Asia Pacific (Jan – Mar) 2023

Malaysian Palm Oil Exports Performance to Asia Pacific Region
 ( January – March 2023)
A Review on MPO Performance

NoCOUNTRYJan-Mar 2023Jan-Mar 2022Diff (MT)Diff (%)
3South Korea123,48895,82827,66028.86
10New Zealand6,5644,3842,18049.72
14Hong Kong6441,077(433)(40.23)
16Papua N. Guinea3347,787(7,453)(95.71)
19Solomon Island96096
22Marshall Island24024
23Micronesia Federation201902.14
25New Caledonia1632(16)(50)
 Grand Total981,306940,91840,3884.29

Source: MPOB

From January to March 2023, Malaysian palm oil export to Asia Pacific region increased by 40,388 MT or by 4.29% to 0.98 million MT compared to the same period in 2022. The main reason for the increase of Malaysian palm oil export to this region is the higher import of palm oil particularly by China, South Korea, Taiwan & Japan.

China remain as the biggest importer of Malaysian palm oil in the region with 344,749 MT of imports during the January to March 2023 period, increased by 37,405 MT from the previous year which is linked to reduction in Indonesia export. Indonesian palm oil import in China has increased tremendously by 708,000 MT to 868,000 MT compared to the same period in 2022 mainly due to the resumption of economic activities following the ending of zero-COVID policy in December 2022.  Vegetable oil consumption in China is forecasted to increase this year due to the recovery demand in the China’s food service sector and food processing industry.

The import of Malaysian palm oil in Japan and South Korea increased by 14.31% and 28.86% to 143,152 MT and 123,488 MT respectively compared to the same period in 2022. The increase of Malaysian palm oil import in Japan and South Korea is due to lower Indonesian palm oil import caused by reduction in Indonesia export in preparation of Ramadan and Eid festival. Indonesian palm oil import in Japan and South Korea dropped by 19,000 MT or 55.88% to 15,000 MT and marginally higher by 2,000 MT or 2.59% to 79,000 MT respectively for the period January to February 2023 compared to previous year. It is anticipated that palm oil used in South Korea will decrease slightly due to the changes in the consumer trends which willing to buy more olive oil, rapeseed oil, sunflower oil, and grapeseed oil. However, the Korean government wants to keep raising the requirement for biofuels blending, which will offset the reduction in palm oil consumption in the food industry.

The Malaysian palm oil export in the Philippines recorded a steep decrease of 66,064 MT or by 38.92% to 103,683 MT for the period of January to March 2023. The drop in the Malaysian palm oil import in the Philippines is anticipated by high import on Indonesian palm oil in March 2023 and also high carry over of palm oil stock in the country. Based on Oil World data, Philippines’ palm oil ending stock in 2022 was at 215,000 MT, which higher by 30.3% compared to 165,00 MT in 2021. It is forecasted palm oil imports will increase slightly this year in line with population growth.

As for other countries in the Asia Pacific region, most countries have turned to Malaysian palm oil as Indonesia implemented stricter measures on palm oil exports since February 2023. However, Indonesia is expected to ease their export policy on 1st May and we expect that the export of Indonesian palm oil would increase in the coming months.

Breakdown of MPO Exports to the Asia Pacific Region (MT) January to March 2023

Malaysian Palm Products Export to Asia Pacific Region  (By-Products)
PRODUCTJan-Mar 2023Jan-Mar 2022Diff (MT)Diff (%)
RBD Palm Olein*448,489485,812(37,323)(7.68)
RBD Palm Stearin*164,073180,316(16,243)(9.01)
RBD Palm Oil*104,858113,607(8,750)(7.70)
Cooking Oil / DPL63,19440,95322,2415.43
*Including ISCC, RSPO Mass Balance and RSPO from Segregated Categories

*Including ISCC, RSPO Mass Balance and RSPO from Segregated Categories
Source: MPOB

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