Palm Oil Export 2024: Market Momentum
Global Palm Oil Export Market Landscape
In global trade, palm oil is tracked under HS Code 1511, covering crude and refined palm oil products. As a key agricultural commodity, it serves as a staple in food processing, biofuels, and industrial applications, driving consistent global demand.
Strategic Insights
- Market Momentum: Global palm oil exports grew steadily in 2024, climbing from $5.01B in January to $5.83B by November, supported by strong biodiesel demand and stable supply conditions.
- Geographic Power: Indonesia dominates supply, controlling 78.93% of export volume and 84.54% of value, while demand remains fragmented across Asia (Philippines, India, Pakistan) and emerging African markets (Congo-Kinshasa, South Sudan).
- Supply Chain Structure: The market is highly consolidated, with top exporters handling 96.99% of trade value. Buyers rely on large, regular shipments, leaving minimal leverage for smaller players outside long-term contracts.
Global Palm Oil Export Trend in 2024 Whole Year
Global palm oil exports demonstrated resilience in 2024, supported by robust biodiesel demand growth as projected by market analysts [S&P Global].
- Aggregate Performance: The observed export value across available months reflected strong overall trade activity, reaching significant cumulative levels.
- Period Dynamics: Exports climbed from $5.01B in January to $5.83B in November, indicating sustained market momentum through the year.
Table: Palm oil Export Trend in 2024 Whole Year
| Date | Value | Weight | Unit Price | Value MoM | Weight MoM | Unit Price MoM |
|---|---|---|---|---|---|---|
| 2024-01-01 | 5.01B USD | 2.88B kg | $1.74/kg | N/A | N/A | N/A |
| 2024-02-01 | 3.66B USD | 2.50B kg | $1.46/kg | -27.03% | -13.16% | -15.98% |
| 2024-03-01 | 4.34B USD | 2.71B kg | $1.60/kg | +18.75% | +8.23% | +9.72% |
| 2024-04-01 | 4.46B USD | 2.59B kg | $1.72/kg | +2.58% | -4.41% | +7.31% |
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| 2024-06-01 | 5.49B USD | 3.52B kg | $1.56/kg | ***** | ***** | ***** |
| 2024-07-01 | 5.28B USD | 2.42B kg | $2.18/kg | -3.90% | -31.25% | +39.79% |
| 2024-08-01 | 5.28B USD | 2.94B kg | $1.80/kg | +0.01% | +21.52% | -17.70% |
| 2024-09-01 | 4.22B USD | 2.44B kg | $1.73/kg | -20.00% | -16.76% | -3.90% |
| 2024-10-01 | 5.98B USD | 3.05B kg | $1.96/kg | +41.75% | +24.89% | +13.50% |
| 2024-11-01 | 5.83B USD | 2.95B kg | $1.97/kg | -2.58% | -3.31% | +0.76% |
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Palm oil Global Market Structure: Supply vs. Demand
Top Origin Countries & Production Hubs
- Indonesia dominates supply: Controls 78.93% of export quantity and 84.54% of export value, indicating overwhelming market power.
- Supply is monopolistic: Indonesia's share far exceeds the typical 30% threshold for dominance. The top 3 exporters (Indonesia, Malaysia, Kenya) hold 94.59% of total export value.
- Malaysia is the primary challenger: Holds a distant second place (8.67% quantity, 6.68% value), but lacks scale to challenge Indonesia effectively. Kenya ranks third in value (3.37%) despite low volume.
Top Destination Countries & Consumption Markets
- Key buyers are fragmented: Philippines leads in import value (63.14%), followed by India (12.77%) and Pakistan (4.61%). No single importer commands over 30% value share.
- Demand mix is complex: Includes major consumer markets (India, Pakistan, Bangladesh), processing/re-export hubs (China, Vietnam), and emerging economies (Congo-Kinshasa, South Sudan). Philippines' high value share suggests premium product imports.
- Emerging markets feature prominently: Congo-Kinshasa (3.80% value), South Sudan (1.87% value), and Bangladesh (1.79% value) are significant buyers within the top 10.
Supply-Demand Dynamics
- Extreme supply concentration meets fragmented demand: Indonesia's near-monopoly contrasts sharply with diverse importers lacking collective bargaining power.
- Flow is intra-Asian: Primary trade routes move from Southeast Asian producers (Indonesia, Malaysia) to Asian consumers (Philippines, India, Pakistan, China, Vietnam, Bangladesh), with smaller flows to Africa (Congo-Kinshasa, South Sudan) and the Americas (Mexico).
- Pricing power rests firmly with exporters: Indonesia's supply dominance grants it significant leverage over price negotiations against a dispersed buyer base.
