South-Eastern Asia: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in South-Eastern Asia

The Southeast Asian crude palm oil market expanded remarkably to $X in 2022, with an increase of 8.5% against the previous year. The market value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Crude Palm Oil Production in South-Eastern Asia

In value terms, crude palm oil production reached $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 29% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Crude Palm Oil Exports

Exports in South-Eastern Asia

In 2022, overseas shipments of crude palm oil decreased by -27.8% to X tons, falling for the third year in a row after three years of growth. Over the period under review, exports recorded a pronounced downturn. The growth pace was the most rapid in 2015 when exports increased by 25%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, crude palm oil exports fell significantly to $X in 2022. Overall, exports continue to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2017 when exports increased by 19%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia represented the largest exporter of crude palm oil in South-Eastern Asia, with the volume of exports reaching X tons, which was approx. 59% of total exports in 2022. Indonesia (X tons) held the second position in the ranking, distantly followed by Thailand (X tons). All these countries together held near 40% share of total exports.

Malaysia experienced a relatively flat trend pattern with regard to volume of exports of crude palm oil. At the same time, Thailand (+15.1%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +15.1% from 2012-2022. By contrast, Indonesia (-11.1%) illustrated a downward trend over the same period. Malaysia (+20 p.p.) and Thailand (+9.6 p.p.) significantly strengthened its position in terms of the total exports, while Indonesia saw its share reduced by -30.2% from 2012 to 2022, respectively.

In value terms, Malaysia ($X) remains the largest crude palm oil supplier in South-Eastern Asia, comprising 67% of total exports. The second position in the ranking was held by Thailand ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Malaysia stood at -1.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+18.2% per year) and Indonesia (-20.1% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, waning by -2.7% against the previous year. In general, the export price continues to indicate a perceptible setback. The pace of growth was the most pronounced in 2020 an increase of 23% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+2.8%), while the other leaders experienced a decline in the export price figures.

Crude Palm Oil Imports

Imports in South-Eastern Asia

In 2022, purchases abroad of crude palm oil was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, faced a abrupt curtailment. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, crude palm oil imports surged to $X in 2022. Over the period under review, imports, however, faced a abrupt slump. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Malaysia dominates imports structure, recording X tons, which was near 95% of total imports in 2022. Singapore (X tons) took a relatively small share of total imports.

Malaysia was also the fastest-growing in terms of the crude palm oil imports, with a CAGR of -8.9% from 2012 to 2022. Singapore (-30.9%) illustrated a downward trend over the same period. While the share of Malaysia (+35 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Singapore (-34.9 p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) constitutes the largest market for imported crude palm oil in South-Eastern Asia, comprising 92% of total imports. The second position in the ranking was taken by Singapore ($X), with a 7% share of total imports.

In Malaysia, crude palm oil imports declined by an average annual rate of -11.1% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, reducing by -16% against the previous year. Overall, the import price recorded a noticeable downturn. The pace of growth appeared the most rapid in 2020 when the import price increased by 36% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while Malaysia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.1%).

Source: IndexBox Platform

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