Leading palm oil importers worldwide 2023
In 2023, India was the leading importer of palm oil worldwide, with an import value of about 8.7 billion U.S. dollars. China was the second-highest palm oil importer worldwide, with imports worth about 5 billion U.S. dollars. Palm oil is an edible vegetable oil commonly used for food products, detergents, and cosmetics.
Palm oil imports worldwide
China’s imports of palm oil have continuously increased during the last seven years, excluding the noticeable drop in imports during the pandemic year of 2020/21. In the European Union (EU), there has also been a continuous upward trend of palm oil imports. While EU imports of palm oil were valued at approximately 1.9 billion U.S. dollars in 2006, that figure had increased to around 7.5 billion U.S. dollars in 2022. Brazil and Mexico are the leading importers of palm oil in Latin America and the Caribbean, with imports equivalent to approximately 384 million and 381 million U.S. dollars, respectively.
Palm oil in India
India, the leading importer of palm oil worldwide, imports most of its palm oil from Indonesia. India’s imports of palm oil from Indonesia are about five million metric tons annually, which amounts to approximately 43 percent of its total palm oil imports. Another quarter of India’s palm oil imports come from Malaysia. The consumption of palm oil in India amounted to nearly 8.2 million metric tons annually in 2022. During the last decade, India’s palm oil consumption has remained relatively stable.
