Malaysian Palm Oil Exports Performance to Asia Pacific Region
( January – September 2023)
A Review on MPO Performance
| No | COUNTRY | Jan-Sept 2023 | Jan-Sept 2022 | Diff (MT) | Diff (%) |
|---|---|---|---|---|---|
| 1 | China | 952,170 | 1,012,914 | (60,745) | (6.00) |
| 2 | Japan | 411,352 | 409,291 | 2,061 | 0.50 |
| 3 | South Korea | 354,797 | 304,772 | 50,025 | 16.41 |
| 4 | Philippines | 309,954 | 515,339 | (205,385) | (39.85) |
| 5 | Vietnam | 308,693 | 244,282 | 64,411 | 26.37 |
| 6 | Taiwan | 183,813 | 146,452 | 37,361 | 25.51 |
| 7 | Singapore | 154,688 | 151,987 | 2,701 | 1.78 |
| 8 | Australia | 88,286 | 91,725 | (3,439) | (3.75) |
| 9 | Myanmar | 32,650 | 40,119 | (7,469) | (18.62) |
| 10 | New Zealand | 11,439 | 17,417 | (5,977) | (34.32) |
| 11 | Brunei | 7,136 | 6,275 | 861 | 13.72 |
| 12 | Papua N Guinea | 3,110 | 26,650 | (23,540) | (88.33) |
| 13 | Hong Kong | 2,191 | 2,271 | (79) | (3.50) |
| 14 | Fiji | 1,858 | 2,844 | (987) | (34.69) |
| 15 | Indonesia | 1,548 | 1,620 | (72) | (4.47) |
| 16 | Mongolia | 1,087 | 1,533 | (447) | (29.12) |
| 17 | Cambodia | 1,051 | 1,241 | (190) | (15.33) |
| 18 | Malaysia | 321 | 0 | 321 | 100.00 |
| 19 | Vanuatu | 217 | 298 | (81) | (27.10) |
| 20 | Solomon Island | 155 | 177 | (22) | (12.26) |
| 21 | Micronesia Federation | 137 | 115 | 22 | 18.69 |
| 22 | Timor-Leste | 113 | 1,065 | (952) | (89.39) |
| 23 | Tonga | 97 | 73 | 23 | 31.70 |
| 24 | Marshall Island | 62 | 102 | (40) | (39.63) |
| 25 | New Caledonia | 49 | 65 | (16) | (25.00) |
| 26 | Northern Mariana Islands | 41 | 0 | 41 | 100.00 |
| 27 | Samoa | 41 | 625 | (584) | (93.47) |
| 28 | Nauru | 18 | 0 | 18 | 100.00 |
| 29 | Tuvalu | 0 | 19 | (19) | (100.00) |
| 30 | French Polynesia | 0 | 40 | (40) | (100.00) |
| 31 | American Samoa | 0 | 19 | (19) | (100.00) |
| 32 | Kiribati | 0 | 305 | (305) | (100.00) |
| 33 | Laos | 0 | 21 | (21) | (100.00) |
| 34 | Palau | 0 | 39 | (39) | (100.00) |
| Grand Total | 2,827,076 | 2,979,697 | (152,621) | (5.12) |
Source: MPOB
As of January to September 2023, Malaysian palm oil export to Asia Pacific region decreased by 152,621 MT or by 5.12% to 2.83 million MT compared to the same period of 2022. Such decline contributed mostly by China and Philippines.China remains as the biggest importer of Malaysian palm oil in the region with 952,170 MT of imports during January to September 2023 period, however the volume decreased by 60,745 MT or 6% in comparison to the corresponding period last year. The primary factor contributing to this decline is the exceptionally high palm oil import in September 2022 at 264,089 MT, driven by the fact that China’s edible oil inventory had plummeted to an unusually low level of 1.15 million MT during that period. Furthermore, China’s edible oil inventory is currently at an elevated level, with a total of 2.08 million MT, further slows down the pace of their imports.
In September, Malaysian palm oil export to the Philippines continue to remain sluggish at 39,192 MT, dropped 1.36% from 39,732 MT same period last year. For the period of January to September 2023, it recorded a steep decrease of 205,385 MT or by 39.85% to 309,954 MT. Likewise, Indonesia palm oil export to Philippines dropped 13.33% from 315,000 MT to 273,000 MT between January and August 2023. According to Oil World, palm oil consumption in Philippines has suffered a setback as price competitiveness of palm oil has deteriorated. 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.
It is also worth noting that Malaysian palm oil export to Vietnam increased by 64,411 MT (26.37%) from 244,282 to 308,693 MT over the period from January to September 2023. In September, Vietnam imported 46,444 MT of palm oil from Malaysia, an increase of 77.72% from the same period last year. Vietnam’s palm oil imports from Indonesia also experienced an increase of 31,000 MT or by 8.71%, rising from 356,000 MT to 387,000 MT from January to August 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, anticipated by the higher use of palm oil in the food processing and food services as tourism sectors rebound.
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. Despite a year-to-date drop in exports, the total palm oil exports from Malaysia to the Asia Pacific region in the month of September amounted to 317,521 MT, an increase of 19,006 MT from the August export volume of 298,515 MT.
Breakdown of MPO Exports to the Asia Pacific Region (MT) January to September 2023
| Table 1: Malaysian Palm Products Export to Asia Pacific Region (By-Products) | ||||
|---|---|---|---|---|
| PRODUCT | Jan-Sept 2023 | Jan-Sept 2022 | Diff (MT) | Diff (%) |
| RBD Palm Olein* | 1,324,844 | 1,539,550 | (214,706) | (13.95) |
| RBD Palm Stearin* | 549,128 | 510,674 | 38,454 | 7.53 |
| RBD Palm Oil* | 356,318 | 369,532 | (13,213) | (3.58) |
| Cooking Oil / DPL | 115,212 | 146,976 | (31,764) | (21.61) |
| PFAD | 106,027 | 84,229 | 21,798 | 25.88 |
| PAO | 98,362 | 82,517 | 15,845 | 19.20 |
| Others | 277,184 | 246,219 | 30,966 | 12.58 |
| Total | 2,827,076 | 2,979,697 | (152,621) | (5.12) |
| *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.
