Palm kernel or babassu oil and fractions market in Caribbean

Earlier Report Observations

The Caribbean market for palm kernel or babassu oil and fractions saw substantial growth from 2018 to 2023, with total market volume rising from 10 338 t to 13 636 t, an increase of 31.9%. This expansion occurred despite yearly fluctuations, reflecting a combination of domestic production gains and varying import levels.

Domestic production demonstrated a consistent upward trajectory, climbing from 7 001 t in 2018 to 9 001 t in 2023. In contrast, import volumes were more volatile, peaking at 4 996 t in 2021 before falling to 3 696 t in 2022 and then rising again to 4 637 t in 2023. These import swings directly influenced the total market size, leading to a notable surge in 2021 and a subsequent dip in 2022.

By 2023, the market had recovered to reach its highest level in the period, underscoring the underlying growth trend supported by increased local output. The overall market dynamics highlight the region's growing consumption and production capacity for palm kernel and babassu oil fractions.

Production palm kernel or babassu oil and fractions in Caribbean

In kind, 2017-2020, t

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

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

Caribbean's production of palm kernel or babassu oil and fractions has increased for the second year in a row. In 2020, the region produced 8 000 tonnes, marking a 6.7% rise compared to the previous year. Looking at the period from 2017 to 2020, production grew by 14.3%, which translates to an average annual increase of 4.6%. The most significant growth occurred in 2019, with a 7.1% jump, while 2018 saw no change in production levels.

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

Exports palm kernel or babassu oil and fractions from Caribbean

Exports in kind, t

The market for these exports showed considerable volatility over the years. Volumes peaked in 2017 and then fell to their lowest point in 2018, representing a 3.3-fold difference between the two years. In 2020, Caribbean exported 4 tonnes of palm kernel or babassu oil and fractions, which was a sharp 30.8% decrease from the year before. The lowest volume was recorded in 2018 at 4 tonnes, with that year also seeing the largest decline of 69.8%. In contrast, 2019 experienced the biggest increase, with volumes rising by 45.5%.

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

From 2017 to 2020, the main destinations for Caribbean's exports of palm kernel or babassu oil and fractions were Colombia, accounting for 57.0% of exports in kind, the United States with 16.1%, and Venezuela at 11.5%. Together, these three countries made up 84.5% of the total export flows during this period.

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

Market performance showed noticeable fluctuations during these years. The highest value was reached in 2019, while the lowest occurred in 2020, with a peak-to-trough ratio of 7.7 times. In 2020, Caribbean exported 7 000 US dollars' worth of palm kernel or babassu oil and fractions, indicating a significant drop of 87.0% compared to the previous year. The maximum value was recorded in 2019 at 52 000 US dollars, which also saw the largest increase of 362.0%.

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

Throughout 2017 to 2020, the primary markets for Caribbean's exports of palm kernel or babassu oil and fractions in value terms were Colombia, with 37.1% of exports, Venezuela at 36.7%, and the United States with 12.9%. Collectively, these three countries accounted for 86.7% of the total export flows.

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

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

Imports palm kernel or babassu oil and fractions to Caribbean

Imports in kind, t

After two years of growth, Caribbean's imports of palm kernel or babassu oil and fractions declined. In 2020, the region imported 3 254 tonnes, which was down by 18.8% from the year before. The highest import volume was recorded in 2019 at 4 009 tonnes, a year that also saw the largest increase of 20.0%.

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

From 2017 to 2020, the main sources for Caribbean's imports of palm kernel or babassu oil and fractions in kind were Malaysia, contributing 45.9% of imports, Guatemala with 20.4%, and Colombia at 18.5%. Together, these three countries represented 84.8% of the 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's imports of palm kernel or babassu oil and fractions in value terms declined for the third consecutive year. In 2020, the region imported a total of 2 770 000 US dollars' worth, which is 25.1% lower than the previous year. Over the period from 2017 to 2020, imports decreased by 34%, averaging an annual decline of 12.9%.

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

Throughout 2017 to 2020, the key partners for Caribbean's imports of palm kernel or babassu oil and fractions in value terms were Malaysia, accounting for 42.0% of imports, Colombia with 18.5%, and Guatemala at 17.7%. These three countries jointly represented 78.1% of the total import flows.

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

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