Malaysia: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Malaysia

The Malaysian crude palm oil market rose slightly to $X in 2022, with an increase of 2.9% against the previous year. Over the period under review, consumption, however, showed a perceptible decline. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Palm Oil Production in Malaysia

In value terms, crude palm oil production stood at $X in 2022 estimated in export price. Overall, production saw a noticeable setback. The pace of growth appeared the most rapid in 2017 when the production volume increased by 28%. Crude palm oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Crude Palm Oil Exports

Exports from Malaysia

In 2022, approx. X tons of crude palm oil were exported from Malaysia; with a decrease of -3% compared with the year before. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 56% 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 stood at a somewhat lower figure.

In value terms, crude palm oil exports declined significantly to $X in 2022. Overall, exports saw a slight slump. The pace of growth was the most pronounced in 2021 with an increase of 69% against the previous year. As a result, the exports attained the peak of $X, and then contracted significantly in the following year.

Exports by Country

India (X tons) was the main destination for crude palm oil exports from Malaysia, with a 59% share of total exports. Moreover, crude palm oil exports to India exceeded the volume sent to the second major destination, the Netherlands (X tons), fourfold. Kenya (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to India amounted to +2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-6.7% per year) and Kenya (+58.9% per year).

In value terms, India ($X) remains the key foreign market for crude palm oil exports from Malaysia, comprising 65% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 14% share of total exports. It was followed by Kenya, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to India stood at +2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-8.0% per year) and Kenya (+58.3% per year).

Export Prices by Country

The average crude palm oil export price stood at $X per ton in 2022, which is down by -18% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 60% against the previous year. As a result, the export price attained the peak level of $X per ton, and then plummeted in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Spain ($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 India (+0.2%), while the prices for the other major destinations experienced a decline.

Crude Palm Oil Imports

Imports into Malaysia

After two years of decline, overseas purchases of crude palm oil increased by 107% to X tons in 2022. Over the period under review, imports, however, recorded a abrupt contraction. The growth pace was the most rapid in 2015 with an increase of 129%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, crude palm oil imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2015 with an increase of 92% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest crude palm oil supplier to Malaysia, with a 82% share of total imports. Moreover, crude palm oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Papua New Guinea (X tons), eightfold. The third position in this ranking was taken by Cambodia (X tons), with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia amounted to -9.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Papua New Guinea (+5.2% per year) and Cambodia (+5.5% per year).

In value terms, Indonesia ($X) constituted the largest supplier of crude palm oil to Malaysia, comprising 80% of total imports. The second position in the ranking was held by Papua New Guinea ($X), with a 12% share of total imports. It was followed by the Philippines, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Indonesia totaled -12.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Papua New Guinea (+3.3% per year) and the Philippines (-4.0% per year).

Import Prices by Country

In 2022, the average crude palm oil import price amounted to $X per ton, reducing by -18.7% against the previous year. Overall, the import price showed a pronounced curtailment. The growth pace was the most rapid in 2020 when the average import price increased by 38% against the previous year. The import price peaked 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 origin: amid the top importers, the country with the highest price was the Philippines ($X per ton), while the price for Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+2.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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