Top Palm Oil Exporters in Malaysia

As a vegetable oil, which is popular and adaptable, palm oil is used for various purposes, including food and biofuels. Moreover, foods, detergents, cosmetics, and, to some extent, biofuels all include it. Furthermore, although Malaysia is the second-biggest palm oil exporter behind its neighbor Indonesia, it is presently the world's largest exporter of palm oil. According to Malaysia's export data for 2023, Malaysia's palm oil exports accounted for $11.91 billion. The 4-digit HS code for palm oil is 1511. One nation stands out when it involves exporting this oil abroad: Malaysia. What makes this nation in Southeast Asia the export leader in palm oil? In this blog, we will talk about palm oil exporters in Malaysia.

The Biggest Palm Oil Exporters in Malaysia

As far as we are aware, Malaysia is the world's second-biggest exporter of palm oil, making up more than 27% of exports and 11% of the world's output of oils and fats. This is a list of Malaysian companies that export palm oil!

1. Wilmar International Limited 

Although Wilmar International is headquartered in Singapore, Wilmar has extensive operations in Malaysia and is a major exporter. In 2023, Wilmar exported palm oil worth $67 billion (for global operations). It has headquarters in Butterworth, Malaysia. 

2. Sime Darby Plantations Berhad

Sime Darby in Malaysia is one of the world’s largest palm oil exporters, with extensive plantations and mills, with an export revenue of approximately $4.7 billion in 2023. Sime Darby Plantations had headquarters in Kuala Lumpur, Malaysia. 

3. Felda Global Ventures Holdings Berhad (FGV)

Felda Global Ventures in Malaysia is significant in the production and export of palm oil, with a broad value chain. Its export revenue in 2023 is $4.4 billion. Felda Global Ventures has its headquarters in Kuala Lumpur, Malaysia. 

4. Kuala Lumpur Kepong Berhad (KLK)

Kuala Lumpur Kepong is a major palm oil exporter in Malaysia and is engaged in palm oil cultivation and processing, with significant export volumes. It exported palm oil worth $3.8 billion in 2023. It has headquarters in Ipoh, Perak - Malaysia. 

5. IOI Corporation Berhad

IOI Corporation is a major player in the palm oil sector in Malaysia, involved in both upstream and downstream activities, with an export revenue of $3.2 billion in 2023. It has headquarters in Putrajaya, Malaysia. 

6. Gentings Plantations Berhad

It is a key player in the Malaysian palm oil industry, involved in production and export. Gentings export revenue in 2023 was $1.1 billion. Its headquarters is in Kuala Lumpur, Malaysia. 

7. Hap Seng Plantations Holdings Berhad

Hap Seng Plantations in Malaysia is engaged in palm oil cultivation and processing, with substantial export activities. It had a palm oil export revenue of $780 million in 2023. It is headquartered in Lahad Datu, Malaysia. 

8. United Plantations Berhad

United Plantations in Malaysia is known for its high-quality palm oil and significant export volumes. It exported palm oil worth $602 million in 2023. It has headquarters in Teluk Intan, Malaysia. 

9. Rajawali Corp.

Rajawali Corp. operates significant palm oil plantations in Malaysia, contributing to palm oil exports globally. Its export revenue in 2023 was approximately $552.3 million. It is headquartered in Petaling Jaya, Malaysia. 

10. Sarawak Oil Palms Berhad (SOPB)

It is involved in palm oil cultivation and processing in Malaysia, with a notable export presence, with an approximate export revenue of $550 million in 2023. It has headquarters in Miri, Malaysia. 

Total Exports and Production of Top Palm Oil Exporters in Malaysia

Top Consumer Countries for Malaysian Palm Oil Exporters

According to the latest export statistics for 2023, Malaysia is the biggest palm oil exporter to India worth $2.32 billion. The top 10 countries to which Malaysia exports palm oil include:

1. India: $2.32 billion
2. Kenya: $720.54 million
3. China: $659.82 million
4. Turkey: $610.39 million
5. Japan: $498.03 million
6. Pakistan: $440.01 million
7. Vietnam: $391.72 million
8. Philippines: $383.60 million
9. Netherlands: $348.84 million
10. Afghanistan: $330.17 million

Which Palm Oil variety does Malaysia Export?

