Palm Kernel Oil Prices in the United States

U.S. Palm Kernel Oil Import Price per Ton in August 2022

In August 2022, the palm kernel oil price per ton amounted to $2.5K (CIF, US), reducing by -14.8% against the previous month. Overall, import price indicated a resilient increase from January 2022 to August 2022: its price increased at an average monthly rate of +5.1% over the last seven-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on August 2022 figures, palm kernel oil import price decreased by -14.8% against July 2022 indices. The most prominent rate of growth was recorded in March 2022 an increase of 25% against the previous month. The import price peaked at $2.9K per ton in July 2022, and then fell in the following month.

Average prices varied somewhat amongst the major supplying countries. In August 2022, the country with the highest price was Malaysia ($2.9K per ton), while the price for Colombia ($1.9K per ton) was amongst the lowest.

From January 2022 to August 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.5%), while the prices for the other major suppliers experienced mixed trend patterns.

U.S. Palm Kernel Oil Import Prices by Type

There were significant differences in the average prices amongst the major supplied products. In August 2022, the product with the highest price was vegetable oils; palm kernel or babassu oil and their fractions, other than crude, whether or not refined, but not chemically modified ($2.5K per ton), while the price for vegetable oils; palm kernel or babassu oil and their fractions, crude, not chemically modified amounted to $1.4K per ton.

From January 2022 to August 2022, the most notable rate of growth in terms of prices was attained by vegetable oils; palm kernel or babassu oil and their fractions, other than crude, whether or not refined, but not chemically modified (+5.2%).

U.S. Palm Kernel Oil Imports

In August 2022, imports of palm kernel and babassu oil into the United States declined sharply to 24K tons, with a decrease of -39.1% compared with the previous month's figure. Over the period under review, imports showed a noticeable decrease. The most prominent rate of growth was recorded in July 2022 with an increase of 160% month-to-month. As a result, imports attained the peak of 40K tons, and then dropped significantly in the following month.

In value terms, palm kernel oil imports contracted significantly to $60M (IndexBox estimates) in August 2022. In general, imports, however, saw a temperate expansion. The most prominent rate of growth was recorded in July 2022 with an increase of 173% m-o-m. As a result, imports attained the peak of $115M, and then declined rapidly in the following month.

U.S. Palm Kernel Oil Imports by Type

In August 2022, vegetable oils; palm kernel or babassu oil and their fractions, other than crude, whether or not refined, but not chemically modified (24K tons) was the main type of palm kernel oil supplied to the United States, with a 98% share of total imports. It was followed by vegetable oils; palm kernel or babassu oil and their fractions, crude, not chemically modified (390 tons), with a 1.6% share of total imports.

From January 2022 to August 2022, the average monthly rate of growth in terms of the volume of import of vegetable oils; palm kernel or babassu oil and their fractions, other than crude, whether or not refined, but not chemically modified totaled -2.5%.

In value terms, vegetable oils; palm kernel or babassu oil and their fractions, other than crude, whether or not refined, but not chemically modified ($59M) constituted the largest type of palm kernel oil supplied to the United States, comprising 99% of total imports. The second position in the ranking was held by vegetable oils; palm kernel or babassu oil and their fractions, crude, not chemically modified ($551K), with a 0.9% share of total imports.

U.S. Palm Kernel Oil Imports by Country

In August 2022, Indonesia (20K tons) constituted the largest palm kernel oil supplier to the United States, accounting for a 83% share of total imports. Moreover, palm kernel oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (3.7K tons), fivefold.

From January 2022 to August 2022, the average monthly rate of growth in terms of volume from Indonesia stood at -1.9%. The remaining supplying countries recorded the following average monthly rates of imports growth: Malaysia (-5.6% per month) and Colombia (+25.2% per month).

In value terms, Indonesia ($48M) constituted the largest supplier of palm kernel oil to the United States, comprising 81% of total imports. The second position in the ranking was held by Malaysia ($11M), with an 18% share of total imports.

From January 2022 to August 2022, the average monthly growth rate of value from Indonesia stood at +3.5%. The remaining supplying countries recorded the following average monthly rates of imports growth: Malaysia (-1.1% per month) and Colombia (+21.2% per month).

Source: IndexBox Market Intelligence Platform