Asia Pacific (Jan – Sep) 2022

Malaysian Palm Oil Exports Performance to Asia Pacific Region
 ( January – September 2022)
A Review on MPO Performance

NoCOUNTRYJan-Sept 2022Jan-Sept 2021Diff (MT)Diff (%)
4South Korea304,772260,45644,31617.01
10Papua N. Guinea26,65014,17912,47187.96
11New Zealand17,41716,9005163.05
14Hong Kong2,27110,667(8,396)(78.71)
22Solomon Island1778394113.68
23Micronesia Federation1152194442.07
24Marshall Island1023073245.90
26New Caledonia65491633.33
27Fr Polynesia4040#DIV/0!
31American Samoa1919#DIV/0!
 Grand Total2,973,6353,005,261(31,626)(1.05)

Source: MPOB

From January to September 2022, Malaysian palm oil export to Asia Pacific region decreased slightly by 31,626 MT or by 1.05% to 2.97 million MT compared to the same period in 2021. The main reason for the decrease of Malaysian palm oil export to this region is the lower import of palm oil particularly by China.

As for other countries in the Asia Pacific region, most countries have turned to Malaysian palm oil due to the Indonesian DMO policy and ban on Indonesian palm oil export imposed earlier this year. This has increased the Malaysian palm oil market share in this region which was at 36.9% in 2021 to 54.6%% in 2022 for the period under review. However, Indonesia has lifted the palm oil export ban on 23 May 2022 and we expect that the export of Indonesian palm oil would increase in the coming months.

China remain as the biggest importer of Malaysian palm oil in the region with 1.01 million MT of imports during the January to September 2022 period, dropping by 267,754 MT from the previous year which is linked to a higher domestic crushings and also new regional lockdowns related to COVID-19 which has significantly reduced their dependence on imports. These have significantly impacted Malaysian palm oil export performance in the region to -20.92%.

The import of Malaysian palm oil in the Philippines increased by 58,995 MT or by 12.93% to 515,339 MT compared to the same period in 2021. The increase of Malaysian palm oil import in the Philippines is due to lower Indonesian palm oil import caused by the export ban as well as lower production of coconut oil due to Typhoon Odette hitting the Philippines in December 2021. The Malaysian palm oil export in Vietnam recorded an increase of 6,420 MT or by 2.7% to 244,282 MT for the period of January to September 2022 due to lower import of Indonesian palm oil. It is projected that there will be a higher usage of palm oil in Vietnamese food processing and food service sectors in 2022 as tourism resumes and industrial sectors start operating at normal capacity like before the COVID-19 restrictions.

Although the import of Malaysian palm oil in Japan increased in January to September 2022 reaching  409,291 MT, it is estimated that this year’s palm oil import will drop due to high palm oil prices and falling demand in power stations and food manufacturers. High palm oil prices also spiked the price of palm stearin which made it unprofitable to be used for power generation. Meanwhile, the rise of palm oil imports in South Korea is due to the lower import of soybean oil and rapeseed oil which is caused by the limited availability of both edible oils.

Breakdown of MPO Exports to the Asia Pacific Region (MT) January to September 2022

Malaysian Palm Products Export to Asia Pacific Region  (By-Products)
PRODUCTJan-Sept 2022Jan-Sept 2021Diff (MT)Diff (%)
RBD Palm Olein*1,608,3811,708,764(100,383)(5.87)
RBD Palm Stearin*527,721470,75956,96312.10
RBD Palm Oil*421,513330,75590,75827.44
Cooking Oil / DPL99,35369,11430,23943.75
*Including ISCC, RSPO Mass Balance and RSPO from Segregated Categories

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

For more info please contact Mrs Rina Mariati
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*Disclaimer: This document has been prepared based on information from sources believed to be reliable but we do not make any representations as to its accuracy. This document is for information only and opinion expressed may be subject to change without notice and we will not accept any responsibility and shall not be held responsible for any loss or damage arising from or in respect of any use or misuse or reliance on the contents. We reserve our right to delete or edit any information on this site at any time at our absolute discretion without giving any prior notice.

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