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March 8, 2024

EUROPE & CENTRAL ASIAN REGIONS

Malaysian Palm Oil Exports Performance
January 2024

Regional Summary

Europe and Central Asian regions accounted for 15% of the total Malaysian palm oil and products exported in January 2024.  Palm oil was the major composition of Malaysian palm oil palm products exported to the region with a market share of 45% or 152,276 MT of the total Malaysian palm oil and products exported into the region. The remaining palm-based products were comprised of other palm products (20%), palm-based oleochemicals (20%), biodiesel (8%), biodiesel (9%), palm kernel oil (4%), and finished

Table 1: Malaysian Palm Oil and Palm Product Export to Europe & Central Asia
Products Jan 2024 Jan 2023 Change (MT) Change (%)
Palm Oil 152,276 104,573 47,703 45.62
Other Palm Products 69,199 28,062 41,137 146.59
Palm-based Oleo 66,925 44,663 22,261 49.84
Biodiesel 30,916 120 30,797 25,063.33
Palm Kernel Oil 14,732 10,383 4,349 41.89
Finished Products 6,516 4,719 1,797 38.08
Palm Kernel Cake 8,000 (8,000) (100.00)
Grand Total 340,565 200,520 140,044 69.84
Source: MPOB

Featured Analysis

  • Europe & Central Asia regions imported a total of 340,565 MT of palm oil and palm products, valued at RM 1.5 billion or USD 313.6 million in January 2024.
  • Netherlands, Italy, Spain, Sweden, Germany, Georgia, United Kingdom, Denmark, Belgium and Latvia are the top 10 importers of Malaysian oil palm products in Europe and Central Asian regions within this period, importing 323,289 MT and representing 95% of the total Malaysian exports into these regions.
  • Exports of Malaysian oil palm products to Europe in January 2024 increased by 75% as compared to the volume imported in January 2023, after a period of low imports in Q4 2023. Thus, this exceptional January 2024 performance could be due to stock replenishment activities. Palm oil are still facing the challenges of steady supply in rapeseed and sunflower oils in the region.
  • Crude palm oil, palm oil mill effluent and biodiesel were the three major components of Malaysian oil palm products imported by the region and these three products accounted for 35% of the total products exported into the Europe region.
  • The export performance of Malaysian oil palm products into the Central Asian region for January 2024 amounted to 5,328 MT, a drop of 37% or 3,165 MT compared to January 2023. Uzbekistan remained the largest import of Malaysian oil palm products at 3,141 MT.
  • RBD palm oil, cooking oil, and shortening are the main Malaysian oil palm product components going into the region. These three accounted for 86% of the total Malaysian oil palm products imported by the Central Asian region.

EUROPE

Exports of Malaysian oil palm products to Europe in January 2024 increased by 75% as compared to the volume imported in January 2023. Records showed that Malaysia exported to 31 countries in the European region in January 2024, with only six countries showing a decline in imports as compared to January 2023. The Netherlands remained the biggest exporting destination of Malaysian palm oil in the region. The country imported a total of 156,059 MT of oil palm products from Malaysia, an increase of 44% Y-o-Y as compared to 108,234 MT in January 2023. Italy also recorded a similar uptrend, with a 121% increase in imports Y-o-Y, importing a total of 53,719 MT. A similar uptrend was also recorded in Sweden, Germany, and Georgia, with increments of above 10,000 MT Y-o-Y.

It is important to note that Malaysian oil palm product export performance in Europe in January 2024 came after low Q4 2023 (Oct-Dec) imports in the EU. Q4 2023 average of EU monthly imports of Malaysian oil palm products amounted to 99,397 MT, a 25% drop as compared to Q4 2022 at 133,873 MT. Thus, this exceptional January 2024 performance could be due to stock replenishment activities. Palm oil is still facing the challenges of an abundant supply of rapeseed and sunflower oils in the region.

