Koon Yew Yin, 12th Dec 2024

Indonesia is the world's largest producer of palm oil, producing an estimated 46 million metric tons in the 2022/23 marketing year. Indonesia also exports over 58% of its production, making it the world's largest exporter of crude and refined palm oil.

Malaysia is the second-largest palm oil producer in the world. In 2023, Malaysia produced 18.55 million metric tons of crude palm oil (CPO) and exported 15.13 million tons. However, the export revenue from the palm oil sector in 2023 was RM94.95 billion.

CPO price will rise higher next year when Indonesia will use more palm oil to produce B40 biodiesel in a bid to reduce fossil fuel import. That means 40% of the B40 biodiesel is made from palm oil.

The price of palm oil has been going up as shown by the CPO price chart below:

All plantation companies are making more and more profit. I have used all my money to buy Jaya Tiasa.

Oil palm trees require frequent rain and sunshine. That is why Indonesia and Malaysia are responsible for growing around 90% of the world's oil palm trees.

The top countries that import palm oil from Indonesia and Malaysia include:

India

The largest importer of palm oil in the world, accounting for 21% of the world's imports in 2023. India is also the top importer of Malaysian palm oil in South Asia.

China

The second-largest importer of palm oil in the world, accounting for 12.7% of the world's imports in 2023. China is also a major importer of Indonesian palm oil.

Pakistan

The third-largest importer of palm oil in the world, accounting for 7.3% of the world's imports in 2023. Pakistan is also a major importer of Malaysian palm oil in South Asia.

United States

The fourth-largest importer of palm oil in the world, accounting for 5.04% of the world's imports in 2023.

Netherlands

The fifth-largest importer of palm oil in the world, accounting for 3.81% of the world's imports in 2023.

Kenya

A major destination for Malaysian palm oil exports.

Turkey

A major destination for Malaysian palm oil exports.

Philippines

A major destination for Malaysian palm oil exports.

Oil palm trees require frequent rain and sunshine. That is why Indonesia and Malaysia are responsible for growing around 90% of the world's oil palm trees.