Year over year, the value of exported cannabis oils grew by 13.8% from $3.13 billion during 2020.
Commonly called hash oil, cannabis oil is a concentrated form of the cannabis plant typically consumed by smoking, vaporizing, eating or absorption through the skin. Besides recreation, cannabis is used to help relieve pain, anxiety and nausea among a growing number of other medicinal applications subject to scientific testing. Innovative uses for cannabis oils include beauty and skin care goods, beverages, chocolates and even cannabis dog treats according to TheStreet writer Steve Fiorillo.
Major Exporters of Cannabis Oils
The top 5 exporters of cannabis oils by value are mainland China, India, United States of America, Spain and Germany. Collectively, that cohort of main suppliers generated 71.8% of the world’s cannabis oils sales in 2021.
Among continents, suppliers located in Asia sold the highest dollar worth of exported cannabis oils on international markets during 2021 with shipments valued at $2.1 billion or 59.2% of the global total. In second place were exporters in Europe at 26.3% while another 9.8% of worldwide shipments of cannabis oils originated from North America.
Smaller percentages came from Latin America (2.05%) excluding Mexico but including the Caribbean, Africa (2.01%) then Oceania (0.7%) mostly Australia.
For research purposes, the 6-digit Harmonized Tariff System code prefix 130219 was used for cannabis oils, extracts and tinctures.
Top Cannabis Oils Exports by Country
Below are the 25 countries that exported the highest dollar value worth of cannabis oils during 2021.
- China: US$1.4 billion (39.5% of exported cannabis oils)
- India: $392.2 million (11%)
- United States: $287 million (8.1%)
- Spain: $238.1 million (6.7%)
- Germany: $233.7 million (6.6%)
- Italy: $126.4 million (3.6%)
- Vietnam: $99.8 million (2.8%)
- South Korea: $81.9 million (2.3%)
- Switzerland: $71.6 million (2%)
- Netherlands: $65.5 million (1.8%)
- Belgium: $42.4 million (1.2%)
- Canada: $34.6 million (1%)
- Japan: $33.3 million (0.9%)
- Brazil: $33.2 million (0.9%)
- Singapore: $28.3 million (0.8%)
- Mexico: $27.5 million (0.8%)
- Morocco: $27.4 million (0.8%)
- Ireland: $24.2 million (0.7%)
- France: $20 million (0.6%)
- Madagascar: $19.9 million (0.6%)
- Slovenia: $19.8 million (0.6%)
- Australia: $19.2 million (0.5%)
- United Kingdom: $19 million (0.5%)
- Austria: $18.9 million (0.5%)
- Chile: $16.3 million (0.5%)
By value, the listed 25 countries shipped 95.2% of global cannabis oils exported in 2021.
Among the top exporters, the fastest-growing exporters of cannabis oils since 2017 were: Vietnam (up 176.3%), Austria (up 140.5%), Australia (up 117.8%) and mainland China (up 77.4%).
Posting double-digit declines in their exported cannabis oils sales were Madagascar (down 49.6%), Ireland (down -43.7% compared to 2017) and Mexico (down -40.7%).
Countries Reaping Largest Trade Surpluses from Cannabis Oils
The following countries posted the highest positive net exports for cannabis oils during 2021. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. Thus, the statistics below present the surplus between the value of each country’s exported cannabis oils and its import purchases for that same commodity.
- China: US$1.3 billion (net export surplus up 72% since 2017)
- India: $348.6 million (up 55.4%)
- Spain: $116.5 million (up 46.3%)
- Vietnam: $78.2 million (up 246.2%)
- Switzerland: $24.3 million (down -12.2%)
- Morocco: $24.3 million (up 98.2%)
- Madagascar: $19.9 million (down -49.6%)
- Dominican Republic: $7.7 million (up 22.8%)
- Mexico: $6.4 million (down -73.1%)
- Chile: $5.3 million (down -32.7%)
- Jordan: $5.2 million (down -713.4%)
- Rwanda: $3.33 million (down -333100%)
- Israel: $3.25 million (down -507.6%)
- Uganda: $3 million (down -1893.4%)
- Kenya: $2.7 million (reversing a -$35,000 deficit)
Mainland China generated the highest surplus in the international trade of cannabis oils. In turn, this positive cashflow confirms China’s strong competitive advantage for this specific product category.
Countries Posting Worst Trade Deficits from Cannabis Oils
The following countries posted the highest negative net exports for cannabis oils during 2021. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. Thus, the statistics below present the deficit between the value of each country’s imported cannabis oils purchases and its exports for that same commodity.
- United States: -US$858.9 million (net export deficit up 61% since 2017)
- South Korea: -$166.5 million (up 42%)
- France: -$158.7 million (up 21.3%)
- Japan: -$95.7 million (down -23.1%)
- Canada: -$61.2 million (up 34%)
- Australia: -$59.9 million (up 23.3%)
- Germany: -$57.2 million (up 310%)
- United Kingdom: -$56.8 million (up 38.9%)
- Kazakhstan: -$45.1 million (up 4,014%)
- Hong Kong: -$44 million (up 43.2%)
- Taiwan: -$43.4 million (up 66.7%)
- Austria: -$42.5 million (up 164.6%)
- Thailand: -$38.8 million (up 46.4%)
- Poland: -$37.7 million (up 32.5%)
- Indonesia: -$32.2 million (up 41.7%)
The United States of America incurred the highest deficit in the international trade of cannabis oils. In turn, this negative cashflow highlights America’s competitive disadvantage for this specific product category but also signals opportunities for cannabis oils-supplying countries that help satisfy the powerful worldwide demand.
Below are emerging companies that represent fast-growing players engaged in the international and domestic trade of cannabis oils and marijuana related products. The city home to the headquarters for each company is shown within parentheses.
- Aphria (Leamington, Ontario, Canada)
- Aurora Cannabis (Edmonton, Alberta, Canada)
- CannTrust Holdings (Vaughan, Ontario, Canada)
- Canopy Growth Corp (Smith Falls, Ontario, Canada)
- Emerald Health Therapeutics (Victoria, BC, Canada)
- General Cannabis Corp (Denver, Colorado, US)
- GW Pharmaceuticals plc (Cambridge, United Kingdom)
- Hydropothecary Corp (Gatineau, Québec, Canada)
- MedReleaf (Markham, Ontario, Canada)
- NightFood Holdings, Inc (Tarrytown, New York, US)
- Terra Tech Corp (Irvine, California, US)
See also Drugs and Medicine Exports by Country, Top Vaccines Exports by Country, Heart Pacemaker Export Sales by Country and Cannabis Oils Imports by Country
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