Skip links
March 8, 2024

ASIA PACIFIC REGION

Malaysian Palm Oil Exports Performance
January 2024

Regional Summary

In January, the exports of palm oil and palm products to the Asia-Pacific region reached a total of 792,613 million tonnes.  The volume is almost 20% higher than the previous year. Palm oil is the leading exported product, comprising 38.44%, equivalent to 0.30 million MT. Following this, palm kernel cake accounts for 28.54%, palm-based oleo for 12.72%, palm kernel oil for 1.83%, finished products for 1.63%, and biodiesel for 0.20%.

Table 1: Malaysian Palm Oil and Palm Product Export to Asia Pacific
Products January 2024 January 2023 Change (MT) Change (%)
Palm Oil 304,727 224,560 80,167 35.70
Palm Kernel Cake 226,230 118,431 107,798 91.02
Other Palm Products 131,600 193,683 (62,083) (32.05)
Palm-Based Oleo 100,864 89,397 11,468 12.83
Palm Kernel Oil 14,576 11,338 3,238 28.56
Finished Products 12,975 11,280 1,695 15.03
Biodiesel 1,641 14,119 (12,478) (88.38)
Grand Total 792,613 662,809 129,805 19.58
Source: MPOB

Featured Analysis

  • China’s import of Malaysian palm oil surged in January 2024, reaching 78,240 MT, up by 99.07% from January the previous year. This increase is contributed by China’s dwindling palm oil reserves, hitting a five-month low at 691,500 MT. The Chinese New Year celebration in February also contributes to this increase.
  • The Philippines’ import of palm oil from Malaysia increased by 9,678 MT, or 23.13% year-on-year, with a month-on-month increase of 20.47%. This increase is attributed to the reduction of their palm oil inventory, following a sluggish import from both Malaysia and Indonesia in 2023.
  • Malaysia’s palm oil exports to Japan registered an increase of 9,130 MT, a growth of 23.00% to 48,818 MT. The increased palm oil imports by Japan can primarily due to a shift in preference from rapeseed oil and soybean oil consumption to palm oil.
  • Over the past decade, Taiwan palm oil imports have remained relatively stable, fluctuating between 200,000 MT and 250,000 MT. Malaysia supplies 97% of Taiwan’s palm oil imports, largely owing to existing joint ventures with Taiwanese companies.

ASIA PACIFIC

Table 2: Malaysian Palm Oil Exports Performance in Asia Pacific Region
Country January 2024 January 2023 Diff (MT) Diff (%)
1 China 78,240 39,302 38,938 99.07
2 Philippines 51,529 41,851 9,678 23.13
3 Japan 48,818 39,688 9,130 23.00
4 South Korea 40,906 36,176 4,730 13.07
5 Taiwan 23,820 13,680 10,140 74.13
6 Vietnam 21,812 17,554 4,259 24.26
7 Singapore 17,696 15,377 2,319 15.08
8 Australia 11,250 12,616 (1,367) (10.83)
9 New Zealand 6,417 5,619 798 14.20
10 Myanmar 1,745 746 999 133.86
11 Others 2,496 1,952 544 27.87
  Grand Total 304,727 224,560 80,167 35.70
Source: MPOB

In January 2024, Malaysian palm oil export to Asia Pacific region increased by 80,167 MT or by 35.70% to 0.34 million MT compared to the same period in 2023. The primary cause of the notable increase is due to improved year-on-year import from China, the Philippines, Japan and Taiwan, which collectively account for 85% of the total increase. Additionally, all the top 10 importers in the region recorded an increase, except for Australia, which experienced a drop of 10.83%.

China remains the biggest importer of Malaysian palm oil in the region, with imports totalling 78,240 MT in January 2024, an increase of 38,938 MT compared to the same month last year. The major factor driving this increase is the diminishing palm oil inventory in China, which has dropped to its lowest level in 5 months at 691,500 MT. The Chinese New Year celebration in February also contributes to this increase.

The Philippines’ import of palm oil from Malaysia increased by 9,678 MT, or 23.13% year-on-year, with a month-on-month increase of 20.47%. This increase is attributed to the reduction of their palm oil inventory, following a sluggish import from both Malaysia and Indonesia in 2023. Malaysian palm oil exports to the Philippines decreased by 30.81% from 638,718 MT to 441,943 MT in 2023.

Malaysia’s palm oil exports to Japan registered an increase of 9,130 MT, a growth of 23.00% to 48,818 MT. The increased palm oil imports by Japan is primarily due to a shift in preference from rapeseed oil and soybean oil consumption to palm oil. According to data from Oil World, Japan’s domestic consumption of soybean oil and rapeseed oil decreased by 8.4% and 0.8% respectively, contrasting with the increasing trend in palm oil consumption, which rose by 5.2%. In 2023, Malaysian palm oil’s export market share to Japan was approximately 90%, while Indonesia accounted for 10%.

Over the past decade, Taiwan palm oil imports have remained relatively stable, fluctuating between 200,000 MT and 250,000 MT. Malaysia supplies 97% of Taiwan’s palm oil imports, largely owing to existing joint ventures with Taiwanese companies. In 2023, Taiwan imported a total of 255,087 MT of palm oil from Malaysia. January 2024 imports of 23,820 MT account for 9.3% of the total imports for the previous year.

The total palm oil exports from Malaysia to the Asia Pacific region in the month of January 2024 amounted to 304,727 MT, a decline of 85,473 MT from the December 2024 export volume of 390,200 MT.

Table 3: Breakdown of MPO Export to Asia Pacific Region
PRODUCT January  2024 January 2023 Diff (MT) Diff (%)
RBD PL 141,404 110,978 30,426 27.42
RBD PS 51,653 16,498 35,155 213.09
RBD PO 50,493 32,036 18,458 57.62
RSPO Certified RBD PO, RBD PL & RBD PS 15,025 23,191 (8,166) (35.21)
Cooking Oil/DPL 12,900 8,786 4,114 46.82
PAO 13,916 13,380 536 4.00
PFAD 6,299 6,983 (684) (9.80)
CPO 3,000 (3,000) (100.00)
CPL 2,501 2,501
Others 10,536 9,708 827 8.52
Total 304,727 224,560 80,167 35.70

For more info please contact Mrs Rina Mariati
Email : rina@mpoc.org.my

*Disclaimer: This document has been prepared based on information from sources believed to be reliable but we do not make any representations as to its accuracy. This document is for information only and opinion expressed may be subject to change without notice and we will not accept any responsibility and shall not be held responsible for any loss or damage arising from or in respect of any use or misuse or reliance on the contents. We reserve our right to delete or edit any information on this site at any time at our absolute discretion without giving any prior notice.