Malaysian Palm Oil Exports Performance to Asia Pacific Region
( January – July 2023)
A Review on MPO Performance
| No | COUNTRY | Jan-Jul 2023 | Jan-Jul 2022 | Diff (MT) | Diff (%) |
|---|---|---|---|---|---|
| 1 | CHINA | 766,288 | 621,168 | 145,120 | 23.36 |
| 2 | JAPAN | 304,606 | 302,921 | 1,685 | 0.56 |
| 3 | SOUTH KOREA | 295,803 | 253,429 | 42,374 | 16.72 |
| 4 | PHILIPPINES | 244,799 | 425,682 | (180,884) | (42.49) |
| 5 | VIETNAM | 204,888 | 192,862 | 12,025 | 6.24 |
| 6 | TAIWAN | 139,656 | 109,791 | 29,864 | 27.20 |
| 7 | SINGAPORE | 128,075 | 109,593 | 18,481 | 16.86 |
| 8 | AUSTRALIA | 73,290 | 74,139 | (849) | (1.15) |
| 9 | MYANMAR | 29,626 | 37,913 | (8,287) | (21.86) |
| 10 | NEW ZEALAND | 10,901 | 12,508 | (1,607) | (12.85) |
| 11 | BRUNEI | 5,632 | 4,654 | 977 | 21.00 |
| 12 | HONG KONG | 1,466 | 1,793 | (327) | (18.24) |
| 13 | INDONESIA | 1,384 | 1,279 | 104 | 8.16 |
| 14 | PAPUA N GUINEA | 1,180 | 17,939 | (16,758) | (93.42) |
| 15 | FIJI | 1,162 | 1,945 | (783) | (40.26) |
| 16 | CAMBODIA | 799 | 834 | (35) | (4.21) |
| 17 | MONGOLIA | 689 | 629 | 60 | 9.60 |
| 18 | VANUATU | 161 | 95 | 65 | 68.36 |
| 19 | MICRONESIA FEDERATION | 137 | 94 | 43 | 45.40 |
| 20 | SOLOMON ISLAND | 116 | 102 | 14 | 14.03 |
| 21 | TIMOR-LESTE | 113 | 1,065 | (952) | (89.39) |
| 22 | TONGA | 77 | 73 | 3 | 4.26 |
| 23 | MARSHALL ISLAND | 62 | 83 | (21) | (25.36) |
| 24 | NORTHERN MARIANA ISLANDS | 41 | – | 41 | 100.00 |
| 25 | SAMOA | 41 | 376 | (335) | (89.14) |
| 26 | NEW CALEDONIA | 32 | 49 | (16) | (33.33) |
| 27 | NAURU | 18 | – | 18 | 100.00 |
| 28 | PALAU | – | 20 | (20) | (100.00) |
| 29 | LAOS | – | 21 | (21) | (100.00) |
| 30 | PALAU | – | 267 | (267) | (100.00) |
| Grand Total | 2,211,040 | 2,171,326 | 39,715 | 1.83 |
Source: MPOB
From January to July 2023, Malaysian palm oil export to Asia Pacific region increased by 39,715 MT or by 1.83% to 2.21 million MT compared to the same period in 2022. The primary factor for the increase of Malaysian palm oil export to this region is the improved import of palm oil by the China, South Korea, Taiwan & Singapore. The import of Malaysian palm oil by Vietnam from January to July 2023 demonstrated a growth which contrasts with the preceding period from January to June 2023.
China remain as the biggest importer of Malaysian palm oil in the region with 766,288 MT of imports during the January to July 2023 period, increased by 145,120 MT from the previous year contributed by rebound in domestic consumption as prices dropped from their peak in June 2022 and resumption of economic activities following the ending of zero-COVID policy in December 2022. In July, China imported 138,292 MT of palm oil from Malaysia, a significant monthly growth of 22,153 MT (19.07%) from June due to restocking activities, as China’s palm oil inventory had dwindled to its lowest in 10 months, reaching just 453,200 tonnes by June 2023.
It is important to highlight the rise in Malaysian palm oil export to Vietnam, which saw a growth of 6.24% or 12,025 tonnes from 192,862 to 204,888 tonnes during the January to July 2023 period, which contrasts with the preceding period from January to June 2023 that experienced a decline of 3.84% or 6,831 tonnes. Conversely, Vietnam’s import of Indonesian palm oil witnessed a significant surge of 54,000 tonnes or 24.11% from 224,000 to 278,000 tonnes from January to June 2023. According to Trade Data Monitor (TDM) published by USDA, Vietnam is expected to import a total of 1 million tonnes of palm oil in 2023 due to projected higher use of palm oil in the food processing and food services as tourism sectors rebound. In Vietnam, palm oil constitutes approximately 94% of the total vegetable oil import, primarily due to its economical pricing.
In July, Malaysian palm oil export to the Philippines remained sluggish at 39,472 MT, dropped 53.74% from 85,332 MT same period last year. For the period of January to July 2023, it recorded a steep decrease of 180,883 MT or by 42.49% to 244,799 MT. Likewise, Indonesia palm oil export to Philippines dropped 18.34% from 229,000 MT to 187,000 MT between January and June 2023. According to Oil World, palm oil consumption in Philippines has suffered a setback as price competitiveness of palm oil has deteriorated, taking account that Philippines palm oil import are subject to 12% import tax and 10% value added tax. Therefore, consumption has partly shifted back to coconut oil. Coconut oil supply in the Philippines have been ample so far this year due to large production and subdued foreign demand. Nonetheless, palm oil imports in the Philippines will see a resurgence in the near to medium term due to significant reduction of stocks in recent month.
As for other countries in the Asia Pacific region like Japan, South Korea, Singapore and Taiwan, the import of palm oil from Malaysia has remained steady. The import of Malaysian palm oil by the Philippines and Vietnam is expected to show improvement throughout the remainder of the year as explained above
Breakdown of MPO Exports to the Asia Pacific Region (MT) January to July 2023
| Malaysian Palm Products Export to Asia Pacific Region (By-Products) | ||||
|---|---|---|---|---|
| PRODUCT | Jan-July 2023 | Jan-July 2022 | Diff (MT) | Diff (%) |
| RBD Palm Olein* | 1,025,629 | 1,107,149 | (81,520) | (7.36) |
| RBD Palm Stearin* | 431,668 | 363,415 | 68,253 | 18.78 |
| RBD Palm Oil* | 254,339 | 288,119 | (33,780) | (11.72) |
| Cooking Oil / DPL | 86,909 | 106,436 | (19,527) | (18.35) |
| PFAD | 95,678 | 60,215 | 35,463 | 58.89 |
| PAO | 82,877 | 61,786 | 21,091 | 34.14 |
| Others | 233,940 | 184,206 | 49,734 | 27.00 |
| Total | 2,211,040 | 2,171,326 | 39,714 | 1.83 |
| *Including ISCC, RSPO Mass Balance and RSPO from Segregated Categories | ||||
*Including ISCC, RSPO Mass Balance and RSPO from Segregated Categories
Source: MPOB
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.
