Indonesia: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Indonesia

The Indonesian crude palm oil market amounted to $X in 2022, increasing by 12% against the previous year. In general, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 +97.9% against 2015 indices. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the near future.

Crude Palm Oil Production in Indonesia

In value terms, crude palm oil production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% 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 2020 with an increase of 28%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Crude Palm Oil Exports

Exports from Indonesia

In 2022, the amount of crude palm oil exported from Indonesia fell remarkably to X tons, with a decrease of -58.9% compared with the previous year's figure. In general, exports showed a abrupt setback. The growth pace was the most rapid in 2015 with an increase of 36% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, crude palm oil exports reduced dramatically to $X in 2022. Overall, exports faced a precipitous slump. The most prominent rate of growth was recorded in 2017 when exports increased by 42% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

India (X tons) was the main destination for crude palm oil exports from Indonesia, accounting for a 62% share of total exports. Moreover, crude palm oil exports to India exceeded the volume sent to the second major destination, Spain (X tons), sixfold. Malaysia (X tons) ranked third in terms of total exports with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to India totaled -9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+1.3% per year) and Malaysia (-11.8% per year).

In value terms, India ($X) remains the key foreign market for crude palm oil exports from Indonesia, comprising 60% of total exports. The second position in the ranking was held by Spain ($X), with a 9% share of total exports. It was followed by Malaysia, with a 6.2% share.

From 2012 to 2022, the average annual growth rate of value to India stood at -18.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (-10.0% per year) and Malaysia (-22.1% per year).

Export Prices by Country

In 2022, the average crude palm oil export price amounted to $X per ton, falling by -35.9% against the previous year. Over the period under review, the export price continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2020 when the average export price increased by 34% against the previous year. Over the period under review, the average 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 destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (-4.6%), while the prices for the other major destinations experienced a decline.

Crude Palm Oil Imports

Imports into Indonesia

In 2022, the amount of crude palm oil imported into Indonesia totaled X tons, surging by 4.9% compared with the year before. Over the period under review, imports, however, recorded a significant decline. The most prominent rate of growth was recorded in 2016 when imports increased by 24,413%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, crude palm oil imports dropped dramatically to $X in 2022. Overall, imports, however, continue to indicate a dramatic shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 19,708% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Taiwan (Chinese) (X tons) was the main crude palm oil supplier to Indonesia, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Taiwan (Chinese) amounted to +64.6%.

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of crude palm oil to Indonesia.

From 2012 to 2022, the average annual rate of growth in terms of value from Taiwan (Chinese) stood at +71.9%.

Import Prices by Country

The average crude palm oil import price stood at $X per ton in 2022, waning by -34.2% against the previous year. Overall, the import price showed a deep slump. The most prominent rate of growth was recorded in 2017 an increase of 56% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Taiwan (Chinese).

From 2012 to 2022, the rate of growth in terms of prices for Taiwan (Chinese) amounted to +4.4% per year.

Source: IndexBox Platform

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