Palm kernel or babassu oil and fractions market in Sierra Leone

Earlier Report Observations

Between 2018 and 2019, the market for palm kernel or babassu oil in Sierra Leone expanded from 14 thousand tonnes to over 18 thousand tonnes. This growth coincided with a reported surge in the value of palm oil exports from the country, suggesting increased production capacity or new market entrants. However, in 2020, the market volume contracted to 15.6 thousand tonnes before recovering slightly to 15.8 thousand tonnes in 2021. During this period, export prices were projected to remain flat, indicating challenging market conditions.

From 2022 to 2023, the market continued to grow, reaching 16.8 thousand tonnes in 2022 and stabilizing at 16.9 thousand tonnes in 2023. Forecasts pointed to a gradual recovery in export prices, which may have supported market activity in these years.

Production palm kernel or babassu oil and fractions in Sierra Leone

In kind, 2017-2020, t

From 2017 to 2020, Sierra Leone ranked 18th globally in the production of palm kernel or babassu oil and fractions.

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

Following two consecutive years of growth, Sierra Leone's production of palm kernel or babassu oil and fractions declined. In 2020, the country produced 15 655 tonnes, marking a significant 15.3% decrease from the previous year. Over the 2017-2020 period, overall production rose by 11%, with an average annual growth rate of 3.5%. The highest production level was recorded in 2019 at 18 485 tonnes, which also saw the largest annual increase of 28.3%.

Annual dynamics of production in Sierra Leone in kind, 2017-2020, t

Exports palm kernel or babassu oil and fractions from Sierra Leone

Exports in kind, t

The export market for palm kernel or babassu oil and fractions from Sierra Leone experienced notable volatility during the observed period. The lowest export volume was recorded in 2020 at 6.8 tonnes, representing a dramatic 96.4% drop from the previous year. In contrast, exports peaked in 2018 at 261.0 tonnes, which was 38 times higher than the 2020 figure. The most substantial growth occurred in 2018 with a 366.1% increase.

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

From 2017 to 2020, Switzerland, Gambia, and Benin were the leading destinations for Sierra Leone's exports of palm kernel or babassu oil and fractions by volume. Switzerland accounted for 50.5% of exports, Gambia for 24.2%, and Benin for 13.0%. Together, these three countries represented 87.6% of Sierra Leone's total export flows during this period.

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

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

Exports in value, K $ US

Sierra Leone's export earnings from palm kernel or babassu oil and fractions showed an unstable pattern throughout the timeframe. Exports reached their lowest point in 2020 at 9.7 thousand US dollars, reflecting a sharp 79.3% decline from 2019. The peak occurred in 2017, with export values 12 times higher than in 2020. The largest annual increase was recorded in 2019 at 19.6%.

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

Between 2017 and 2020, Australia, Switzerland, and Benin were the primary markets for Sierra Leone's palm kernel or babassu oil and fractions by value. Australia led with 46.3% of export earnings, followed by Switzerland at 16.8% and Benin at 14.8%. Collectively, these three countries accounted for 77.9% of Sierra Leone's total export value during this period.

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

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

Imports palm kernel or babassu oil and fractions to Sierra Leone

Industry analysis indicates that Sierra Leone did not import any palm kernel or babassu oil and fractions from 2017 to 2020.