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12-08-2024
In 2022, worldwide revenues from exported palm oil reached an impressive US$55.5 billion. This represents a substantial 82.4% increase in value since 2018 when palm oil shipments were valued at $30.5 billion.
Over the most recent year, global palm oil exports experienced a 12.2% rise compared to the $49.5 billion recorded in 2021.
Used extensively in food production, cosmetics, and as a bio-fuel, the global demand for exported palm oil remains strong. Indonesia continues to lead as the primary supplier of palm oil to the global market.
The distribution of exported palm oil is heavily concentrated among a few key players. In 2022, Indonesia and Malaysia alone accounted for over four-fifths (82.4%) of the total value of palm oil sold internationally.
Asian nations garnered the highest revenue from exported palm oil in 2022, with sales amounting to $46.9 billion or 84.4% of the global total. Europe followed with a 5.5% share, while Latin America, excluding Mexico but including the Caribbean, contributed another 5.2% to worldwide palm oil shipments.
Smaller shares of exported palm oil originated from Africa (2.5%), Oceania (2.1%), led by Papua New Guinea and the Solomon Islands, and North America (0.3%).
For those conducting research, the 4-digit Harmonized Tariff System code prefix for palm oil is 1511.
Leading Nations in Exported Palm Oil
Here are the 15 countries that exported the highest dollar value of palm oil in 2022:
1. Indonesia: US$27.8 billion (50% of exported palm oil)
2. Malaysia: $17 billion (30.6%)
3. Netherlands: $1.28 billion (2.3%)
4. Thailand: $1.27 billion (2.3%)
5. Papua New Guinea: $1.1 billion (2%)
6. Guatemala: $919.6 million (1.7%)
7. Colombia: $663.7 million (1.2%)
8. Germany: $544.1 million (1%)
9. Honduras: $519.8 million (0.9%)
10. Ivory Coast: $506 million (0.9%)
11. Estonia: $343.1 million (0.6%)
12. Djibouti: $320.9 million (0.6%)
13. Türkiye: $290.5 million (0.5%)
14. Costa Rica: $227.8 million (0.4%)
15. Italy: $220.9 million (0.4%)
Collectively, these 15 countries accounted for 95.4% of the global exported palm oil in 2022.
Among these exporters, the fastest-growing since 2021 were Honduras (up 120.3%), Thailand (up 78.4%), Djibouti (up 76.3%), and Estonia (up 54.1%).
Conversely, the smallest gains in exported palm oil sales were recorded by Costa Rica (up 2.8% from 2021), Indonesia (up 3.8%), and the Netherlands (up 4%).
Palm Oil Exporting Companies
According to the global trading platform Tendata, the following companies are leading examples of palm oil-trading firms as of 2024:
1. SARI DUMAI SEJATI (7.88%, $317.11 Million)
2. INTIBENUA PERKASATAMA (6.36%, $255.96 Million)
3. SUMBER INDAHPERKASA (6.04%, $243.3 Million)
4. WILMAR NABATI INDONESIA (5.96%, $239.98 Million)
5. IVO MAS TUNGGAL (5.95%, $239.59 Million)
6. KUTAI REFINERY NUSANTARA (3.83%, $154.07 Million)
7. MULTIMAS NABATI ASAHAN (3.43%, $137.91 Million)
8. PACIFIC INDOPALM INDUSTRIES (3.35%, $135.01 Million)
9. CITRA BORNEO UTAMA (3.26%, $131.21 Million)
10. SINAR MAS AGRO RESOURCES AND TECHNOLOGY (3.01%, $121.16 Million)
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