ASEAN: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in ASEAN

The ASEAN crude palm oil market expanded remarkably to $X in 2022, with an increase of 8.5% against the previous year. The market value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level in 2022 and is likely to continue growth in the immediate term.

Crude Palm Oil Production in ASEAN

In value terms, crude palm oil production reached $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 29% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Crude Palm Oil Exports

Exports in ASEAN

In 2022, overseas shipments of crude palm oil decreased by -27.8% to X tons, falling for the third year in a row after three years of growth. Over the period under review, exports showed a perceptible reduction. The growth pace was the most rapid in 2015 with an increase of 25% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, crude palm oil exports shrank rapidly to $X in 2022. Overall, exports continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2017 with an increase of 19% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia represented the main exporter of crude palm oil in ASEAN, with the volume of exports amounting to X tons, which was approx. 59% of total exports in 2022. Indonesia (X tons) took the second position in the ranking, distantly followed by Thailand (X tons). All these countries together took approx. 40% share of total exports.

Malaysia experienced a relatively flat trend pattern with regard to volume of exports of crude palm oil. At the same time, Thailand (+15.1%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +15.1% from 2012-2022. By contrast, Indonesia (-11.1%) illustrated a downward trend over the same period. While the share of Malaysia (+20 p.p.) and Thailand (+9.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Indonesia (-30.2 p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) remains the largest crude palm oil supplier in ASEAN, comprising 67% of total exports. The second position in the ranking was held by Thailand ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Malaysia amounted to -1.2%. In the other countries, the average annual rates were as follows: Thailand (+18.2% per year) and Indonesia (-20.1% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, shrinking by -2.7% against the previous year. Overall, the export price continues to indicate a pronounced curtailment. The pace of growth appeared the most rapid in 2020 an increase of 23% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+2.8%), while the other leaders experienced a decline in the export price figures.

Crude Palm Oil Imports

Imports in ASEAN

In 2022, overseas purchases of crude palm oil increased by 108% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports, however, showed a abrupt decrease. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, crude palm oil imports skyrocketed to $X in 2022. Over the period under review, imports, however, continue to indicate a abrupt curtailment. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Malaysia dominates imports structure, recording X tons, which was near 95% of total imports in 2022. Singapore (X tons) took a relatively small share of total imports.

Malaysia was also the fastest-growing in terms of the crude palm oil imports, with a CAGR of -8.9% from 2012 to 2022. Singapore (-30.9%) illustrated a downward trend over the same period. While the share of Malaysia (+35 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Singapore (-34.9 p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) constitutes the largest market for imported crude palm oil in ASEAN, comprising 92% of total imports. The second position in the ranking was held by Singapore ($X), with a 7% share of total imports.

In Malaysia, crude palm oil imports shrank by an average annual rate of -11.1% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, with a decrease of -16% against the previous year. Overall, the import price continues to indicate a pronounced setback. The pace of growth appeared the most rapid in 2020 when the import price increased by 36% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Malaysia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.1%).

Source: IndexBox Platform