Coconut, palm kernel or babassu oil and fractions market in Caribbean

Earlier Report Observations

The market for coconut, palm kernel, and babassu oil in the Caribbean showed relative stability from 2018 to 2020, with market volume hovering around 32 000 t before a moderate dip to 31 444 t in 2020.

A period of sustained expansion began in 2021, with market volume rising to 35 662 t. Growth accelerated in 2022 as the market reached 39 064 t, a increase that coincided with a sharp 48% rise in the value of Jamaica's imports for these oils, signaling a surge in regional demand that contributed to the overall market expansion.

Market growth continued through 2023, with volume climbing to 42 771 t. By 2024, import levels remained elevated at 10 242 t, while stable, low prices for related oils in Haiti and active regional trade flows involving Mexico indicated ongoing influences on the Caribbean supply landscape.

Production coconut, palm kernel or babassu oil and fractions in Caribbean

In kind, 2017-2020, t

Top producers of coconut, palm kernel or babassu oil and fractions, 2017-2020

World map of production of coconut, palm kernel or babassu oil and fractions, 2017-2020

Caribbean production of coconut, palm kernel, or babassu oil and fractions rebounded after two years of decline. In 2020, output reached 27 562 tonnes, marking a modest 0.9% increase from the previous year. Looking at the broader period from 2017 to 2020, production fell by 3.1%, averaging an annual decline of 1.1%. The lowest point was in 2019, with 27 306 tonnes produced, which also saw the steepest drop of 3.9%.

Annual dynamics of production in Caribbean in kind, 2017-2020, t

In value, 2017-2020, K $ US

Caribbean production of coconut, palm kernel, or babassu oil and fractions in value terms recovered following a two-year downturn. In 2020, the output was valued at 52 495 thousand US dollars, reflecting a 7.6% rise compared to 2019. Over the 2017-2020 span, production value decreased by 24.9%, translating to an average annual decline of 9.1%. The lowest value was recorded in 2019 at 48 773 thousand US dollars, which also experienced the most significant drop of 28.4%.

Annual dynamics of production in Caribbean in value, 2017-2020, K $ US

Exports coconut, palm kernel or babassu oil and fractions from Caribbean

Exports in kind, t

Caribbean exports of coconut, palm kernel, or babassu oil and fractions in volume terms grew for the second year in a row. In 2020, export volume totaled 2 572 tonnes, showing a slight increase of 4.5% from 2019. From 2017 to 2020, exports rose by 23.3%, with a compound annual growth rate of 7.2%. The lowest volume was in 2018 at 1 905 tonnes, which also saw the largest decline of 8.7%. In contrast, 2019 recorded the biggest increase of 29.2%.

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

Between 2017 and 2020, the United States, Italy, and Guyana were the primary destinations for Caribbean exports of coconut, palm kernel, or babassu oil and fractions in volume terms. The United States accounted for 5.1% of exports, Italy for 2.7%, and Guyana for 0.9%, together making up 8.7% of total export flows.

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

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

Exports in value, K $ US

Caribbean exports of coconut, palm kernel, or babassu oil and fractions in value terms increased after two years of decline. In 2020, exports amounted to 4 899 thousand US dollars, up 11.4% from the previous year. Over the 2017-2020 period, exports decreased by 4.5%, averaging an annual decline of 1.5%. The lowest value was in 2019 at 4 398 thousand US dollars, while the largest drop occurred in 2018 with an 11.0% decrease.

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

From 2017 to 2020, the United States and Italy remained the top buyers of Caribbean coconut, palm kernel, or babassu oil and fractions in value terms, jointly representing 6.6% of total exports.

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

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

Imports coconut, palm kernel or babassu oil and fractions to Caribbean

Imports in kind, t

Caribbean imports of coconut, palm kernel, or babassu oil and fractions in volume terms declined in 2020, totaling 6 454 tonnes, which was 20.6% lower than the previous year. Over the 2017-2020 period, imports increased by 5.6%, with a compound annual growth rate of 1.8%. The lowest volume was in 2018 at 5 609 tonnes, while the peak was in 2019 with 8 132 tonnes. The largest increase occurred in 2019, surging by 45.0%.

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

Between 2017 and 2020, Malaysia, Indonesia, and Guatemala were the main sources for Caribbean imports of coconut, palm kernel, or babassu oil and fractions in volume terms. Malaysia contributed 26.5% of imports, Indonesia 23.4%, and Guatemala 9.9%, together accounting for 59.8% of total import flows.

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

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

Imports in value, K $ US

Caribbean imports of coconut, palm kernel, or babassu oil and fractions in value terms rose after a two-year decline. In 2020, imports reached 11 712 thousand US dollars, showing a small gain of 1.3% year-over-year. From 2017 to 2020, imports decreased by 22.2%, averaging an annual decline of 8.0%. The lowest value was in 2019 at 11 565 thousand US dollars, and the largest drop was in 2018 with a 15.8% decrease.

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

The structure of Caribbean imports in value terms from 2017 to 2020 was diversified. Indonesia accounted for 20.6% of imports, Malaysia for 15.5%, and the United States for 9.3%, together making up 45.3% of total flows, with no single country holding a clearly dominant position.

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

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