Table: Global Palm oil Export —— Top Destination Countries
| Destination Country | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| PHILIPPINES | 116.06B | 418.50M | 2.45K | 1.50B |
| INDIA | 23.47B | 3.63B | 21.13K | 2.95B |
| PAKISTAN | 8.48B | 9.16B | 29.19K | 2.66B |
| CONGO (KINSHASA) | 6.98B | 216.27M | 5.21K | 204.39M |
| SOUTH SUDAN | 3.43B | 65.89M | 2.25K | 90.53M |
| BANGLADESH | ****** | ****** | ****** | ****** |
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Table: Global Palm oil Export —— Top origin Countries
| Origin Country | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| INDONESIA | 155.51B | 26.06B | 62.96K | 23.54B |
| MALAYSIA | 12.28B | 2.86B | 24.55K | 3.20B |
| KENYA | 6.21B | 113.37M | 3.39K | 112.96M |
| THAILAND | 1.80B | 24.39M | 1.12K | 3.62M |
| COLOMBIA | 940.74M | 876.18M | 5.34K | 1.45B |
| COSTA RICA | ****** | ****** | ****** | ****** |
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Global Palm oil Export Analysis: Key Suppliers & Buyers
Suppliers Concentration & Strategy
- Power Center: Highly Consolidated. Dominators (High Value/High Freq) hold 73.18% of total export value with only 51.30% of shipments. This small group controls the market.
- Operational Style: Most suppliers focus on high-volume, regular shipments. Dominators and Bulk Movers (High Value/Low Freq) together handle 96.99% of the total value shipped.
- Risk/Opportunity: Buyers face high reliance on a few powerful exporters. Alternatives exist (Low Value clusters) but offer minimal volume (<4.5% value share), limiting negotiation leverage for buyers outside major contracts.
Oversea Buyers Procurement Patterns
- Procurement Behavior: Importers strongly favor massive, consistent shipments. Dominators (High Value/High Freq) drive 83.32% of import value with 85.61% of quantity, indicating core demand is met via large, regular orders.
- Market Tier: Extremely consolidated at the top tier. Dominators and Bulk Movers (High Value/Low Freq) represent 96.7% of import value. The market is dominated by large-scale buyers; small, frequent purchasers (Low Value clusters) are marginal players (<3.3% value share).
Market Entry & Negotiation Strategy
- New Suppliers: Target Dominator/Bulk Mover importers. Focus on capacity and reliability. Competing on price alone against established High Value exporters is near-impossible without scale.
- New Buyers: Secure long-term contracts with Dominator exporters. Spot market opportunities are limited and driven by Bulk Movers (27% quantity share). Avoid reliance on small, frequent suppliers (Low Value) for core needs; they lack volume.
- General: Negotiation power rests heavily with major players on both sides. Smaller players must offer niche value (e.g., specialized products, flexible terms) or accept market pricing. Volatility risk is lower with Dominators due to shipment consistency.
Table: Global Palm oil Export —— Top Buyers
| Buyer Company | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| PATANJALI FOODS LIMITED | 3.10B | 559.73M | 1.94K | 21.00M |
| GOLDEN AGRI INTERNATIONAL PTE LTD | 3.02B | 3.32B | 1.31K | 3.34B |
| EMAMI AGROTECH LIMITED | 2.73B | 2.80M | 1.13K | 1.80M |
| AAA OILS FATS PTE LTD | ****** | ****** | ****** | ****** |
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Table: Global Palm oil Export —— Top Suppliers
| Supplier Company | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| OLAM GLOBAL AGRI PTE LTD | 3.43B | 159.53M | 2.54K | 337.19M |
| WILMAR TRADING PTE LTD | 3.01B | 657.32M | 1.97K | 467.64M |
| APICAL MIDDLE EAST FZCO | 2.11B | 1.38B | 5.44K | 24.00M |
| INTIBENUA PERKASATAMA | ****** | ****** | ****** | ****** |
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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 crude or refined, used primarily in food, cosmetics, and biofuels.
Which country is the largest exporter of Palm oil in 2024 Whole Year?
Indonesia dominates global palm oil exports, shipping 155.51B worth of goods in 2024.
Who are the top importers of Palm oil in 2024 Whole Year?
The top importers are Philippines (116.06B), India (23.47B), and Pakistan (8.48B). The Philippines serves as a major refining hub, while India and Pakistan are key consumption markets.
Who are the major suppliers and companies trading Palm oil in 2024 Whole Year?
Leading suppliers include Olam Global Agri Pte Ltd, Wilmar Trading Pte Ltd, and Apical Middle East FZCO. Top buyers are Patanjali Foods Limited, Golden Agri International Pte Ltd, and Emami Agrotech Limited.
Why do Palm oil import rankings sometimes differ from export destination lists?
Discrepancies arise from Trade Asymmetries: export data (FOB value) lists the intended destination, while import data (CIF value) reflects the actual arrival. Trans-shipments via hubs like Singapore also cause mismatches.
How to find reliable Palm oil suppliers and exporters in 2024 Whole Year?
Access verified shipment records and active suppliers for HS Code 1511 via yTrade, covering key regions like Indonesia.
Palm Oil Export 2023: Market Shift
Track Indonesia's palm oil export trends for HS Code 1511 on yTrade. Data reveals a market shift with Indonesia dominating 83.76% of global supply.
Palm Oil Export 2025: Market Shift
Track Indonesia's palm oil export trends for HS code 1511 on yTrade. Data shows volatile growth and supplier dominance in 2025.
