HS Code:
The 'In oil and in bulk or in immediate containers over 7 kg each' category typically refers to edible oils (such as olive oil, palm oil, or other vegetable oils) that are packaged in bulk or large containers exceeding 7 kg. This category falls under various HS Codes depending on the specific type of oil (e.g., HS 1509 for olive oil, HS 1511 for palm oil). These products are primarily used for industrial purposes, food processing, or large-scale commercial distribution. Global trade in this category is influenced by agricultural production capacities, dietary trends, and industrial demand for oils in food and non-food applications.
Total Trade Volume
Approximately $25 billion USD
Data from 2022
Source
United Nations Comtrade Database & World Trade Organization (WTO) Reports
$8.5 billion USD
34% of total trade of total trade
Increasing
$6.2 billion USD
25% of total trade of total trade
Increasing
$3.1 billion USD
12% of total trade of total trade
Stable
$2.4 billion USD
10% of total trade of total trade
Stable
$1.8 billion USD
7% of total trade of total trade
Decreasing
Average Rate
5.2% ad valorem
Highest Rate
20% (imposed by certain South Asian countries to protect domestic oil industries)
Lowest Rate
0% (under free trade agreements like EU internal trade or ASEAN agreements)
Rising demand for sustainable and certified palm oil
Increased market share for producers adhering to Roundtable on Sustainable Palm Oil (RSPO) standards, especially in European markets
2021-2023
Shift towards healthier oil alternatives
Growing trade in olive oil and other low-saturated-fat oils, particularly in North America and Europe, at the expense of palm oil
2020-2022
Fluctuations in production due to climate change
Erratic weather patterns in major producing regions like Southeast Asia have led to supply shortages and price volatility
2019-2023
The EU introduced regulations requiring proof that imported palm oil is not linked to deforestation, affecting major exporters like Indonesia and Malaysia.
June 2023
Potential reduction in EU imports from non-compliant producers; increased costs for certification and compliance.
Indonesia temporarily banned palm oil exports in April 2022 to secure domestic supply, causing global supply chain disruptions.
April-May 2022
Significant price spikes in global edible oil markets; shift in demand to alternative suppliers like Malaysia.
Phase One trade deal between the US and China included commitments to increase US soybean oil exports, indirectly impacting other bulk oil markets.
January 2020 (ongoing effects)
Increased competition for palm oil exporters in the Chinese market as US soybean oil gains market share.