Table 2: Malaysian Oil Palm Product Exports to Europe by Country

 

COUNTRY

Jan 2024

Jan 2024

Diff (Vol)

Diff (%)

1

Netherlands

156,059

108,234

47,825

44.19

2

Italy

53,719

24,319

29,400

120.89

3

Spain

43,381

25,745

17,636

68.50

4

Sweden

20,235

7,608

12,626

165.95

5

Germany

16,994

3,729

13,264

355.67

6

Georgia

10,360

65

10,294

15,750.44

7

United Kingdom

6,361

1,864

4,496

241.16

8

Denmark

5,652

4,231

1,421

33.58

9

Belgium

5,432

6,056

(624)

(10.30)

10

Latvia

5,097

371

4,727

1,274.58

11

Others

11,948

9,804

2,144

21.87

 

Total

335,237

192,028

143,209

74.58


Source: MPOB

Breakdown of Malaysian Palm Oil Export to Europe

Crude palm oil and palm oil mill effluent biodiesel were the three major components of Malaysian oil palm products imported by the region and these three products accounted for 35% of the total products exported into the Europe region. The European demand for biofuels continues to drive the import basket of Malaysian oil palm products in the region, with product derivatives such as POME and biodiesel exports recording a staggering increase of 286% and 25,711% Y-o-Y respectively.

Table 3: Breakdown of MPO into Europe Market (MT)

 

Jan 2024

Jan 2023

Diff (MT)

Diff (%)

CPO

64,030

35,608

28,422

79.82

POME

58,006

15,012

42,994

286.39

Biodiesel

30,916

120

30,797

25,710.93

RBD PS

19,380

16,233

3,147

19.39

RBD PO

18,422

23,299

(4,877)

(20.93)

Stearic Acid

14,643

7,197

7,446

103.47

PAO

11,772

3,282

8,490

258.68

Medium Cut ME

11,361

4,000

7,362

184.05

Others

106,707

87,278

19,429

22.26

Total

335,237

192,028

143,209

74.58

Source: MPOB

Central Asia

­­The export performance of Malaysian oil palm products into the Central Asian region for January 2024 amounted to 5,328 MT, a drop of 37% or 3,165 MT compared to January 2023. Uzbekistan remained the largest import of Malaysian oil palm products at 3,141 MT.

Table 4: Malaysian Oil Palm Product Exports to Central Asia

 

COUNTRY

Jan 2024

Jan 2024

Diff (Vol)

Diff (%)

1

Uzbekistan

3,141

6,491

(3,350)

(51.61)

2

Kazakhstan

1,929

1,910

19

0.98

3

Tajikistan

120

69

51

74.11

4

Kyrgyzstan

92

92

5

Turkmenistan

46

23

23

100.00

 

Total

5,328

8,493

(3,165)

(37.27)

Source: MPOB

 

Breakdown of Malaysian Oil Palm Product Exports to Central Asia

RBD palm oil, cooking oil, and shortening are the main Malaysian oil palm product components going into the region. These three accounted for 86% of the total Malaysian oil palm products imported by the region.

Table 5: Breakdown of Malaysian Oil Palm Product Exports into Central Asian Market (MT)

 

Jan 2024

Jan 2024

Diff (MT)

Diff (%)

RBD PO

2,444

4,070

(1,626)

(39.95)

Cooking Oil

1,187

559

628

112.40

Shortening

972

232

739

318.56

Soap Noodles

220

372

(152)

(40.86)

CBS

207

207

HRBD PL

86

86

RBD PS

83

913

(830)

(90.93)

HPKS

69

999

(930)

(93.08)

Others

59

1,348

(1,288)

(95.61)

Total

5,328

8,493

(3,165)

(37.27)

Source: MPOB

 

Figure 3: Breakdown of Malaysian Oil Palm Product Exports to Central Asia Jan-Dec 2023

For more info please contact Mr Fazari: fazari@mpoc.org.my

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