South-Eastern Asia: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in South-Eastern Asia

After three years of growth, the Southeast Asian refined palm oil market decreased by X% to $X in 2022. Over the period under review, consumption, however, recorded a strong increase. As a result, consumption attained the peak level of $X, and then fell in the following year.

Refined Palm Oil Production in South-Eastern Asia

In value terms, refined palm oil production reached $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Refined Palm Oil Exports

Exports in South-Eastern Asia

In 2022, approx. X tons of refined palm oil were exported in South-Eastern Asia; falling by X% on the previous year's figure. 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 in certain years. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, refined palm oil exports rose markedly to $X in 2022. Over the period under review, exports, however, showed strong growth. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Indonesia was the key exporting country with an export of around X tons, which reached X% of total exports. It was distantly followed by Malaysia (X tons), mixing up 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) were 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, among the main exporting countries over the period under review.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, picking up by X% against the previous year. Export price indicated slight growth 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 most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the export prices hit record highs in 2022 and is likely to see steady 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 amounted to $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 South-Eastern Asia

In 2022, purchases abroad of refined palm oil increased by X% to X tons, rising for the third year in a row after two years of decline. In general, imports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2020 when imports increased by X%. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, refined palm oil imports soared to $X in 2022. Over the period under review, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. The level of import peaked in 2022 and is likely to continue growth in years to come.

Imports by Country

The purchases of the four major importers of refined palm oil, namely the Philippines, Malaysia, Vietnam and Myanmar, represented more than two-thirds 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 South-Eastern Asia 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%.

Among the main importing countries, Myanmar, with a CAGR of X%, recorded the highest rates of growth with regard to 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 import price in South-Eastern Asia amounted to $X per ton, rising by X% against the previous year. Import price indicated a noticeable 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 import price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the import price increased by X%. The level of import peaked in 2022 and is expected to retain growth in years to come.

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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