Palm Oil Export 2023: Market Shift
Global Palm Oil Export Market Landscape
Product Definition
Palm oil, classified under HS Code 1511, is a globally traded vegetable oil primarily used in food processing, biofuels, and consumer goods. As a high-volume commodity, it is a critical input for industries ranging from packaged foods to cosmetics, with price sensitivity tied to agricultural yields and geopolitical trade policies.
Strategic Insights
- Market Momentum: Global palm oil exports in 2023 showed volatility, with monthly values swinging between $4.30B and $11.34B. The year ended stronger, recovering from mid-year lows to reach $5.48B in December.
- Geographic Power: Supply is monopolized by Indonesia (83.76% of quantity), with Malaysia a distant second. Demand is fragmented, led by India (33.45% of import value), Pakistan, and Bangladesh, creating an exporter-favored pricing dynamic.
- Supply Chain Structure: Dominated by consolidated suppliers (46% of firms control 68% of export value), forcing buyers into long-term contracts. Importers face limited leverage, with giants handling 86% of volume.
Global Palm oil Export Trend in 2023 Whole Year
Global palm oil exports in 2023 were characterized by significant volatility, with Indonesia and Malaysia remaining the dominant suppliers [World Bank].
- Aggregate Performance: The market demonstrated resilience, with observed monthly export values fluctuating dramatically from a low of $4.30B to a peak exceeding $11.34B.
- Period Dynamics: The year concluded on a stronger note, with December's value of $5.48B reflecting a recovery from the $5.89B start in January.
Table: Palm oil Export Trend in 2023 Whole Year
| Date | Value | Weight | Unit Price | Value MoM | Weight MoM | Unit Price MoM |
|---|---|---|---|---|---|---|
| 2023-01-01 | 5.89B USD | 2.81B kg | $2.10/kg | N/A | N/A | N/A |
| 2023-02-01 | 5.06B USD | 2.77B kg | $1.82/kg | -14.11% | -1.33% | -12.96% |
| 2023-03-01 | 5.28B USD | 2.77B kg | $1.91/kg | +4.46% | -0.01% | +4.46% |
| 2023-04-01 | 4.30B USD | 2.56B kg | $1.68/kg | -18.61% | -7.63% | -11.89% |
| 2023-05-01 | 5.59B USD | 2.44B kg | $2.29/kg | +30.03% | -4.71% | +36.45% |
| 2023-06-01 | 6.96B USD | 3.36B kg | $2.07/kg | +24.45% | +37.66% | -9.60% |
| 2023-07-01 | 11.34B USD | 3.32B kg | $3.42/kg | +63.05% | -1.23% | +65.07% |
| 2023-08-01 | 6.25B USD | 3.57B kg | $1.75/kg | -44.87% | +7.44% | -48.68% |
| 2023-09-01 | 4.78B USD | 2.80B kg | $1.71/kg | -23.49% | -21.56% | -2.46% |
| 2023-10-01 | 4.90B USD | 3.20B kg | $1.53/kg | +2.45% | +14.42% | -10.47% |
| 2023-11-01 | 5.30B USD | 3.39B kg | $1.56/kg | +8.10% | +5.89% | +2.08% |
| 2023-12-01 | 5.48B USD | 2.66B kg | $2.06/kg | +3.45% | -21.49% | +31.76% |
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Palm oil Global Market Structure: Supply vs. Demand
Top Origin Countries & Production Hubs
- Indonesia dominates global supply, controlling 83.76% of export quantity and 46.79% of shipment frequency. This indicates overwhelming market control.
- Supply is monopolistic, heavily concentrated in Indonesia. The top 3 exporters (Indonesia, Malaysia, South Africa) represent over 90% of export value.
- Malaysia is the sole meaningful challenger, holding 7.55% of quantity and 16.30% of value, but remains a distant second. Other exporters (Thailand, Colombia, Costa Rica) hold minimal shares (<3% value each).
Top Destination Countries & Consumption Markets
- India is the primary global buyer, accounting for 33.45% of import value and 12.23% of quantity. Zimbabwe and Pakistan follow as key secondary markets.
- Demand is fragmented and driven by end-consumer markets (India, Bangladesh, China) for food/consumer goods and industrial processing (Vietnam likely for re-export). Pakistan's high quantity (23.67%) but lower value suggests bulk purchases.
- Major emerging economies dominate demand: India, Pakistan, Bangladesh, China, Vietnam, and Russia collectively represent over 70% of import value.
Supply-Demand Dynamics
- Extremely concentrated supply (Indonesia-centric) meets fragmented global demand across Asia, Africa, and the Americas.
