PALMOILMAGAZINE, JAKARTA — Indonesia continues to hold its position as the leading supplier of palm oil to India and China, the world’s two largest importers of the commodity, throughout 2024. However, the export value to both markets recorded a decline compared to the previous year, driven by global price fluctuations and the shifting dynamics of the vegetable oil market.
According to World’s Top Exports – Palm Oil Imports by Country (2024) data, India’s total palm oil imports reached US$8.65 billion, a slight drop of 1.5% from US$8.8 billion in 2023. Indonesia maintained the top spot with exports worth US$4.3 billion, though down 5.7% year-on-year.
Malaysia followed with US$2.7 billion (up 10.8%), while Thailand recorded US$712.9 million (down 8.9%) and Singapore US$597.3 million (up 5.5%). The Philippines showed the strongest growth at 46.7%, though its total export volume remained relatively small at US$41.9 million.
Also Read:
Meanwhile, several suppliers saw steep declines in their exports to India, including the United Arab Emirates (-84.8%), Bangladesh (-83.2%), Nepal (-50.5%), and Papua New Guinea (-30.8%). In total, 15 major exporting countries accounted for 99.99% of India’s palm oil imports in 2024.
China’s Palm Oil Imports Drop 33.7%
China’s palm oil imports experienced a sharper decline, totaling US$3.4 billion in 2024, down 33.7% from US$5.1 billion the year before. Indonesia remained the largest supplier with US$2.2 billion in exports, though that figure dropped significantly by 42.3% year-on-year. Malaysia came second with US$1.1 billion (down 6.6%).
Interestingly, several Southeast Asian nations reported sharp increases — the Philippines surged 365.2%, followed by Myanmar (44.2%) and Thailand (6.2%). Overall, Southeast Asian countries continued to dominate, supplying 100% of China’s total palm oil imports.
Also Read: IPOC 2025: Indonesia Strengthens Palm Oil Governance and Global Partnerships in Bali Forum
Indonesia’s Position Strong, But Competition Tightens
The data reaffirms Indonesia’s dominant role in the global palm oil trade, particularly in the Asian market. However, the declining export values to India and China highlight intensifying price competition and growing diversification of supply sources.
With ongoing shifts in global vegetable oil prices and rising demand for sustainable sourcing, Indonesia’s palm oil industry faces new challenges: enhancing production efficiency, maintaining price competitiveness, and strengthening supply chain sustainability. (P2)