The Tenera variety, a cross between the dura and vinifera varieties, is the foundation of Malaysia's palm oil industry. There are oil palm plantations all around Malaysia, with the Tenera species being the most prevalent. Genetics determines Tenera's rate of oil extraction and fresh fruit bunch production. About 4-5 tons of crude palm oil (CPO) and 1 ton of palm kernels can be produced annually per hectare by the Tenera variety. Arriving in Malaysia around the start of the 1800s, commercial palm oil plantings didn't start until 1911. Henceforth, the majority of oil palm trees grown in Malaysia are of the Tenera kind, which is a cross between dura and Pisifera.

Important Insights of Malaysia's palm oil exports

• Malaysia was the second-biggest palm oil exporter in 2023-24, with over 16.2 million metric tons shipped.
• Palm oil exports from Malaysia accounted for $11.91 billion in 2023.
• Malaysia’s palm oil exports make up 27.2% of the global export share.
• Malaysia exports the most palm oil to India worth $2.32 billion in 2023.      
• The palm oil sector in Malaysia contributed 3.7% of the GDP in 2023.
• Malaysia's palm oil exports are predicted to expand by 3.3% year over year to 15.6 million metric tons in 2024.
• The biggest palm oil exporters in Malaysia include Wilmar International Limited, Sime Darby Plantation Berhad, and Kuala Lumpur Kepong Berhad.

Malaysia’s Palm Oil Exports by the last 10 years

Malaysia Palm oil exports in 2024

Malaysia’s Palm oil exports in the first six months i.e. the first 2 quarters of 2024 accounted for $5.79 billion. It is anticipated that Malaysia will export 15.6 million metric tons of palm oil in 2024, a 3.3% annual rise over the previous year. From the start of the year to July 18, 2024, Malaysia exported 471,000 tons of palm oil, up from 449,000 tons during the same period in 2023. In the first two quarters of 2024, Malaysia exported the most palm oil to India worth $1.19 billion. 

Contribution of the Palm Oil Industry to the Malaysian Economy

The Malaysian financial system relies heavily on palm oil. It creates jobs for thousands of humans and contributes appreciably to the GDP. Many Malaysians rely upon this monetary engine for their everyday livelihood and the increase of the nation. Despite challenges like balancing environmental upkeep with economic growth, Malaysia's long records, perfect weather, and commitment to innovation help to hold its function as the sector's pinnacle exporter of palm oil. 

In June 2024, Malaysia's exports of palm oil rose by more than 40%

Malaysia exported 91,000 tons of palm oil in June 2024, up by 42% from 64,000 tons in the same month in 2023, in line with figures from Oil World. Experts explain this increase as a result of reduced supply via Indonesia and Central America and an upward push in client demand for Malaysian palm oil internationally. The growth in exports has caused Malaysia's local palm oil reserves to drop to 328,000 tons, the lowest stage in 23 months. Malaysia exported 471,000 heaps when you consider that at the beginning of 2024 (rather than 449,000 tons from January to June 2023). This comprises shipments of 59,000 tons to India (45,000 tons), 55,000 lots to China (69,000 tons), and 101,000 tons to the EU (85,000 tons in the previous year). 

Palm oil exports from Malaysia have accelerated substantially given that at the start of July; from July 1 to 15, 800,000 heaps have been added, which represents a multi-year high, and a 50% yr-over-yr upward thrust. 

Malaysia’s Biggest Competitor as a palm oil exporter - Indonesia

With 51.7% of the world's palm oil production, Indonesia is the biggest palm oil exporter, followed by Malaysia with 27.2%. The competitiveness of Malaysia's palm oil exports varies by market; and in 2023, Indonesia exported $22.68 billion worth of palm oil, while Malaysia only exported $11.91 billion. In contrast to Indonesia, Malaysia is better positioned to encourage the production of sustainable palm oil.

Find Palm Oil Exporters and Suppliers in Malaysia

You can find more than thousands of palm oil exporters and suppliers in Malaysia. Use the data-driven services of TradeImeX if you're having trouble finding palm oil exporters in Malaysia or suppliers of palm oil. Avoid lingering on it for a prolonged period. Get live sample data right now! Email us at info@tradeimex.in to find Malaysian palm oil suppliers and exporters. We provide the most reliable and authentic palm oil export information, including palm oil HS codes, a directory of palm oil exporters, and more.

Conclusion

In conclusion, Malaysia is a paradise to a number of the top palm oil exporters in the world. These companies play a vital role in assembling global demand for palm oil products whilst adhering to sustainable practices and environmental standards. With their commitment to the best and innovation, Malaysian palm oil exporters are nicely placed to keep their main position in the global palm oil marketplace.

Also read:

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