Coconut, palm kernel or babassu oil and fractions market in ASEAN

Earlier Report Observations

The ASEAN market for coconut, palm kernel or babassu oil and fractions showed notable volatility in volume between 2018 and 2023. Starting at 5.7 million tons in 2018, consumption rose by 8% to 6.2 million tons in 2019, then contracted by 6.6% to 5.8 million tons in 2020. A moderate recovery followed in 2021, bringing the market to 5.9 million tons, before a strong 13% expansion to 6.7 million tons in 2022.

Market volume stabilized in 2023 at 6.6 million tons, with only a slight decrease. In 2024, the regional market is influenced by rising international palm kernel oil prices, which affect export pricing and trade flows for major producing countries like Indonesia and Malaysia.

Production coconut, palm kernel or babassu oil and fractions in ASEAN

In kind, 2017-2020, K t

Top producers of coconut, palm kernel or babassu oil and fractions, 2017-2020

World map of production of coconut, palm kernel or babassu oil and fractions, 2017-2020

ASEAN's production of coconut, palm kernel, or babassu oil and fractions saw growth for two consecutive years before declining. In 2019, production reached its peak at 9 550 K t. However, in 2020, output fell to 8 802 K t, representing a modest decrease of 7.8% compared to the previous year. The most significant increase occurred in 2018, with a rise of 6.4%.

Annual dynamics of production in ASEAN in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Following a two-year decline, ASEAN's production of coconut, palm kernel, or babassu oil and fractions in value terms rebounded. In 2019, production hit its lowest point at 9 021 M $ US. In 2020, output increased to 9 472 M $ US, marking a moderate uptick of 5.0% year-over-year. Over the period from 2017 to 2020, production decreased by 27.9%, which translates to an annualized rate of 10.4%. The largest decline was recorded in 2018 at 19.4%.

Annual dynamics of production in ASEAN in value, 2017-2020, M $ US

Exports coconut, palm kernel or babassu oil and fractions from ASEAN

Exports in kind, K t

ASEAN's export volume of coconut, palm kernel, or babassu oil and fractions declined for the second year in a row. In 2018, exports peaked at 4 005 K t, with the largest increase that year at 2.3%. In 2019, exports fell sharply by 13.2%, and in 2020, they stood at 3 439 K t, down by 1.1% compared to 2019. Between 2017 and 2020, exports decreased by 12.1%, equating to an annualized rate of 4.2%.

Annual dynamics of product's exports from ASEAN in kind, 2017-2020, K t

From 2017 to 2020, China, the Netherlands, and the United States were the main markets for ASEAN's exports in kind. China accounted for 22.2% of exports, the Netherlands for 19.6%, and the United States for 16.7%. Together, these three countries represented 58.5% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from ASEAN in kind, 2017-2020

Exports in value, M $ US

After two years of decline, ASEAN's export value of coconut, palm kernel, or babassu oil and fractions increased. In 2019, exports reached their lowest point at 3 285 M $ US, with the largest decline that year at 26.6%. In 2020, exports totalled 3 701 M $ US, marking a solid improvement of 12.6% compared to 2019. Over the period 2017-2020, exports decreased by 35.9%, with a compound annual growth rate (CAGR) of -13.8%.

Annual dynamics of product's exports from ASEAN in value, 2017-2020, M $ US

Between 2017 and 2020, the Netherlands, China, and the United States consistently remained the top destinations for ASEAN's exports in value terms. The Netherlands held a share of 21.9%, China 18.9%, and the United States 18.8%. Collectively, these three countries accounted for 59.6% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from ASEAN in value, 2017-2020

Imports coconut, palm kernel or babassu oil and fractions to ASEAN

Imports in kind, K t

The import market for coconut, palm kernel, or babassu oil and fractions in ASEAN showed an unstable trend. In 2019, imports fell to their lowest point at 87 K t, with the largest decline that year at 60.2%. In 2020, imports surged to 390 K t, representing a sharp gain of 347.6% compared to 2019. The difference between the peak in 2020 and the trough in 2019 was 4.5 times.

Annual dynamics of product's imports to ASEAN in kind, 2017-2020, K t

From 2017 to 2020, Papua New Guinea was the leading source for ASEAN's imports in kind of coconut, palm kernel, or babassu oil and fractions, accounting for 4.2% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to ASEAN in kind, 2017-2020

Imports in value, M $ US

Following a two-year fall, ASEAN's import value of coconut, palm kernel, or babassu oil and fractions increased. In 2019, imports hit their minimum at 451 M $ US, with the largest decline that year at 35.6%. In 2020, imports rose dramatically by 34.9% compared to 2019. Between 2017 and 2020, imports decreased by 19.6%, equating to an annualized rate of 7.0%.

Annual dynamics of product's imports to ASEAN in value, 2017-2020, M $ US

In the period 2017-2020, Papua New Guinea and India were the primary sources in the geographical structure of ASEAN's imports in value terms, together accounting for 5.0% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to ASEAN in value, 2017-2020