Malaysia: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Malaysia

The Malaysian crude palm oil market expanded significantly to $X in 2022, growing by X% against the previous year. Over the period under review, consumption, however, recorded a noticeable descent. Crude palm oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Crude Palm Oil Production in Malaysia

In value terms, crude palm oil production expanded sharply to $X in 2022 estimated in export price. Overall, production showed a pronounced slump. The most prominent rate of growth was recorded in 2017 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Palm Oil Exports

Exports from Malaysia

In 2022, after four years of growth, there was significant decline in shipments abroad of crude palm oil, when their volume decreased by X% to X tons. Over the period under review, exports showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2018 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, crude palm oil exports dropped to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by X%. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

India (X tons) was the main destination for crude palm oil exports from Malaysia, with a X% share of total exports. Moreover, crude palm oil exports to India exceeded the volume sent to the second major destination, Kenya (X tons), fivefold. The Netherlands (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to India stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kenya (X% per year) and the Netherlands (X% per year).

In value terms, India ($X) remains the key foreign market for crude palm oil exports from Malaysia, comprising X% of total exports. The second position in the ranking was taken by Kenya ($X), with a X% share of total exports. It was followed by the Netherlands, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to India amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kenya (X% per year) and the Netherlands (X% per year).

Export Prices by Country

The average crude palm oil export price stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the export price recorded a notable increase. The growth pace was the most rapid in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Kenya ($X per ton) and India ($X per ton), while the average price for exports to Spain ($X per ton) and Singapore ($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 Italy (X%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Palm Oil Imports

Imports into Malaysia

In 2022, supplies from 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, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, crude palm oil imports skyrocketed to $X in 2022. Overall, imports, however, saw a deep setback. The pace of growth was the most pronounced in 2015 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Indonesia (X tons), Papua New Guinea (X tons) and Cote d'Ivoire (X tons) were the main suppliers of crude palm oil imports to Malaysia, together comprising X% of total imports. The Philippines and Ecuador lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ecuador (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude palm oil suppliers to Malaysia were Indonesia ($X), Papua New Guinea ($X) and Cote d'Ivoire ($X), with a combined X% share of total imports. The Philippines and Ecuador lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Ecuador, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average crude palm oil import price amounted to $X per ton, surging by X% against the previous year. In general, the import price showed a modest expansion. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Philippines ($X per ton), while the price for Indonesia ($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 (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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