ASEAN: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in ASEAN

After three years of growth, the ASEAN refined palm oil market decreased by X% to $X in 2022. In general, consumption, however, saw a resilient expansion. As a result, consumption attained the peak level of $X, and then reduced in the following year.

Refined Palm Oil Production in ASEAN

In value terms, refined palm oil production reached $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 with an increase of X%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Refined Palm Oil Exports

Exports in ASEAN

In 2022, approx. X tons of refined palm oil were exported in ASEAN; which is down by X% on the previous year. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, refined palm oil exports expanded remarkably to $X in 2022. Overall, exports, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Exports by Country

Indonesia represented the major exporting country with an export of around X tons, which accounted for X% of total exports. It was distantly followed by Malaysia (X tons), creating a X% share of total exports.

Indonesia was also the fastest-growing in terms of the refined palm oil exports, with a CAGR of X% from 2012 to 2022. Malaysia (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia increased by X percentage points.

In value terms, Indonesia ($X) and Malaysia ($X) constituted the countries with the highest levels of exports in 2022.

Indonesia, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, increasing by X% against the previous year. Export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of X% 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 X% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while Indonesia stood at $X per ton.

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

Refined Palm Oil Imports

Imports in ASEAN

In 2022, supplies from abroad of refined palm oil increased by X% to X tons, rising for the third consecutive year after two years of decline. Overall, imports showed a strong increase. The pace of growth appeared the most rapid in 2020 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, refined palm oil imports skyrocketed to $X in 2022. In general, imports saw a prominent expansion. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, the Philippines (X tons), Malaysia (X tons), Vietnam (X tons) and Myanmar (X tons) represented the major importer of refined palm oil in ASEAN, comprising X% of total import. It was distantly followed by Singapore (X tons), creating a X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined palm oil importing markets in ASEAN were the Philippines ($X), Malaysia ($X) and Vietnam ($X), with a combined X% share of total imports. Myanmar and Singapore lagged somewhat behind, together accounting for a further X%.

Myanmar, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, rising by X% against the previous year. Import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of X% 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 import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of X%. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Vietnam ($X per ton) and Singapore ($X per ton), while Malaysia ($X per ton) and the Philippines ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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