Palm Oil Import 2023: Market Momentum
Global Palm oil Import Market Landscape
In global trade, Palm oil is tracked under HS Code 1511, covering crude and refined palm oil used primarily in food production, biofuels, and industrial applications. As a high-volume agricultural commodity, it is a staple in emerging economies due to its cost efficiency and versatility.
Strategic Insights
- Market Momentum: Global palm oil imports remained steady in 2023, with total values holding firm despite monthly fluctuations. Key exporters Indonesia and Malaysia maintained dominant supply, ensuring stable trade flows.
- Geographic Power: Supply is heavily concentrated, with Indonesia and Malaysia controlling over 90% of exports. Demand is led by India, Pakistan, and Bangladesh, reflecting Asia’s growing consumption base.
- Supply Chain Structure: The market is dominated by bulk buyers and a handful of major suppliers, creating a high-concentration trade environment. Large-scale importers like GOKUL AGRO RESOURCES drive most procurement, while exporters such as INTIBENUA PERKASATAMA hold pricing power.
Global Palm oil Import Trend in 2023 Whole Year
Global Palm oil imports demonstrated steady demand throughout 2023, supported by robust export volumes from top producers Indonesia and Malaysia [World Bank].
- Aggregate Performance: The sector recorded significant total import value, reflecting consistent global consumption despite monthly volatility.
- Period Dynamics: Import value showed resilience, climbing from $5.89B in January to $5.48B in December, indicating sustained market activity.
Table: Palm oil Import 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
- Dominant Supplier: Indonesia commands the market with 83.76% of global palm oil quantity exported and 66.57% of export value. Its influence is overwhelming.
- Market Structure: Supply is highly concentrated. Indonesia and Malaysia (Rank 2, 7.55% quantity share) together control over 91% of global palm oil exports by quantity. The market is effectively a duopoly dominated by Indonesia.
- Challengers: Malaysia remains the clear second player, though far behind Indonesia. Other exporters like Thailand, Colombia, Costa Rica, and Peru hold minor shares (all below 2% quantity share), unable to challenge the top two significantly.
Top Destination Countries & Consumption Markets
- Key Buyers: India is the largest importer by value (33.45% share), followed by Zimbabwe (14.21% value share - note data anomaly with very low quantity). Pakistan (11.22% value share) and Bangladesh (5.02% value share) are major buyers.
- Nature of Demand: Demand is primarily driven by consumption in large, developing economies (India, Pakistan, Bangladesh, China Mainland) for food, cooking oil, and industrial uses. Zimbabwe's high value/low quantity data point requires verification but suggests potential specific high-value product imports or data inconsistency.
- Emerging Markets: Major importers are predominantly developing nations across Asia (India, Pakistan, Bangladesh, China, Vietnam) and Africa (Zimbabwe), reflecting growing consumption bases. Mexico and Russia also feature in the top 10.
Supply-Demand Dynamics
- Balance Assessment: Highly concentrated supply (Indonesia/Malaysia duopoly) meets demand from a more diverse set of large developing economies.
- Geographic Trend: Palm oil flows predominantly from Southeast Asian producers (Indonesia, Malaysia) to major consumption markets in South Asia (India, Pakistan, Bangladesh), East Asia (China, Vietnam), and increasingly Africa (Zimbabwe) and the Americas (Mexico, USA).
- Key Takeaway: Pricing power resides overwhelmingly with the dominant exporters, particularly Indonesia, due to their massive supply control.
Table: Global Palm oil Import —— 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 Import —— 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 Import Analysis: Key Suppliers & Buyers
Suppliers Concentration & Strategy
- Highly Consolidated: Dominators (High Value High Frequency) hold 67.78% of export value with only 46.13% of shipments. Power centers like INTIBENUA PERKASATAMA control the market.
- Bulk-Oriented Mix: High Frequency clusters (Dominators + Retail/JIT) account for 74.48% of shipments, but Dominators drive 67.78% value. Bulk Movers add significant large-volume capacity infrequently.
- Buyer Implications: High reliance on Dominators increases supply chain vulnerability. Bulk Movers offer spot purchase opportunities. Retail/JIT suppliers provide flexibility but limited volume.
Overseas Buyers Procurement Patterns
- Consolidated Stockpiling: Dominator buyers (High Value High Frequency) drive 81.94% of import value with 54.26% of shipments, indicating massive, regular stockpiling (e.g., GOKUL AGRO RESOURCES).
- Infrequent Bulk Purchases: High Value Low Frequency buyers (9.77% frequency, 14.23% value) handle substantial but sporadic volumes.
- Market Tier: Dominated by global giants. Low volume clusters (Retail/JIT + Niche) represent fragmented SMEs but only 3.83% combined import value.
Market Entry & Negotiation Strategy
- New Supplier Entry: Target Bulk Mover buyers for large one-off contracts or Retail/JIT buyers needing frequent small shipments. Dominator buyers require massive scale and proven reliability.
- New Buyer Entry: Secure contracts with Dominator suppliers for stable supply; use Bulk Mover suppliers for spot fills. Expect tough terms with Dominators.
- Negotiation Leverage: Buyers face concentrated suppliers – diversify into Bulk Mover cluster. Suppliers face concentrated buyers – develop Retail/JIT channels.
Table: Global Palm oil Import —— 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 Import —— 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 |
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Frequently Asked Questions
What is the HS Code for Palm oil?
The HS Code for Palm oil is 1511, covering crude palm oil, refined palm oil, and palm olein.
Which country is the largest exporter of Palm oil in 2023 Whole Year?
Indonesia dominated global exports with $47.34B in value, making it the undisputed supply leader.
Who are the top importers of Palm oil in 2023 Whole Year?
India ($23.78B), Pakistan ($7.98B), and Zimbabwe ($10.10B) were key importers, driven by strong demand for edible oils and industrial use.
Who are the major suppliers and companies trading Palm oil in 2023 Whole Year?
Top buyers include Golden Agri International Pte Ltd ($2.98B) and Wilmar Trading Pte Ltd ($2.84B). Leading suppliers are 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?
Discrepancies arise from Trade Asymmetries: exports report intended destinations (FOB value), while imports record actual arrivals (CIF value). Trans-shipments via hubs also cause mismatches.
How to find reliable Palm oil suppliers and exporters in 2023 Whole Year?
Access verified shipment records and supplier lists for HS Code 1511 via the yTrade database, covering key origins like Indonesia.
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.
Palm Oil Import 2024: Market Surge
Track global palm oil import trends for HS code 1511 on yTrade. Indonesia dominates supply as demand rises, with top buyers like Philippines and India driving growth.
