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🌴 Global Trade of Palm Oil and its Fractions: A UN Comtrade Analysis
Palm oil (Harmonized System, or HS Code 1511), and its various fractions, is the dominant commodity within the Animal and vegetable oils, fats and waxes category of global trade. Its high yield, low cost, and versatility make it essential for food production, industrial applications, and biofuel.
This analysis, based on UN Comtrade data, highlights the massive global trade values for this key commodity.
💰 Global Export Value of Palm Oil (HS 1511)
The table below provides the total world export value for Palm Oil and its Fractions (HS 1511) in recent years, demonstrating the commodity's significant scale and price volatility.
| Year | World Export Value (Total HS 1511) | Annual Change | Key Drivers |
| 2023 | USD 48.1 Billion | -19.5% | Price normalization following the commodity boom of 2022. |
| 2022 | USD 59.7 Billion | (High Peak) | Global commodity price inflation, supply chain disruptions, and the war in Ukraine. |
| 2021 | USD 49.7 Billion | +40.1% | Recovery from pandemic lows and initial commodity price increases. |
| 2020 | USD 35.5 Billion | -0.8% | Pandemic-related economic slowdown and demand fluctuations. |
Note: Data covers the Harmonized System (HS) 1511, which includes both crude and non-crude palm oil and their fractions. Trade values are reported in current US Dollars (USD).
UN Comtrade Palm Oil and its fractions Export Value by Region (2023)
The following table aggregates the export values for Palm Oil and its fractions (HS 1511) based on UN Comtrade data for 2023. This illustrates the high geographical concentration of production and export in the global market.
| Region | Primary Exporter(s) | Export Value (Billion USD) | Share of Global Exports (Approx.) | Notes on Export Type |
| Southeast Asia | Indonesia, Malaysia | USD 38.8 Billion | 80.7% | Dominates primary production and export. |
| Central America | Guatemala, Honduras, Costa Rica | USD 1.5 Billion | 3.1% | Significant regional producers in the Americas. |
| Western Europe | Netherlands, Germany, Spain | USD 1.8 Billion | 3.7% | Primarily a re-export and processing hub. |
| Africa | Côte d'Ivoire, Colombia | USD 0.8 Billion | 1.7% | Growing producer region; trade includes both crude and refined. |
| Other | Thailand, Papua New Guinea, etc. | USD 5.2 Billion | 10.8% | Covers smaller global producers and various re-exporting hubs. |
| World Total | - | USD 48.1 Billion | 100.0% | Total global exports for Palm Oil (HS 1511) in 2023. |
🗺️ Trade Concentration: Top Exporters (2023)
The trade of Palm Oil is heavily concentrated in Southeast Asia, reflecting the limited geographical area where oil palm trees are cultivated commercially.
The data below shows the dominant countries responsible for the global export value of Palm Oil and its fractions (HS 1511) in 2023:
| Rank | Country (Reporter) | Export Value (Billion USD) | Share of Global Exports (Approx.) |
| 1 | Indonesia | USD 24.8 Billion | 51.5% |
| 2 | Malaysia | USD 14.0 Billion | 29.1% |
| 3 | Netherlands | USD 1.12 Billion | 2.3% |
| 4 | Germany | USD 0.48 Billion | 1.0% |
Note: Indonesia and Malaysia collectively account for over 80% of the world's Palm Oil exports, positioning them as the key determinants of global supply and price dynamics.
UN Comtrade Palm Oil and its fractions Export Value and Growth by Country (2023)
| Rank | Country | Export Value (2023, Billion USD) | Global Share (Approx.) | YoY Value Growth (2022 to 2023) | Key Observation |
| 1 | Indonesia | USD 24.8 Billion | 51.5% | -18.2% | The largest decline in value, driven by lower global CPO prices. |
| 2 | Malaysia | USD 14.0 Billion | 29.1% | ~ -27.1% | Experienced the steepest value drop among top two, also affected by lower export volume. |
| 3 | Netherlands | USD 1.12 Billion | 2.3% | Volatile | Major re-exporter; value change is influenced by refining margins and re-export volumes. |
| 4 | Thailand | USD 0.86 Billion | 1.8% | ~ -30.0% | Decline aligns with global price trends and domestic factors. |
| 5 | Guatemala | USD 0.84 Billion | 1.7% | Volatile | A significant non-Asian producer; less susceptible to Southeast Asian supply shocks. |
| World Total | - | USD 48.1 Billion | 100.0% | -19.5% | Overall global trade value contraction in 2023. |
Key Takeaways
Value Contraction: The world market for Palm Oil shrank by approximately 19.5% in value in 2023. This was primarily a price effect, as average prices fell significantly from 2022 highs.
