In North America, the Coconut Oil Prices varied in the first quarter of 2023 as a result of fluctuating market dynamism from downstream businesses, including the food and cosmetics sectors. The cost of other edible oils declined in the first half of Q1 2023 as a result of the moderate to low demand from the pharmaceutical and cosmetic industries. Food prices rose globally and, in the USA, in particular, due to the invasion of the Russia-Ukraine conflict and supply interruptions. As a result of the lesser supply coming from the main exporting countries to the USA, prices rose in the second half of Q1 of 2023. In the final month of the quarter, there were still sizeable stockpiles in the domestic US market to meet consumer demand with the supplies despite an increase in demand.
In the first quarter of 2023, the price of Coconut Oil fluctuated across the Asia-Pacific region, particularly in Indonesia and India, due to unpredictably shifting market dynamics. As Indonesia only exported a small Palm oil Prices in Q1 2023, the price of other edible oils increased in the first half of the quarter. Coconut Oil has become more widely used as an alternative in the domestic market as the cost of other edible oils has decreased. Due to low demand and significant market stocks, the price continued to decline in the second half of Q1 2023. The final month of the quarter saw a decline in pricing as a result of stable demand from end-user industries and domestic households. Towards the end of Q1 2023, the price of Coconut Oil was recorded to be USD 1876.05/MT for Ex-Kuttoor (India) in March 2023.
As a result of easier access to ports, notably those on the Black Sea, Coconut Oil prices in Europe fluctuated throughout the first quarter of 2023. Due to high production and low demand, the price of all edible oils, including Coconut Oil, fell in the first part of Q1 2023. Massive acres of farmland and the coconut plant's high productivity benefited from the climate. Prices rose in the second month of the quarter as a result of a decline in stocks with the nearby dealers. In the second half of Q1 of 2023, prices of other edible oils in the nation increased, including those for Coconut Oil, as a result of the lifting of the limitation on the export of a certain amount palm oil. Towards the end of Q1 2023, the price of Coconut Oil was recorded to be USD 1505/MT for CFR Rotterdam in March 2023.
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