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Palm oil and its fractions; whether or not refined, but not chemically modified

1511 (Harmonized System 1992 for 4-digit)

2023
World Trade $48.1BRnk 88 / 1217
2023
Top Exporter | Top Importer $24.8B | $8.7BIndonesia | India
2023
Product Complexity -1.98Rnk 1009 / 1044
2022 - 2023
Export Growth (CAGR) -19.5%Rnk 1027 / 1217
2023
Share of World Trade 0.21%Rnk 88 / 1217

About

Overview This page contains the latest trade data of Palm Oil. In 2023, Palm Oil were the world's 88th most traded product, with a total trade of $48.1B. Between 2022 and 2023 the exports of Palm Oil decreased by -19.5%, from $59.7B to $48.1B. Trade in Palm Oil represent 0.21% of total world trade.

Palm Oil are a part of Animal or vegetable fats, oils, & waxes. They include Palm oil or fractions simply refined and Palm oil, crude.

Exports In 2023 the top exporters of Palm Oil  were Indonesia ($24.8B), Malaysia ($14B), Netherlands ($1.12B), Thailand ($929M), and Papua New Guinea ($843M).

Imports In 2023 the top importers of Palm Oil were India ($8.7B), China ($4.85B), Pakistan ($2.86B), United States ($2.04B), and Netherlands ($1.52B).

Ranking Palm Oil ranks 1009th in the Product Complexity Index (PCI).

Latest Trends

Latest Data

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Y-AXIS SCALE

The following visualization shows the latest trends on Palm Oil. Countries are shown based on data availability.

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

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* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Historical Data

Exporters and Importers

Top Origin (2023)Indonesia$24.8B
Top Destination (2023)India$8.7B

In 2023 Palm Oil were the world's 88th most traded product (out of 1,217).

In 2023, the top exporters of Palm Oil were Indonesia ($24.8B), Malaysia ($14B), Netherlands ($1.12B), Thailand ($929M), and Papua New Guinea ($843M).

In 2023, the top importers of Palm Oil were India ($8.7B), China ($4.85B), Pakistan ($2.86B), United States ($2.04B), and Netherlands ($1.52B).

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Exporters of Palm Oil (2023)
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Importers of Palm Oil (2023)
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Market Dynamics

Color
Top Origin Growth (2022 -  2023)Spain$95.5M
Top Destination Growth (2022 -  2023)Tanzania$185M

Between 2022 and 2023, the exports of Palm Oil grew the fastest in Spain ($95.5M), Belgium ($37M), Estonia ($34.6M), Italy ($33.4M), and Cambodia ($27.1M).

Between 2022 and 2023, the fastest growing importers of Palm Oil were Tanzania ($185M), Saudi Arabia ($170M), Djibouti ($145M), Benin ($135M), and Yemen ($124M).

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Exporters of Palm Oil (2022 - 2023)

Importers of Palm Oil (2022 - 2023)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Palm Oil.

In 2023, market concentration measured using Shannon Entropy, was 2.38. This means that most of the exports of Palm Oil are explained by 5 countries.

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Value of Exports in Palm Oil

Net Trade

TOP NET EXPORTER (2023)Indonesia$24.8B
TOP NET IMPORTER (2023)India$8.66B

This map shows which countries export or import more of Palm Oil. Each country is colored based on the difference in exports and imports of Palm Oil during 2023.

In 2023, the countries that had a largest trade value in exports than in imports of Palm Oil were Indonesia ($24.8B), Malaysia ($13.2B), Thailand ($925M), Papua New Guinea ($828M), and Guatemala ($775M).

In 2023, the countries that had a largest trade value in imports than in exports of Palm Oil were India ($8.66B), China ($4.81B), Pakistan ($2.86B), United States ($1.98B), and Bangladesh ($1.39B).

Net Trade (2023)

Disaggregation

Value

In 2023, the world most traded Palm Oil, disaggragated by their HS6 level were Palm oil or fractions simply refined ($35.4B) and Palm oil, crude ($12.6B)

HS6 Disaggregation for Palm Oil (2023)
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Country Comparison

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Ranking

This visualization shows the countries that have an important ratio of their trade related to Palm Oil.
It is possible to select the main countries that export or import Palm Oil in the world, or by continent, as well as select the measure of interest.

Top 10 Exporters Countries of Palm Oil by percentage of total exports

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALMalaysia+ $162M
TOP IMPORT POTENTIALMalaysia+ $1.5M

Palm Oil’s highest export potential is Malaysia. With an export gap of $162M.  Palm Oil’s highest import potential is Malaysia with an import gap of $1.5M.

See methodology.

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Product Complexity

Diversification Frontier

Specialization

The Complexity-Relatedness diagram compares the risk and the strategic value of a product's potential export opportunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth potential, lower income inequality, and lower emissions.

Relatedness vs Country Complexity (2023)

Related Products

This visualization shows products that are likely to be exported by countries that export Palm Oil.

Country by Relatedness

The following visualization shows the relatedness of Palm Oil to countries. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relative Relatedness by Country (2023)

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