Palm tree nuts

Global sales from palm oil exports from all countries grew to US$41.4 billion in 2024.

The overall value of exported palm oil increased by an average 26.7% for all exporters since five years earlier in 2020 when palm oil shipments were valued at $32.6 billion.

Over the latest annual period, international sales of palm oil slowed by -6.2% compared to $44.1 billion for 2023.

Used in food, cosmetics and as bio-fuel, worldwide demand for palm oil is robust. Indonesia remains as the market leader for supplying palm oil to international customers.

Global suppliers of palm oil are intensely concentrated. The 2 biggest exporters, Indonesia and Malaysia, generated over four-fifths (81.2%) of the value for all palm oil exported in 2024.

From a continental perspective, Asian countries attracted the highest dollar worth of sales from exported palm oil during 2024 with shipments valued at $35 billion or 84.7% of the global total. In second place were exporters in Europe at 6.3% while another 4.9% of worldwide palm oil shipments originated from Latin American countries excluding Mexico but including the Caribbean.

Smaller percentages came from suppliers in Africa (2%), Oceanian countries (1.7%) led by Papua New Guinea, Solomon Islands and New Zealand, then North America (0.4%).

For research purposes, the 4-digit Harmonized Tariff System code prefix for palm oil is 1511.

Below are the 15 countries that exported the highest dollar value worth of palm oil during 2024.

1. Indonesia: US$20 billion (48.4% of palm oil exports)
2. Malaysia: $13.6 billion (32.8%)
3. Netherlands: $1.2 billion (2.8%)
4. Thailand: $872.3 million (2.1%)
5. Papua New Guinea: $691.8 million (1.7%)
6. Guatemala: $535.3 million (1.3%)
7. Colombia: $442 million (1.1%)
8. Honduras: $396.8 million (1%)
9. Italy: $314 million (0.8%)
10. Ivory Coast: $311.1 million (0.8%)
11. Estonia: $283.6 million (0.7%)
12. Germany: $280.7 million (0.7%)
13. Costa Rica: $216.6 million (0.5%)
14. United States: $157.4 million (0.4%)
15. Ecuador: $147.3 million (0.4%)

Countries Generating Largest Palm Oil Trade Surpluses

The following countries posted the highest positive net exports for palm oil during 2024. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. Thus, the statistics below present the surplus between the value of each country’s exported palm oil and its import purchases for that same commodity.

1. Indonesia: US$20 billion (net export surplus down -11.8% since 2023)
2. Malaysia: $13.4 billion (up 20.8%)
3. Thailand: $870.5 million (up 3%)
4. Papua New Guinea: $668.7 million (down -15.8%)
5. Guatemala: $455.6 million (down -42.7%)
6. Colombia: $317.3 million (down -17.4%)
7. Honduras: $315.3 million (down -30.9%)
8. Ivory Coast: $292.6 million (up 8.9%)
9. Costa Rica: $204.4 million (down -6.5%)
10. Ecuador: $141.6 million (up 28.3%)
11. Peru: $104.2 million (down -15.7%)
12. Gabon: $97.6 million (up 4.4%)
13. Estonia: $84.3 million (up 23%)
14. Cambodia: $41.7 million (down -4.1%)
15. Panama: $41.1 million (down -7.3%)

World palm oil leader Indonesia attains the highest surplus in the international trade of palm oil. In turn, this positive cashflow confirms Indonesia’s strong competitive advantage for this specific product category.

Countries Posting Worst Palm Oil Trade Deficits

The following countries posted the highest negative net exports for palm oil during 2024. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. Thus, the statistics below present the deficit between the value of each country’s imported palm oil purchases and its exports for that same commodity.

1. India: -US$8.6 billion (net export deficit down -1.6% since 2023)
2. mainland China: -$3.4 billion (down -33.3%)
3. Pakistan: -$2.9 billion (down -0.4%)
4. United States: -$1.7 billion (down -8.2%)
5. Bangladesh: -$1.3 billion (down -6.2%)
6. Egypt: -$1.2 billion (down -4.9%)
7. Vietnam: -$957.9 million (up 0.9%)
8. Philippines: -$957.7 million (up 16.9%)
9. Italy: -$849 million (down -31.6%)
10. Russia: -$820.8 million (down -2.3%)
11. Kenya: -$799.2 million (up 9.3%)
12. Saudi Arabia: -$710 million (up 15.2%)
13. Japan: -$653.3 million (down -7.3%)
14. Türkiye: -$633.3 million (down -6.2%)
15. South Korea: -$590.6 million (down -3.3%)

Highly populated India incurred the highest deficit in the international trade of palm oil. In turn, this negative cashflow highlights India’s strong competitive disadvantage for this specific product category but also signals opportunities for palm oil-supplying countries that help satisfy the powerful demand.

Palm Oil Exporting Companies

According to global trading platform Alibaba, the following companies are top-rated examples of palm oil-trading companies located in the country shown within parentheses.

• Erapoly Global Sdn. BHD (Malaysia)
• Foshan Shunde Guoxin Ind. Co., Limited (China)
• MUZ Trading (Philippines)
• Novagen Genetica LtdA-EPP (Brazil)
• Passata Trading GmbH (Germany)
• Pt. Asianagro Agungjaya (Indonesia)