Malaysia's palm oil exports sees record growth In FY 2023

 

Malaysia's palm oil exports sees record growth In FY 2023

Palm oil has a strong demand in the global market due to its use of cooking oil and beauty products. The demand became more prominent when it was banned by Indonesia which is the largest exporter of palm oil across the globe. Malaysia, which is the second largest palm oil exporter, has shown record palm oil exports during the financial year 2023.

Although, there are certain regulations for the palm oil exports amid mass deforestation across the country. Malaysia’s palm oil production is estimated to be around 18.4 million MT this year. According to the Malaysia import export data, the country’s overall palm oil exports hit $15 billion during last year. Whereas, Malaysian palm oil exports reached over 8 million tonnes till now. 


The most favoured destinations for Malaysia's palm oil exports are India, Zimbabwe, Kenya, Philippines, Pakistan, Turkey, Vietnam, Ghana, Ukraine and Bangladesh. According to the Malaysia export data reports, India has imported over $4 billion worth of palm oil from Malaysia during fiscal year 2023. Wilmar Trading accounted for the maximum number of palm oil exports shipments from Malaysia to India having worth around $435 million. 


From India, Adani Wilmar Limited and Emami Agrotech Limited were the top palm oil importers from India having over 27% share of palm oil imports from Malaysia. Whereas, Aaa oils & fats, Aastar trading, Sunfield global, Apical Middle East and Asia oils are some of the leading Malaysian export companies. 


This year, Malaysian palm oil shipments have declined to a significant level. The latest Malaysia customs data shows an 8% decline in the palm oil exports from Malaysia. The country's palm oil exports were estimated to be around 3.25 million metric tonnes during this fiscal year. The overall palm products exports from Malaysia are recorded to be 7.5 million metric tonnes with an overall decline of 5%. 


The key importers of Malaysian palm oil were mostly Italy, Netherlands, Spain, Germany, Belgium, Denmark and Sweden. Along with some central Asian countries like Uzbekistan, Russia and the United Kingdom, the overall palm oil exports from Malaysia has a share of over 11%. Whereas, Asian countries contributed to over 38% market share in Malaysian palm oil exports. 


For the first 10 months of financial year 2023, China has imported over 1.12 million metric tonnes of palm oil from Malaysia. Whereas, Japan, South Korea, Vietnam, Philippines, Taiwan and Singapore were significant palm oil importers from Malaysia. On the other hand, Malaysian palm oil imports saw a significant increase of 24% as compared to the previous year. 


According to the Malaysia import data, the country's palm oil imports were recorded to be $728 million during the financial year 2023. The top markets for Malaysian palm oil imports were Indonesia, Ghana, Côte D Ivoire, Liberia, Ecuador and Philippines. The top palm oil importing companies from Malaysia were Borneo Agri Resources, Pacific Inter-link, Inter-continental Oils & fats, Astra-klk and Mewah oils & fats.


Companies can now stay up to date with the latest palm oil market trends through global import export data provider companies market research platform. Discover top palm oil trading countries, price forecasts, financial risk involved and palm oil buyers. Make beneficial business decisions and get ahead of your competitors with global trade data.

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