ASEAN: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in ASEAN

In 2022, the ASEAN refined palm oil market decreased by -25.3% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, showed a measured expansion. As a result, consumption attained the peak level of $X, and then shrank rapidly in the following year.

Refined Palm Oil Production in ASEAN

In value terms, refined palm oil production amounted to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 17% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Refined Palm Oil Exports

Exports in ASEAN

In 2022, approx. X tons of refined palm oil were exported in ASEAN; dropping by -6.5% on the year before. The total export volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when exports increased by 14% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined palm oil exports rose rapidly to $X in 2022. Over the period under review, exports, however, recorded strong growth. The most prominent rate of growth was recorded in 2021 with an increase of 71%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports by Country

In 2022, Indonesia (X tons) represented the largest exporter of refined palm oil, comprising 68% of total exports. It was distantly followed by Malaysia (X tons), generating a 31% share of total exports.

Indonesia was also the fastest-growing in terms of the refined palm oil exports, with a CAGR of +5.9% from 2012 to 2022. Malaysia (-1.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia increased by +17 percentage points.

In value terms, Indonesia ($X) remains the largest refined palm oil supplier in ASEAN, comprising 78% of total exports. The second position in the ranking was held by Malaysia ($X), with a 21% share of total exports.

In Indonesia, refined palm oil exports expanded at an average annual rate of +10.4% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, rising by 20% against the previous year. In general, the export price showed a noticeable increase. The most prominent rate of growth was recorded in 2021 an increase of 53% against the previous year. Over the period under review, the export prices attained the maximum in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Malaysia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+4.2%).

Refined Palm Oil Imports

Imports in ASEAN

In 2022, after two years of growth, there was decline in purchases abroad of refined palm oil, when their volume decreased by -3.9% to X tons. Overall, imports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2020 with an increase of 100% against the previous year. The volume of import peaked at X tons in 2021, and then fell in the following year.

In value terms, refined palm oil imports totaled $X in 2022. Over the period under review, imports, however, recorded strong growth. The most prominent rate of growth was recorded in 2020 when imports increased by 103%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the near future.

Imports by Country

The countries with the highest levels of refined palm oil imports in 2022 were the Philippines (X tons), Vietnam (X tons), Malaysia (X tons) and Myanmar (X tons), together reaching 95% of total import. It was distantly followed by Singapore (X tons), mixing up a 5% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +85.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined palm oil importing markets in ASEAN were the Philippines ($X), Vietnam ($X) and Myanmar ($X), together accounting for 76% of total imports.

Myanmar, with a CAGR of +86.4%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, picking up by 6.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The growth pace was the most rapid in 2021 an increase of 36% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is likely to see steady growth in years to come.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Singapore ($X per ton) and Myanmar ($X per ton), while Malaysia ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+2.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform