Eastern Asia: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Eastern Asia

The East Asian refined palm oil market reduced slightly to $X in 2022, remaining stable against the previous year. The total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +60.0% against 2015 indices. The level of consumption peaked at $X in 2021, and then declined modestly in the following year.

Refined Palm Oil Production in Eastern Asia

In value terms, refined palm oil production shrank modestly to $X in 2022 estimated in export price. In general, production posted a temperate expansion. The pace of growth appeared the most rapid in 2016 when the production volume increased by 83%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Refined Palm Oil Exports

Exports in Eastern Asia

In 2022, after three years of decline, there was significant growth in shipments abroad of refined palm oil, when their volume increased by 7.5% to X tons. Over the period under review, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 235%. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, refined palm oil exports skyrocketed to $X in 2022. In general, exports continue to indicate significant growth. The growth pace was the most rapid in 2016 with an increase of 199%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

China dominates exports structure, accounting for X tons, which was approx. 96% of total exports in 2022. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the refined palm oil exports, with a CAGR of +35.2% from 2012 to 2022. At the same time, Taiwan (Chinese) (+30.1%) displayed positive paces of growth. China (+29 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest refined palm oil supplier in Eastern Asia, comprising 96% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 3% share of total exports.

In China, refined palm oil exports increased at an average annual rate of +33.5% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, with an increase of 27% against the previous year. Over the period under review, the export price, however, saw a noticeable curtailment. The pace of growth appeared the most rapid in 2021 when the export price increased by 39%. 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 failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while Taiwan (Chinese) amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-1.3%).

Refined Palm Oil Imports

Imports in Eastern Asia

In 2022, overseas purchases of refined palm oil decreased by -18.7% to X tons, falling for the third year in a row after three years of growth. Overall, imports showed a slight reduction. The growth pace was the most rapid in 2017 with an increase of 40%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, refined palm oil imports rose to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 44%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

China prevails in imports structure, amounting to X tons, which was approx. 78% of total imports in 2022. Japan (X tons) took a 10% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (8.9%). Taiwan (Chinese) (X tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to refined palm oil imports into China stood at -2.4%. At the same time, South Korea (+5.7%), Taiwan (Chinese) (+3.4%) and Japan (+1.2%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +5.7% from 2012-2022. While the share of South Korea (+4.5 p.p.) and Japan (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of China (-8.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported refined palm oil in Eastern Asia, comprising 76% of total imports. The second position in the ranking was held by Japan ($X), with an 11% share of total imports. It was followed by South Korea, with a 10% share.

In China, refined palm oil imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+3.2% per year) and South Korea (+9.0% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, rising by 26% against the previous year. Import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined palm oil import price increased by +118.8% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 47% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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