Malaysian Palm Oil Exports Performance to Asia Pacific Region
( January – February 2023)
A Review on MPO Performance
| No | Country | Jan – Feb 2023 | Jan – Feb 2022 | Diff (MT) | Diff (%) |
|---|---|---|---|---|---|
| 1 | China | 151,931 | 163,148 | (11,218) | (6.88) |
| 2 | Japan | 88,689 | 89,260 | (570) | (0.64) |
| 3 | South Korea | 80,957 | 62,828 | 18,129 | 28.85 |
| 4 | Philippines | 72,866 | 106,718 | (33,852) | (31.72) |
| 5 | Taiwan | 44,802 | 37,378 | 7,424 | 19.86 |
| 6 | Vietnam | 32,019 | 82,740 | (50,721) | (61.30) |
| 7 | Singapore | 30,963 | 30,456 | 507 | 1.66 |
| 8 | Australia | 21,323 | 17,057 | 4,266 | 25.01 |
| 9 | New Zealand | 6,322 | 4,369 | 1,953 | 44.69 |
| 10 | Myanmar | 1,928 | 917 | 1,011 | 110.18 |
| 11 | Brunei | 1,405 | 594 | 811 | 136.42 |
| 12 | Hong Kong | 486 | 757 | (271) | (35.81) |
| 13 | Indonesia | 386 | 400 | (14) | (3.40) |
| 14 | Fiji | 375 | 213 | 162 | 75.94 |
| 15 | Cambodia | 259 | 217 | 42 | 19.36 |
| 16 | Papua N Guinea | 240 | 5,599 | (5,359) | (95.72) |
| 17 | Mongolia | 211 | 319 | (108) | (33.93) |
| 18 | Tonga | 77 | 36 | 40 | 110.44 |
| 19 | Timor-Leste | 75 | – | 75 | #DIV/0! |
| 20 | Vanuatu | 39 | 20 | 19 | 95.11 |
| 21 | Marshall Island | 24 | – | 24 | #DIV/0! |
| 22 | Micronesia Federation | 20 | 19 | 0 | 2.14 |
| 23 | Solomon Island | 18 | – | 18 | #DIV/0! |
| 24 | Palau | – | 20 | (20) | (100.00) |
| 25 | Samoa | – | 21 | (21) | (100.00) |
| 26 | Kiribati | – | 20 | (20) | (100.00) |
| 27 | New Caledonia | – | 16 | (16) | (100.00) |
| Total | 535,414 | 603,124 | (67,710) | (11.23) |
Source: MPOB
From January to February 2023, Malaysian palm oil export to Asia Pacific region was recorded at 535,414 MT, a decrease of 67,710 MT or by 11.23% compared to the same period of 2022. The main reason for the decrease to this region was due to lower imports by China, Philippines and Vietnam.
Malaysian palm oil export to China decreased by 11,218 MT or 6.88% to 151,931 MT compared to the same period in 2022 due to the increase in the uptake of Indonesian palm oil. Based on the Oil World data, Indonesian palm oil export to China increased sharply in from 65,000 MT in January 2022 to 286,000 MT or by 340% or 221,000 MT in January 2023.
However, a speaker at the recently concluded POC 2023 said that total palm oil import in China will be less competitive compared to other edible oils which translate to low import this year due to the following factors:
- Soybean crush at 5 year high due to recovery of animal feed demand.
- Increase import of soybean oil and rapeseed has not reached the 2021 peak.
- The import of canola seeds for crushing is expected to be over 5 million MT due to improved Canadian canola seeds output and smooth import trade flow.
- Futures of palm oil and soybean oil spread (POBO) on Dalian Commodity Exchange (DCE) recorded low for May 2023 and Sept 2023 contract.
Imports of Malaysian palm oil by the Philippines decreased by 33,852 MT or 31.72% to 72,866 MT compared to the same period in 2022 due to high opening stocks in 2023. In 2022, the Philippines consumed about 60,000 MT less palm oil hence the reason for the high stocks and lower imports. Despite higher production coconut oil by 286,000 MT or 28.7%, exports of coconut oil also increased by the corresponding amount.
Malaysian palm oil export in Vietnam recorded a decrease of 50,721 MT or by 61.3% to 32,019 MT due to a resumption of palm oil intake from Indonesia. It is projected that there will be a higher usage of palm oil in Vietnamese food processing and food service sectors in coming years as tourism resumes and industrial sectors start operating at normal capacity prior the COVID-19 restrictions.
Breakdown of MPO Exports to the Asia Pacific Region (MT) January to February 2023
| Malaysian Palm Products Export to Asia Pacific Region (By-Products) | ||||
|---|---|---|---|---|
| PRODUCT | Jan-Feb 2023 | Jan-Feb 2022 | Diff (MT) | Diff (%) |
| RBD Palm Olein* | 273,771 | 313,955 | (40,184) | (12.80) |
| RBD Palm Stearin* | 74,629 | 107,862 | (33,232) | (30.81) |
| RBD Palm Oil* | 84,548 | 90,613 | (6,065) | (6.69) |
| Cooking Oil / DPL | 18,041 | 17,174 | 867 | 5.05 |
| PFAD | 27,759 | 21,345 | 6,414 | 30.05 |
| PAO | 29,316 | 12,708 | 16,608 | 130.69 |
| Others | 27,349 | 39,467 | (12,118) | (30.70) |
| Total | 535,414 | 603,124 | (67,710) | (11.23) |
| *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.
