Malaysia: Maize Oil Market 2024

Maize Oil Market Size in Malaysia

In 2022, the Malaysian maize oil market increased by 11% to $X, rising for the third consecutive year after three years of decline. Over the period under review, consumption showed a relatively flat trend pattern. Maize oil consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Maize Oil Exports

Exports from Malaysia

In 2022, after four years of decline, there was significant growth in overseas shipments of maize oil, when their volume increased by 20% to X tons. In general, exports recorded mild growth. The most prominent rate of growth was recorded in 2017 with an increase of 73%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, maize oil exports expanded remarkably to $X in 2022. Overall, exports saw a pronounced increase. The pace of growth was the most pronounced in 2014 when exports increased by 60%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Singapore (X tons), the Philippines (X tons) and Hong Kong SAR (X tons) were the main destinations of maize oil exports from Malaysia, with a combined 54% share of total exports. Indonesia, Australia, Bahrain and Sri Lanka lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of +45.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for maize oil exported from Malaysia were the Philippines ($X), Hong Kong SAR ($X) and Singapore ($X), with a combined 54% share of total exports. Indonesia, Australia, Bahrain and Sri Lanka lagged somewhat behind, together accounting for a further 33%.

Bahrain, with a CAGR of +43.3%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average maize oil export price stood at $X per ton in 2022, waning by -12.3% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 84% against the previous year. As a result, the export price attained the peak level of $X per ton, and then contracted in the following year.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the Philippines ($X per ton) and Indonesia ($X per ton), while the average price for exports to Singapore ($X per ton) and Bahrain ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+6.1%), while the prices for the other major destinations experienced mixed trend patterns.

Maize Oil Imports

Imports into Malaysia

In 2022, supplies from abroad of maize oil increased by 21% to X tons for the first time since 2016, thus ending a five-year declining trend. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 83%. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, maize oil imports expanded slightly to $X in 2022. In general, total imports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -11.7% against 2017 indices. The pace of growth appeared the most rapid in 2015 with an increase of 35%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, South Korea (X tons) constituted the largest maize oil supplier to Malaysia, with a 36% share of total imports. Moreover, maize oil imports from South Korea exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. The third position in this ranking was held by China (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea stood at +14.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+6.6% per year) and China (+0.2% per year).

In value terms, South Korea ($X) constituted the largest supplier of maize oil to Malaysia, comprising 35% of total imports. The second position in the ranking was held by China ($X), with a 17% share of total imports. It was followed by Japan, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from South Korea totaled +11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-0.2% per year) and Japan (+6.8% per year).

Import Prices by Country

The average maize oil import price stood at $X per ton in 2022, declining by -15.7% against the previous year. In general, the import price, however, showed a pronounced expansion. The growth pace was the most rapid in 2021 an increase of 46% against the previous year. As a result, import price attained the peak level of $X per ton, and then dropped markedly in the following year.

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