- Trade flows primarily from Southeast Asia (Indonesia/Malaysia) to South Asia (India/Pakistan/Bangladesh), with significant volumes also reaching Africa (Zimbabwe) and the Americas (US/Mexico).
- Pricing power sits firmly with exporters, led by Indonesia, due to near-monopoly supply structure against dispersed buyers.
Table: Global Palm oil Export —— Top Destination Countries
| Destination Country | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| INDIA | 23.78B | 4.35B | 25.95K | 3.77B |
| ZIMBABWE | 10.10B | 7.68K | 434.00 | 13.76M |
| PAKISTAN | 7.98B | 8.41B | 29.62K | 2.15B |
| ZIMBABWE | 4.46B | N/A | 361.00 | 10.95M |
| BANGLADESH | 3.57B | 1.27B | 1.91K | 3.98B |
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Table: Global Palm oil Export —— Top origin Countries
| Origin Country | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| INDONESIA | 47.34B | 29.76B | 66.30K | 27.90B |
| MALAYSIA | 11.59B | 2.68B | 22.64K | 2.78B |
| SOUTH AFRICA | 3.88B | 451.87K | 866.00 | 9.17M |
| THAILAND | 1.90B | 71.04M | 1.35K | 1.39M |
| COSTA RICA | 1.58B | 414.92M | 2.40K | 589.70M |
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Global Palm oil Export Analysis: Key Suppliers & Buyers
Suppliers Concentration & Strategy
- Power Center: Highly consolidated. Dominators (46% of companies) hold 68% of export value.
- Operational Style: High-frequency shipping dominates (74% of total shipments). Bulk Movers (low frequency) handle only 26% of volume.
- Risk/Opportunity: Buyers face significant supplier concentration risk. Limited options for large-volume contracts outside Dominators.
Overseas Buyers Procurement Patterns
- Procurement Behavior: Dominated by frequent restocking. Dominator buyers (54% of transactions) drive 82% of import value. Bulk Movers (low frequency) account for under 10% of volume.
- Market Tier: Controlled by global giants. Dominator importers handle 86% of quantity. Small buyers (Low Value clusters) represent just 5% of volume.
Market Entry & Negotiation Strategy
- New buyers must prioritize long-term contracts with Dominator suppliers. Spot market opportunities are limited.
- Avoid price wars with giant importers. Target specialized niches via Low Value High Frequency suppliers for flexibility.
- Supplier negotiations will favor large, consistent volume commitments. Expect minimal leverage against Dominators.
Table: Global Palm oil Export —— Top Buyers
| Buyer Company | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| GOLDEN AGRI INTERNATIONAL PTE LTD | 2.98B | 3.37B | 1.19K | 3.41B |
| EMAMI AGROTECH LIMITED | 2.92B | 8.15M | 1.42K | 5.00M |
| WILMAR TRADING PTE LTD | 2.84B | 3.19B | 2.75K | 3.19B |
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Table: Global Palm oil Export —— Top Suppliers
| Supplier Company | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| WILMAR TRADING PTE LTD | 3.54B | 629.25M | 2.13K | 449.78M |
| PT. WILMAR NABATI INDONESIA | 2.06B | 2.19B | 2.46K | 1.86B |
| KUTAI REFINERY NUSANTARA | 2.03B | 2.39B | 1.25K | 2.39B |
| AASTAR TRADING PTE LTD | ****** | ****** | ****** | ****** |
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Frequently Asked Questions
What is the HS Code for Palm oil?
HS Code 1511 covers palm oil and its fractions, whether refined or crude, used widely in food, cosmetics, and biofuels.
Which country is the largest exporter of Palm oil in 2023 Whole Year?
Indonesia dominated global exports with $47.34B in value, solidifying its position as the top supply leader.
Who are the top importers of Palm oil in 2023 Whole Year?
India ($23.78B), Zimbabwe ($10.10B), and Pakistan ($7.98B) were key importers, driven by food processing and industrial demand.
Who are the major suppliers and companies trading Palm oil in 2023 Whole Year?
Top buyers included Golden Agri International Pte Ltd ($2.98B) and Emami Agrotech Limited ($2.92B), while leading suppliers were Wilmar Trading Pte Ltd ($3.54B) and PT. Wilmar Nabati Indonesia ($2.06B).
Why do Palm oil import rankings sometimes differ from export destination lists?
Trade asymmetries arise because export data reflects intended destinations (FOB value), while imports record actual arrivals (CIF value). Discrepancies also occur due to trans-shipment hubs altering final destinations.
How to find reliable Palm oil suppliers and exporters in 2023 Whole Year?
Access verified shipment records and active suppliers for HS Code 1511 via the yTrade database, focusing on key regions like Indonesia.
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