Philippines: Palm Oil Market 2024

Palm Oil Market Size in the Philippines

In 2022, the Philippine palm oil market increased by 90% to $X, rising for the third year in a row after two years of decline. Over the period under review, consumption showed a significant increase. Palm oil consumption peaked in 2022 and is likely to see steady growth in the near future.

Palm Oil Production in the Philippines

In value terms, palm oil production rose rapidly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 132% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Palm Oil Exports

Exports from the Philippines

For the fourth consecutive year, the Philippines recorded decline in overseas shipments of palm oil, which decreased by -16.5% to X tons in 2022. In general, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2013 when exports increased by 70%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, palm oil exports reached $X in 2022. Over the period under review, exports saw a slight setback. The growth pace was the most rapid in 2013 when exports increased by 62% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Singapore (X tons) was the main destination for palm oil exports from the Philippines, with a 60% share of total exports. Moreover, palm oil exports to Singapore exceeded the volume sent to the second major destination, Malaysia (X tons), fourfold. India (X tons) ranked third in terms of total exports with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore stood at +22.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-20.7% per year) and India (+48.6% per year).

In value terms, Singapore ($X) emerged as the key foreign market for palm oil exports from the Philippines, comprising 62% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 17% share of total exports. It was followed by India, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Singapore totaled +27.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-16.6% per year) and India (+56.5% per year).

Export Prices by Country

In 2022, the average palm oil export price amounted to $X per ton, picking up by 31% against the previous year. Overall, the export price saw a noticeable expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by 75% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Singapore ($X per ton) and Malaysia ($X per ton), while the average price for exports to China ($X per ton) and India ($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 Sri Lanka (+49.6%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Oil Imports

Imports into the Philippines

For the third consecutive year, the Philippines recorded growth in supplies from abroad of palm oil, which increased by 87% to X tons in 2022. In general, imports posted a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 679%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, palm oil imports skyrocketed to $X in 2022. Overall, imports saw a significant increase. The pace of growth appeared the most rapid in 2021 with an increase of 971%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons) and Indonesia (X tons) were the main suppliers of palm oil imports to the Philippines.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +46.1%).

In value terms, the largest palm oil suppliers to the Philippines were Malaysia ($X) and Indonesia ($X).

Malaysia, with a CAGR of +51.4%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review.

Import Prices by Country

In 2022, the average palm oil import price amounted to $X per ton, rising by 18% against the previous year. Overall, import price indicated a slight 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, palm oil import price increased by +92.8% against 2018 indices. The pace of growth appeared the most rapid in 2021 an increase of 38% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Indonesia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.6%).

Source: IndexBox Platform

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