Producer Impact: Both Indonesia and Malaysia, the two largest producers, saw double-digit percentage declines in their export values, with Malaysia experiencing a sharper drop due to a combination of lower prices and a reduction in export volume.
Re-Exporter Volatility: The Netherlands, a key European hub for refining and re-exporting Palm Oil, shows volatility as its trade value reflects the margin on refined products and shifts in its regional supply chains.
UN Comtrade Most Valuable Commodity: Palm Oil (Excl. Crude) and its Fractions (HS 1511.90) Export Value and Growth by Country (2023)
| Rank | Country | Commodity: HS 1511.90 Export Value (2023, Billion USD) | Global Share (Approx.) | YoY Value Growth (2022 to 2023) | Key Observation |
| 1 | Indonesia | USD 19.6 Billion | 55.4% | ~ -18.7% | Dominant global exporter of refined products; value decline driven by price correction. |
| 2 | Malaysia | USD 8.9 Billion | 25.1% | ~ -27.0% | Key exporter of RBD products; experienced a steep value reduction due to lower prices. |
| 3 | Netherlands | USD 0.96 Billion | 2.7% | Volatile | Major European re-exporter and refining center for refined fractions. |
| 4 | Djibouti | USD 0.53 Billion | 1.5% | Volatile | Significant re-exporting hub for refined oil, often trans-shipping to African markets. |
| 5 | Germany | USD 0.48 Billion | 1.4% | Volatile | European refining and re-exporting center. |
| World Total | - | USD 35.4 Billion | 100.0% | -18.5% | Global trade value contraction due to lower average refined product prices. |
🗺️ UN Comtrade Palm Oil and its fractions Import Value and % by Region (2023)
| Region | Primary Importer(s) | Import Value (2023, Billion USD) | Share of Global Imports (Approx.) | Annual Growth (YoY 2022-2023) | Key Observation |
| South Asia | India, Pakistan | ~11.6 Billion | ~24.1% | Significant Decline | Value decrease driven by the global drop in palm oil prices, though volume demand remains high. |
| East Asia | China, Japan, South Korea | ~7.5 Billion | ~15.6% | Moderate Decline | Consumption is high for food and industrial use; value declined in line with prices. |
| European Union (EU) | Netherlands, Spain, Italy | ~4.2 Billion | ~8.7% | Moderate Decline | Major importer for food and biofuel, with trade influenced by EU sustainability regulations. |
| North America | United States | ~2.0 Billion | ~4.2% | Moderate Decline | Primarily for food and specialty uses; value decline mirrors global trend. |
| Africa | Egypt, Kenya, Djibouti | ~2.5 Billion | ~5.2% | Volatile | Import value is sensitive to currency stability and local refining capacity. |
| World Total | - | USD 48.1 Billion | 100.0% | -19.5% | Total global imports decreased in value, reflecting the normalization of commodity prices from 2022 highs. |
Key Takeaways
India's Dominance: India is the single largest country importer of Palm Oil globally (totaling around $8.7 billion in 2023), making South Asia the most valuable importing region.
Widespread Value Decline: The large negative growth rates for all regions reflect the lower average international price of palm oil in 2023 compared to 2022, rather than a significant drop in import volume (tonnage).
Processing Hubs: Imports into the European Union (specifically the Netherlands) are often for refining and re-export to other countries, rather than solely for final consumption within the bloc.
🗺️ UN Comtrade Palm Oil and its fractions Import Value and % by Country (2023)
| Rank | Country | Import Value (2023, Billion USD) | Global Share (Approx.) | Annual Growth (YoY 2022-2023) | Key Observation |
| 1 | India | USD 8.7 Billion | ~18.1% | Significant Decline | World's largest importer; value decline driven almost entirely by the fall in global prices. |
| 2 | China | USD 4.7 Billion | ~9.8% | Moderate Decline | Major consumer for cooking and industrial use; value decreased despite relatively stable volume. |
| 3 | Netherlands | USD 2.6 Billion | ~5.4% | Moderate Decline | Largest European importer and a major refining and re-export hub for the EU. |
| 4 | Pakistan | USD 2.4 Billion | ~5.0% | Significant Decline | High consumption in food sector; import value highly sensitive to local currency stability and global price swings. |
| 5 | United States | USD 2.0 Billion | ~4.2% | Moderate Decline | Significant growth in use for food manufacturing and, increasingly, sustainable fuel mandates. |
| World Total | - | USD 48.1 Billion | 100.0% | -19.5% | Total global imports decreased in value, reflecting the normalization of commodity prices from 2022 highs. |
Key Takeaways
Asian Demand: The top two importers, India and China, are responsible for nearly 30% of the world's total palm oil import value, cementing Asia's status as the commodity's primary consumer market.
