Analysis and Studies - Products analysis
Palm Oil: import and export
January 10th 2023
Palm oil is a type of edible vegetable oil that is extracted from the fruit of the oil palm tree.
It is native to West Africa, but it has been cultivated and used for cooking and other purposes in many other parts of the world for centuries.
The palm oil tree was first introduced in Southeast Asia in the early 20th century, where it quickly became an important crop. In the late 20th and 21st centuries, the demand for palm oil grew rapidly, driven by its low cost and versatility as an ingredient in a wide range of products, including food, cosmetics, and biofuels.
The expansion of palm oil production has also been associated with environmental and social issues, including deforestation, habitat destruction, and land conflicts. However, today trade in palm oil represents 0.2% of total world trade.
In fact, in 2020 palm oil was the 104th most traded product of the world, with a total trade of $34.1B.
The top exporters were Indonesia ($17.9B), Malaysia ($10.6B), Netherlands ($1.03B), Guatemala ($466M), and Papua New Guinea ($434M). Meanwhile, India ($5.04B), China ($3.66B), Pakistan ($2.15B), Netherlands ($1.72B), and Spain ($1.25B) were the top importers.
Lastly, between 2019 and 2020, the exports of palm oil grew the fastest in Indonesia ($2.28B), Malaysia ($1.5B), Honduras ($120M), Turkey ($85.3M), and Guatemala ($67.3M), while the fastest growing importers were Pakistan ($494M), Philippines ($295M), Kenya ($288M), Netherlands ($268M), and Italy ($253M).
SKYMINDER: know your business partner!
SkyMinder is the business information platform powered by CRIF, giving access to in-depth credit and financial data on companies all over the world. Thanks to our international presence and long-standing experience with local information providers, every country is available on SkyMinder, without data accessibility limits or updating issues. If you are evaluating the possibility of doing business with a company in this industry, SkyMinder can help you assess your potential partner.
Discover more about our solutions and don't hesitate to contact us!