Palm oil and fractions market in Colombia

Earlier Report Observations

Colombia's palm oil market volume followed a fluctuating path between 2018 and 2023. After starting at 1.24 million metric tons in 2018, it contracted to 1.12 million metric tons in 2019, then entered a recovery phase that pushed it to nearly 1.48 million metric tons by 2021. The market subsequently stabilized, remaining around 1.47–1.48 million metric tons through 2022 and 2023.

This movement coincided with a steady increase in domestic production, which rose from 1.63 million metric tons to 1.84 million metric tons over the period. At the same time, imports fell sharply from 311 000 metric tons to 103 000 metric tons, and exports declined from 703 000 metric tons to 469 000 metric tons. These shifts in production and trade flows supported the overall growth in volume available domestically.

Production palm oil and fractions in Colombia

In kind, 2017-2020, K t

Between 2017 and 2020, Colombia ranked fifth globally in palm oil and fractions production.

Top producers of palm oil and fractions, 2017-2020

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

In 2020, Colombia produced 1,558 thousand tonnes of palm oil and fractions, marking a 2.0% increase from 2019. Over the 2017-2020 period, production declined by 4.3%, with a compound annual growth rate of 1.4%. The lowest production level was recorded in 2019 at 1,528 thousand tonnes, while the highest was in 2018 at 1,632 thousand tonnes. The most significant drop occurred in 2019, with a 6.4% decrease.

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

In value, 2017-2020, M $ US

Following a two-year decline, Colombia's palm oil and fractions production volume rebounded. In 2020, the output was valued at 1,019 million US dollars, showing a substantial year-on-year gain of 21.2%. From 2017 to 2020, production decreased by 9%, with a compound annual growth rate of 3.1%. The lowest value was recorded in 2019 at 840 million US dollars, and the largest decline that year was 18.9%.

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

Exports palm oil and fractions from Colombia

Exports in kind, K t

Colombia's cross-border shipments of palm oil and fractions declined for the second consecutive year. In 2020, exports reached 621.2 thousand tonnes, down 2.4% year-on-year. Between 2017 and 2020, exports grew by 12%, equating to an annualized rate of 3.9%. The peak was in 2018 at 702.8 thousand tonnes, with the largest decline of 9.4% in 2019 and the largest increase of 26.8% in 2018.

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

From 2017 to 2020, the Netherlands, Brazil, and Spain led Colombia's palm oil and fractions export structure in volume terms, accounting for 37.1%, 13.4%, and 13.1% of exports, respectively. Together, these three markets represented 63.6% of total export flows.

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

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

Exports in value, M $ US

In 2020, Colombia's palm oil and fractions exports amounted to 406.3 million US dollars, indicating a significant 16.0% gain compared to the previous year. Over the 2017-2020 period, exports increased by 6.5%, with a compound annual growth rate of 2.1%. The lowest value was recorded in 2019 at 350.3 million US dollars, while the highest was in 2018 at 446.2 million US dollars. The largest decline occurred in 2019 at 21.5%, and the largest increase was in 2018 at 16.9%.

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

Between 2017 and 2020, the Netherlands, Brazil, and Spain were the three main markets for Colombia's palm oil and fractions exports in value terms, collectively absorbing 60.0% of total exports.

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

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

Imports palm oil and fractions to Colombia

Imports in kind, K t

Market performance showed noticeable fluctuations during the period. Import volumes bottomed out in 2017 and peaked in 2018, with a 1.9-fold difference between these years. In 2020, cross-border shipments of palm oil and fractions to Colombia totaled 215.4 thousand tonnes, corresponding to a modest 4.7% decrease from the prior year. The maximum value was recorded in 2018 at 310.9 thousand tonnes, with the largest decline of 27.3% in 2019 and the largest increase of 89.0% in 2018.

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

Throughout 2017-2020, Ecuador dominated Colombia's palm oil and fractions import structure in volume terms, accounting for 72.4% of total flows, while other destinations contributed relatively small shares.

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

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

Imports in value, M $ US

In 2020, Colombia's palm oil and fractions imports registered 160.1 million US dollars, representing a gradual 8.9% year-on-year improvement. Over the 2017-2020 period, imports increased by 9.7%, with a compound annual growth rate of 3.1%. The maximum value was recorded in 2018 at 210.4 million US dollars, with the largest decline of 30.1% in 2019 and the largest increase of 44.2% in 2018.

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

From 2017 to 2020, Ecuador was the key supplier of palm oil and fractions to Colombia, taking 71.8% of total imports in value terms, while a diversified group of other countries accounted for the remainder.

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

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