Price Effect: The "Significant Decline" and "Moderate Decline" in value for all top importers do not necessarily mean import volumes dropped dramatically. Instead, they reflect the approximately 19.5% decrease in the average international price of Palm Oil from 2022 to 2023. Buyers paid less for the same or similar volumes.
Refining Hubs: The Netherlands' high ranking is due to its role in importing crude palm oil, processing it into refined fractions, and then re-exporting it across Europe and other destinations.
📈 UN Comtrade Most Valuable Commodity: Palm Oil (Excl. Crude) and its Fractions (HS 1511.90) Import Value and Growth by Country (2023)
| Rank | Country | Commodity Name and HS Code | Import Value (2023, Billion USD) | Global Share (Approx.) | YoY Value Growth (2022 to 2023) | Key Observation |
| 1 | China | Palm oil (Excl. Crude) and liquid fractions (HS 1511.90) | $5.1 Billion | ~14.4% | ~-12.7% | Largest importer of the refined product; value declined in line with global prices. |
| 2 | Pakistan | Palm oil (Excl. Crude) and liquid fractions (HS 1511.90) | $2.9 Billion | ~8.2% | ~-23.5% | High reliance on refined products for the domestic market. |
| 3 | India | Palm oil (Excl. Crude) and liquid fractions (HS 1511.90) | $2.1 Billion | ~5.9% | ~-35.2% | Imports a mix of both crude (HS 1511.10) and refined products. |
| 4 | United States | Palm oil (Excl. Crude) and liquid fractions (HS 1511.90) | $2.0 Billion | ~5.6% | ~-16.6% | Imports mainly refined products for food and industrial use. |
| 5 | Egypt | Palm oil (Excl. Crude) and liquid fractions (HS 1511.90) | $1.3 Billion | ~3.7% | ~-11.5% | Key market in Africa for refined palm oil and its fractions. |
| World Total | - | Palm oil (Excl. Crude) and liquid fractions (HS 1511.90) | $35.4 Billion | 100.0% | ~-18.5% | Global value decline reflecting the steep drop in international palm oil prices from 2022 highs. |
Comparison with Crude Palm Oil (HS 1511.10)
For comparison, here are the top three importers of the less-valuable, raw commodity, Crude Palm Oil (HS 1511.10):
India: $6.7 Billion
Netherlands: $1.3 Billion
Kenya: $0.8 Billion
Key Insight: While India is the largest overall importer of all palm oil (both crude and refined), countries like China and Pakistan specifically dominate the import of the more valuable, refined finished product (HS 1511.90) shown in the main table.
📝 Conclusion on UN Comtrade Palm Oil and its Fractions (HS 1511) Trade Dynamics
The analysis of the UN Comtrade data for Palm Oil and its fractions (HS 1511) reveals a global commodity market defined by extreme geographical concentration in production and a pronounced sensitivity to global pricing cycles.
Production and Export Dominance
The market is fundamentally characterized by an export duopoly in Southeast Asia.
Indonesia and Malaysia together account for over 80% of total global exports, making their production, policy decisions (e.g., export levies and biodiesel mandates), and weather patterns the primary drivers of global supply and price.
The most valuable traded product is the refined category (HS 1511.90), showing a global trend toward exporting higher value-added goods rather than just Crude Palm Oil (HS 1511.10).
Global Consumption and Import Patterns
Global import patterns are dominated by massive population centers in Asia:
Asia is the primary consumer, with India being the single largest country importer globally, followed closely by China and Pakistan.
India imports both large volumes of crude oil for local refining and refined oil for direct consumption, demonstrating a mixed strategy to meet its vast domestic demand.
The Netherlands and Germany serve as key European refining and re-export hubs, importing crude oil to process into specialized fractions for the EU and global markets.
Price Volatility and Growth
The data for 2023 was overwhelmingly defined by the correction from the record prices of 2022:
Global exports and imports for HS 1511 contracted by approximately -19.5% in value in 2023. This was overwhelmingly a price effect rather than a drop in physical volume.
Major producers (Indonesia and Malaysia) and major importers (India and China) all experienced significant double-digit negative value growth, underscoring the synchronous impact of the global price fall across the entire supply chain.
In essence, the UN Comtrade data confirms Palm Oil as a market where Asian production dictates global supply, and Asian demand dictates global consumption, with Western nations playing a specialized, yet smaller, role in refining and re-exporting.
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