Malaysian Palm Oil Exports Performance to Americas Region
(January – September 2022)
A Review on MPO Export Performance
Table 1 : A Review on MPO Export Performance (MT)
|Diff (MT)||Diff (%)|
|26||St. Vincent and The Grenadines||21||40||(19)||(48.0)|
|27||St.Kitts and Nevis||17||0||17||N/A|
|Source : MPOB|
During January-September 2022 period, total Malaysian palm oil export to the Americas region recorded a total volume of 170,925 MT against 270,145 MT which was registered during the same period of 2021 (refer to Table 1). This represents a decline of 99,220 MT or by 36.7%. United States, Canada, Trinidad/Tobago, Brazil, Mexico, and Ecuador were the top six export destinations for Malaysian palm oil for the period Jan-Sept 2022. In terms of products breakdown to the Americas region, the biggest product being exported to the region during Jan-Sept 2022 period is RBD palm oil accounting for 29% of total exports (refer to Chart 2 and table 3). After RBD palm oil, RBD palm olein (23%) is another major palm oil product exported into the Americas region, followed by RBD palm stearin (22%).
Among the major importers of RBD palm oil are the US (35,608 MT), Brazil 5,300 MT) and Ecuador (4,959 MT). Major destinations for Malaysian RBD palm olein include the US (26,921 MT), Trinidad (2,133 MT) and Mexico (999 MT). Exports of RBD palm stearin are mainly purchased by the US (36,973 MT), Argentina (385 MT) and Mexico (61 MT). NBD palm olein is another major export product, mainly purchased by the US (13,252 MT) and Mexico (2,503MT).
Chart 2: Products Breakdown of Total MPO Export to the Americas Region
Source : MPOB
Table 3: Breakdown of Total MPO Export (MT) to the Americas Region
|Malaysian Palm Oil Export to the Americas (MT)|
|NBD PALM OLEIN||15,839||14,257||1,582||11.1|
The decline in MPO export to the Americas region is largely attributed to lower export to the biggest buyer in the region, the United States (US). During Jan-Sept 2022 period, total MPO exports to US went down to 125,254 MT from 217,587 MT recorded during the same period of last year (refer to Table 4). Based on industry feedback, the decline of Malaysian palm oil import by the US is partly due to the US importers being concerned that the supply chain of palm oil imports and shipments from Malaysia may be affected by the withhold release order (WRO) related to FGV and Sime Darby.
In terms of product breakdown to the US, RBD palm stearin, RBD palm oil and RBD palm olein are the top three products exported to US comprising almost 90% of the overall MPO export to US (refer to table 4). Export of RBD palm stearin decreased by 40.9%, RBD palm oil decreased by 54.2% while RBD palm olein decreased by 52%.
US Census Bureau import data revealed that for January-August 2022, total US palm oil imports amounted to 1,005,000 MT. Palm oil imports from Indonesia constitute 83% of the total imports into the US or about 832,000 tonnes. Two leading palm oil receiving ports in the US are Port of New Orleans (43%) and Port of Savannah, Georgia (25%). Supply tightness in the US has pushed prices higher for soybean oil and other oils and fats in the US market. Current huge palm oil price discounts between soybean oil and other vegetable oils will not continue for long because as soon as world consumption pick up sufficiently and the surplus stocks are removed in Indonesia, the price discounts will narrow.
Table 4: MPO Export to USA by Type of Products
|Malaysian Palm Oil Export to USA (MT)|
|NBD PALM OLEIN||13,252||10,758||2,494||23.2|
MPO export to Ecuador recorded the largest increment in terms of volume. Total MPO export increased by 4,960 MT during Jan-Sept 2022 period from 0 MT registered during same period last year (refer to Table 5). The largest export has been RBD palm oil accounting for the whole total MPO import by Dominica.
Table 5: MPO Export to Ecuador by Type of Products
|Malaysian Palm Oil Export to Ecuador (MT)|
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