in electric vehicles began shifting preferences within the broader energy sector.

Production chemically modified fats and oils in Thailand

In kind, 2017-2020, K t

From 2017 to 2020, Thailand held the 7th position globally in the production of chemically modified fats and oils.

Top producers of chemically modified fats and oils, 2017-2020

World map of production of chemically modified fats and oils, 2017-2020

Thailand's production of chemically modified fats and oils saw a two-year rise before declining. In 2020, the country produced 95.8 K t, which was a 5.2% decrease from the previous year. Over the period from 2017 to 2020, production grew by 8.6%, averaging an annualized rate of 2.8%. The peak was reached in 2019 at 101.1 K t, with the largest annual increase of 11.5% also occurring that year.

Annual dynamics of production in Thailand in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Following a two-year decline, Thailand's production of chemically modified fats and oils rebounded. In 2020, the output was valued at 70.6 M $ US, showing a strong increase of 10.1% compared to the previous year. From 2017 to 2020, overall production decreased by 31.1%, which translates to an annualized rate of 11.7%. The lowest value was recorded in 2019 at 64.1 M $ US, with the most significant drop of 24.7% occurring in 2018.

Annual dynamics of production in Thailand in value, 2017-2020, M $ US

Exports chemically modified fats and oils from Thailand

Exports in kind, t

Thailand's exports of chemically modified fats and oils have increased for the third year in a row. In 2020, exports totaled 40 283 t, marking a 32.8% improvement over the previous year. Between 2017 and 2020, exports surged by 342.1%, with a compound annual growth rate of 64.1%.

Annual dynamics of product's exports from Thailand in kind, 2017-2020, t

From 2017 to 2020, the Netherlands, Malaysia, and Vietnam were the top markets for Thailand's exports in kind, accounting for 31.1%, 19.6%, and 6.8% of the total, respectively. Together, these three countries represented 57.5% of all export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Thailand in kind, 2017-2020

Exports in value, K $ US

Thailand's exports of chemically modified fats and oils have grown for the third consecutive year. In 2020, exports reached 29 704 K $ US, up by 54.3% compared to 2019. Over the 2017-2020 period, exports increased by 180.5%, averaging an annualized rate of 41.0%.

Annual dynamics of product's exports from Thailand in value, 2017-2020, K $ US

During 2017-2020, the Netherlands, Malaysia, and China led the structure of exports in value terms, with shares of 25.8%, 18.0%, and 8.0%, respectively. Combined, these three markets accounted for 51.8% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Thailand in value, 2017-2020

Imports chemically modified fats and oils to Thailand

Imports in kind, t

The data shows irregular changes, pointing to a volatile market environment. Imports hit their lowest point in 2019 at 1 243 t, then peaked in 2017, resulting in an 8.9-fold swing between these years. In 2020, cross-border shipments to Thailand amounted to 10 075 t, indicating a steep rise of 710.5% compared to the previous year. The largest decline of 88.0% was recorded in 2019.

Annual dynamics of product's imports to Thailand in kind, 2017-2020, t

From 2017 to 2020, China, Asia not elsewhere specified, and South Korea were the main sources of imports in kind for Thailand, with shares of 57.9%, 17.4%, and 9.1%, respectively. Together, they accounted for 84.4% of total imports.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Thailand in kind, 2017-2020

Imports in value, K $ US

Market performance showed noticeable fluctuations during this period. Imports reached their minimum in 2019 at 1 604 K $ US and their maximum in 2017, creating an 8.8-fold variation. In 2020, Thailand imported a total of value_last_year} K $ US of chemically modified fats and oils, representing a rise of 690.6% over the previous year. The largest decline of 88.5% occurred in 2019.

Annual dynamics of product's imports to Thailand in value, 2017-2020, K $ US

Over 2017-2020, China, Asia not elsewhere specified, and South Korea consistently held leading positions in Thailand's import structure in value terms, with shares of 49.3%, 15.7%, and 10.9%, respectively. Jointly, they made up 75.9% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Thailand in value, 2017-2020