Malaysia: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Malaysia

In 2022, the Malaysian crude maize oil market increased by 66% to $X, rising for the third year in a row after three years of decline. In general, consumption recorded a measured increase. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Crude Maize Oil Exports

Exports from Malaysia

In 2022, shipments abroad of crude maize (corn) oil decreased by -6.3% to X tons, falling for the fourth consecutive year after five years of growth. Over the period under review, exports continue to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2015 with an increase of 785%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude maize oil exports fell modestly to $X in 2022. Overall, exports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2015 with an increase of 506%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Singapore (X tons) was the main destination for crude maize oil exports from Malaysia, accounting for a 61% share of total exports. Moreover, crude maize oil exports to Singapore exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), threefold. Qatar (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore totaled -12.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+16.9% per year) and Qatar (+18.0% per year).

In value terms, Singapore ($X) remains the key foreign market for crude maize (corn) oil exports from Malaysia, comprising 76% of total exports. The second position in the ranking was taken by Qatar ($X), with a 12% share of total exports. It was followed by Hong Kong SAR, with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Singapore totaled -7.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+12.0% per year) and Hong Kong SAR (+3.8% per year).

Export Prices by Country

The average crude maize oil export price stood at $X per ton in 2022, with an increase of 2% against the previous year. In general, export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude maize oil export price increased by +56.1% against 2019 indices. The growth pace was the most rapid in 2013 when the average export price increased by 44% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Hong Kong SAR ($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 (+5.3%), while the prices for the other major destinations experienced a decline.

Crude Maize Oil Imports

Imports into Malaysia

In 2022, purchases abroad of crude maize (corn) oil was finally on the rise to reach X tons for the first time since 2016, thus ending a five-year declining trend. In general, imports, however, showed a pronounced descent. The most prominent rate of growth was recorded in 2014 when imports increased by 157%. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, crude maize oil imports skyrocketed to $X in 2022. Overall, imports saw a buoyant increase. The growth pace was the most rapid in 2014 with an increase of 159% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

Japan (X tons), South Korea (X tons) and Canada (X tons) were the main suppliers of crude maize oil imports to Malaysia, with a combined 55% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +40.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude maize oil suppliers to Malaysia were Japan ($X), Canada ($X) and Paraguay ($X), together comprising 51% of total imports.

In terms of the main suppliers, Canada, with a CAGR of +50.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average crude maize oil import price amounted to $X per ton, with a decrease of -7.8% against the previous year. Over the period under review, the import price, however, posted a buoyant expansion. The pace of growth appeared the most rapid in 2015 an increase of 43% against the previous year. The import price peaked at $X per ton in 2021, and then reduced in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hungary ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Paraguay (+12.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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