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

Earlier Report Observations

The market volume for coconut, palm kernel or babassu oil and fractions in Venezuela expanded from 14 066 tons in 2018 to 19 184 tons in 2020. A sharp decline followed in 2021, reducing the market to 12 801 tons, before a gradual recovery set in, reaching 14 806 tons by 2023.

In 2024, the Venezuelan government approved the Cocoa Law, a measure within its strategic economic agenda aimed at food sovereignty, which may influence the broader agro-food sector including vegetable oils. That same year, the U.S. Office of Foreign Assets Control modified General License No. 44, altering the framework for transactions in Venezuela's petroleum sector and impacting the country's general economic conditions.

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

In kind, 2017-2020, t

From 2017 to 2020, Venezuela ranked 23rd globally in the production of coconut, palm kernel, or babassu oil and fractions.

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

In 2020, Venezuela produced 20 901 tonnes of coconut, palm kernel, or babassu oil and fractions, a slight decrease of 0.8% from the previous year. Over the period from 2017 to 2020, production grew by 13.7%, averaging an annual increase of 4.4%. The lowest production level was recorded in 2018 at 17 171 tonnes, while the peak occurred in 2019 with 21 063 tonnes. The most significant decline was observed in 2018, dropping by 6.6%, whereas the largest increase took place in 2019, surging by 22.7%.

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

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

Exports in kind, t

The market exhibited volatility during the observed period. Export volumes fluctuated significantly, with a 2.7-fold difference between the low in 2017 and the high in 2019. In 2020, Venezuela's shipments of coconut, palm kernel, or babassu oil and fractions abroad totaled 1 724 tonnes, representing a sharp decline of 59.3% compared to the previous year. The highest export volume was recorded in 2019 at 4 241 tonnes, and the largest increase occurred in 2018, rising by 99.8%.

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

From 2017 to 2020, Colombia remained the dominant export partner for Venezuela in terms of coconut, palm kernel, or babassu oil and fractions, accounting for 87.2% of total export flows. Other markets contributed only a small portion, forming a long tail in the trade structure.

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

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

Exports in value, K $ US

Venezuela's exports of coconut, palm kernel, or babassu oil and fractions in value terms declined for the third consecutive year. In 2020, exports amounted to 1 101 thousand US dollars, down by 40.9% from the prior year. Between 2017 and 2020, exports decreased by 48.1%, equivalent to an average annual decline of 19.6%.

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

Throughout 2017 to 2020, Colombia dominated Venezuela's export partner structure in value terms, holding a 71.6% share of total flows. Other markets had relatively modest shares in comparison.

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

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

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

Imports in kind, t

The market showed signs of volatility over the observed period. Imports reached their lowest point in 2018 and peaked in 2017, with a 10 101-fold difference between these years. In 2020, cross-border shipments of coconut, palm kernel, or babassu oil and fractions into Venezuela reached 7 tonnes, reflecting a substantial increase of 251.0% from the previous year. The minimum value was recorded in 2018 at 0.0 tonnes, with the largest decline of 100.0% occurring that year. The most significant increase was in 2019, soaring by 99 961.5%.

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

From 2017 to 2020, Aruba and Sri Lanka were the main suppliers of coconut, palm kernel, or babassu oil and fractions to Venezuela, together accounting for 93.0% of total imports in kind. The remaining imports were fragmented across other countries.

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

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

Imports in value, K $ US

The market demonstrated volatility during the observed period. Imports hit their lowest in 2018 and peaked in 2019, with a 2 730-fold gap between these years. In 2020, shipments of coconut, palm kernel, or babassu oil and fractions into Venezuela were valued at 24 thousand US dollars, down by 37.3% from the previous year. The minimum value was recorded in 2018 at 0.0 thousand US dollars, while the maximum was in 2019 at 38 thousand US dollars. The largest decline occurred in 2018, falling by 99.9%, and the most significant increase was in 2019, jumping by 272 938.6%.

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

In the period from 2017 to 2020, the country structure of Venezuela's imports in value terms was highly concentrated, with Trinidad and Tobago and Sri Lanka together accounting for 83.8% of total flows. Other partners contributed only a residual share.

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

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