Thailand: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Thailand

In 2022, the Thai refined palm oil market decreased by -4.7% to $X, falling for the second consecutive year after two years of growth. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Refined Palm Oil Production in Thailand

In value terms, refined palm oil production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 19% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Refined Palm Oil Exports

Exports from Thailand

In 2022, overseas shipments of refined palm oil increased by 64% to X tons, rising for the second year in a row after two years of decline. Overall, exports showed moderate growth. The most prominent rate of growth was recorded in 2017 when exports increased by 84%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, refined palm oil exports skyrocketed to $X in 2022. In general, exports showed a notable increase. The growth pace was the most rapid in 2021 with an increase of 86% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

Myanmar (X tons) was the main destination for refined palm oil exports from Thailand, with a 86% share of total exports. Moreover, refined palm oil exports to Myanmar exceeded the volume sent to the second major destination, Cambodia (X tons), more than tenfold. The third position in this ranking was held by Lao People's Democratic Republic (X tons), with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Myanmar stood at +44.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (-5.6% per year) and Lao People's Democratic Republic (-4.6% per year).

In value terms, Myanmar ($X) remains the key foreign market for refined palm oil exports from Thailand, comprising 87% of total exports. The second position in the ranking was taken by Cambodia ($X), with a 6.1% share of total exports. It was followed by Lao People's Democratic Republic, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Myanmar stood at +46.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (-3.2% per year) and Lao People's Democratic Republic (-2.6% per year).

Export Prices by Country

In 2022, the average refined palm oil export price amounted to $X per ton, rising by 13% against the previous year. Overall, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined palm oil export price increased by +101.6% against 2018 indices. The pace of growth was the most pronounced in 2021 an increase of 30%. The export price peaked in 2022 and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Cambodia ($X per ton) and Myanmar ($X per ton), while the average price for exports to Lao People's Democratic Republic ($X per ton) and China ($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 India (+12.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Thailand

In 2022, purchases abroad of refined palm oil was finally on the rise to reach X tons after two years of decline. In general, imports, however, saw a sharp contraction. The most prominent rate of growth was recorded in 2014 with an increase of 25,451% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, refined palm oil imports surged to $X in 2022. Overall, imports, however, faced a precipitous contraction. The pace of growth appeared the most rapid in 2014 with an increase of 17,789%. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Malaysia (X tons) was the main supplier of refined palm oil to Thailand, accounting for a approx. 99.9% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia stood at -29.8%.

In value terms, Malaysia ($X) constituted the largest supplier of refined palm oil to Thailand.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia amounted to -27.2%.

Import Prices by Country

The average refined palm oil import price stood at $X per ton in 2022, increasing by 59% against the previous year. In general, the import price posted notable growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major supplying country, the average price level is determined by prices for Malaysia.

From 2012 to 2022, the rate of growth in terms of prices for Malaysia amounted to +3.6% per year.

Source: IndexBox Platform

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