Singapore: Palm Oil Market 2024

Palm Oil Market Size in Singapore

The Singaporean palm oil market skyrocketed to $X in 2022, surging by 359% against the previous year. In general, consumption, however, continues to indicate a perceptible decline. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Palm Oil Production in Singapore

In value terms, palm oil production amounted to less than $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with a decrease of 99.9%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Palm Oil Exports

Exports from Singapore

In 2022, overseas shipments of palm oil increased by 31% to X tons, rising for the third consecutive year after two years of decline. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 44% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, palm oil exports soared to $X in 2022. In general, exports enjoyed a modest increase. The pace of growth was the most pronounced in 2021 with an increase of 88%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Malaysia (X tons), South Korea (X tons) and Angola (X tons) were the main destinations of palm oil exports from Singapore, with a combined 55% share of total exports. Kenya, Pakistan, Senegal, Tanzania, Djibouti, Somalia, Ghana, Benin, Cameroon and Comoros lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the biggest increases were recorded for Djibouti (with a CAGR of +114.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), South Korea ($X) and Angola ($X) constituted the largest markets for palm oil exported from Singapore worldwide, together accounting for 57% of total exports. Kenya, Pakistan, Senegal, Djibouti, Ghana, Somalia, Tanzania, Cameroon, Comoros and Benin lagged somewhat behind, together accounting for a further 27%.

Djibouti, with a CAGR of +162.7%, 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 palm oil export price stood at $X per ton in 2022, picking up by 12% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 32%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Angola ($X per ton), while the average price for exports to Tanzania ($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 Djibouti (+22.4%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Oil Imports

Imports into Singapore

After two years of decline, supplies from abroad of palm oil increased by 5% to X tons in 2022. Over the period under review, imports, however, continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2019 when imports increased by 19%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, palm oil imports skyrocketed to $X in 2022. In general, imports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 48%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of palm oil to Singapore, with a 74% share of total imports. Moreover, palm oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia amounted to -12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-20.8% per year) and the Philippines (+396.7% per year).

In value terms, Malaysia ($X) constituted the largest supplier of palm oil to Singapore, comprising 75% of total imports. The second position in the ranking was taken by Indonesia ($X), with an 18% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia stood at -9.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-18.7% per year) and the Philippines (+424.1% per year).

Import Prices by Country

The average palm oil import price stood at $X per ton in 2022, increasing by 20% against the previous year. In general, the import price posted pronounced growth. The most prominent rate of growth was recorded in 2021 when the average import price increased by 50%. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Indonesia ($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 (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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