June 2023 Sees Steep Decline in U.S. Groundnut Oil Import Value, Amounts to $356K
U.S. Groundnut Oil Imports
In June 2023, after two months of growth, there was significant decline in supplies from abroad of groundnut oil, when their volume decreased by -95.8% to 102 tons. Overall, imports showed a precipitous decline. The pace of growth was the most pronounced in February 2023 when imports increased by 3,181% m-o-m.
In value terms, groundnut oil imports plummeted to $356K (IndexBox estimates) in June 2023. In general, imports saw a sharp reduction. The growth pace was the most rapid in February 2023 with an increase of 1,516% m-o-m.
Imports by Country
From June 2022 to June 2023, the average monthly rate of growth in terms of volume from India stood at +4.2%.
In value terms, India ($262K) constituted the largest supplier of groundnut oil to the United States.
From June 2022 to June 2023, the average monthly rate of growth in terms of value from India stood at +3.4%.
Imports by Type
In June 2023, refined groundnut oil (81 tons) constituted the largest type of groundnut oil supplied to the United States, accounting for a 80% share of total imports. Moreover, refined groundnut oil exceeded the figures recorded for the second-largest type, crude groundnut oil (21 tons), fourfold.
From June 2022 to June 2023, the average monthly rate of growth in terms of the volume of import of refined groundnut oil totaled -1.4%.
In value terms, refined groundnut oil ($274K) constituted the largest type of groundnut oil supplied to the United States, comprising 77% of total imports. The second position in the ranking was held by crude groundnut oil ($82K), with a 23% share of total imports.
Import Prices by Country
In June 2023, the groundnut oil price amounted to $3,510 per ton (CIF, US), increasing by 68% against the previous month. Over the period under review, the import price recorded a measured increase. The most prominent rate of growth was recorded in March 2023 an increase of 104% against the previous month. As a result, import price attained the peak level of $3,866 per ton. From April 2023 to June 2023, the average import prices remained at a lower figure.
Average prices varied noticeably amongst the major supplying countries. In June 2023, the country with the highest price was India ($3,523 per ton), while the price for Brazil ($3,258 per ton) was amongst the lowest.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by China (+12.4%), while the prices for the other major suppliers experienced mixed trend patterns.