Sustainable Development Goals
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Market TrendPalm Oil Supply and Demand Half Year Review 2020: A Market Outlook
A Market Outlook is compiled to update the World Palm Oil Outlook Report published by CPOPC in January 2020.Download
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Providing about half of the world’s supply of palm oil, Indonesia remains to be the world’s biggest producer and consumer of the commodity. Palm oil production is central to the economy of Indonesia and accounts for 11% of Indonesia’s export earnings. This makes it the largest export commodity, exceeding oil and gas export value. Notably, the export value of the Indonesian palm oil reaches up to USD 23 billion in 2017, marking an increase of 26% from 2016.
As the world’s second-largest producer of the commodity, the oil palm industry is not only vital to the Malaysian economy but it also plays a pivotal role in ensuring that the demand of a growing global population is met. Malaysia has a vital role to play in achieving the rising global need for oils and fats, as Malaysia is one of the major producer and exporter countries of palm oil and palm oil products.