Palm Oil Import 2024: Market Surge
Global Palm Oil Import Market Landscape
Product Definition
Palm oil, classified under HS Code 1511, is a globally traded vegetable oil used in food processing, biofuels, and consumer goods. As a high-volume commodity, it is a key input for industries ranging from packaged foods to renewable energy, making its trade flows critical to global supply chains.
Strategic Insights
- Market Momentum: Global palm oil imports rebounded in 2024, with total value surpassing $50 billion, driven by biodiesel demand and supply constraints. Monthly imports climbed from $5.01B (January) to $5.83B (November), signaling sustained demand.
- Geographic Power: Supply is highly concentrated—Indonesia controls 78.93% of volume and 84.54% of export value, while demand is fragmented across Asia (Philippines, India), Africa (Congo, South Sudan), and the Americas (Mexico).
- Supply Chain Structure: The market is dominated by giants—Dominator suppliers hold 73% of export value, and top buyers (e.g., Adani Wilmar, Apical) account for 85% of import volume. Negotiation leverage rests firmly with Indonesian exporters.
Global Palm oil Import Trend in 2024 Whole Year
Global palm oil imports demonstrated a resilient recovery in 2024, driven by robust biodiesel demand and stagnant supply conditions [S&P Global].
- Aggregate Performance: Total import value across observed months exceeded $50 billion, reflecting strong market activity despite mid-year volatility.
- Period Dynamics: Imports climbed from $5.01B in January to $5.83B in November, indicating sustained demand momentum heading into year-end.
Table: Palm oil Import 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 with 78.93% of global quantity and 84.54% of value, establishing clear market control.
- Supply is highly monopolistic, concentrated overwhelmingly in Indonesia. Malaysia is the only notable challenger (8.67% quantity, 6.68% value).
- Malaysia remains the primary challenger, though significantly smaller. Other exporters (Colombia, Costa Rica, Ecuador, Peru) are minor players, collectively holding low single-digit shares.
Top Destination Countries & Consumption Markets
- Key buyers are the Philippines (63.14% import value) and India (12.77% import value). Pakistan is a major volume importer (27.79% quantity).
- Demand mix includes consumption and processing hubs. The Philippines' high value share suggests significant imports of refined products. India, Pakistan, Bangladesh, and China Mainland indicate large-scale consumption/industrial use. Congo (Kinshasa) and South Sudan appear as emerging African markets.
- Demand is fragmented compared to supply, spread across diverse regions including Asia (India, Pakistan, Bangladesh, China, Vietnam), Africa (Congo, South Sudan), and the Americas (Mexico).
Supply-Demand Dynamics
- Highly concentrated supply meets fragmented global demand. Indonesia's near-monopoly contrasts sharply with numerous smaller importers.
- Trade flows primarily intra-Asian, with secondary flows to Africa and Americas. Southeast Asia (Indonesia, Malaysia) supplies South Asia (India, Pakistan, Bangladesh), East Asia (Philippines, China, Vietnam), Africa (Congo, South Sudan), and North/Latin America (Mexico, Russia).
- Pricing power rests firmly with exporters, particularly Indonesia, due to extreme supply concentration and essential nature of the commodity.
Table: Global Palm oil Import —— 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 Import —— 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 |
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Global Palm oil Import Analysis: Key Suppliers & Buyers
Suppliers Concentration & Strategy
- Power Center: Highly consolidated. Dominators (51% of shipments) control 73% of export value.
- Operational Style: Majority volume ships frequently. High-Frequency clusters (Dominators + Retail/JIT) handle 74% of shipments.
- Risk/Opportunity: Buyers face heavy reliance on few giants (Dominators + Bulk Movers = 95% value share). Limited flexibility; negotiate hard with Dominators. Use Retail/JIT for smaller MOQ flexibility.
Oversea Buyers Procurement Patterns
- Procurement Behavior: Dominated by large-scale, frequent restocking. Dominators (52% of shipments) take 85% of volume. Bulk Movers (9% shipments) add 11% volume for stockpiling.
- Market Tier: Driven by giants. Dominators (52% shipments) secure 83% of import value. Low-Value clusters are noise (3.3% combined value share).
Market Entry & Negotiation Strategy
- New Suppliers: Target Dominator buyers (Adani Wilmar, Apical) for volume. Expect tough terms. Use Retail/JIT buyers for market testing.
- New Buyers: Secure long-term contracts with Dominator suppliers (PT PACRIM, Wilmar) for stable supply. Use Bulk Movers for spot deals. Avoid Low-Value clusters; high effort, low return.
- Negotiation Leverage: Dominators set market terms. Buyers needing flexibility must engage Retail/JIT suppliers. Sellers target Bulk Movers for large one-off sales.
Table: Global Palm oil Import —— 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 |
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Table: Global Palm oil Import —— 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 |
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Frequently Asked Questions
What is the HS Code for Palm oil?
HS Code 1511 covers crude palm oil, refined palm oil, and palm kernel oil, used widely in food, cosmetics, and biofuels.
Which country is the largest exporter of Palm oil in 2024 Whole Year?
Indonesia dominated global supply in 2024, exporting 155.51B USD worth of palm oil (HS 1511).
Who are the top importers of Palm oil in 2024 Whole Year?
Philippines, India, and Pakistan were the leading importers. The Philippines (116.06B USD) and India (23.47B USD) are major consumption markets, while Pakistan (8.48B USD) serves as a key processing hub.
Who are the major suppliers and companies trading Palm oil in 2024 Whole Year?
Top buyers include Patanjali Foods Limited and Golden Agri International Pte Ltd, while key suppliers are Olam Global Agri Pte Ltd and Wilmar Trading Pte Ltd.
Why do Palm oil import rankings sometimes differ from export destination lists?
Trade asymmetries occur because export data (FOB value) records the intended destination, while import data (CIF value) reflects the actual arrival. Discrepancies also arise from trans-shipments via intermediary hubs.
How to find reliable Palm oil suppliers and exporters in 2024 Whole Year?
Access verified shipment records and active supplier lists for HS Code 1511 via the yTrade database, focusing on key regions like Indonesia.
Palm Oil Import 2023: Market Momentum
Explore **Indonesia's** dominance in **Palm Oil Import** under **HS Code 1511** via **yTrade**. Key insights reveal steady demand and concentrated supply chains in 2023.
Palm Oil Import 2025: Market Surge
Explore 2025's palm oil import trends with HS Code 1511 on yTrade. Indonesia leads exports, while India and Pakistan drive demand amid volatile trade cycles.
