PALMOILMAGAZINE, JAKARTA – Global demand for palm oil remained strong in 2024, underscoring the world’s continued reliance on this commodity despite a decline in import volumes. According to World’s Top Exports – Palm Oil Imports by Country (2024), released on Thursday (Oct 30, 2025), total global spending on palm oil reached US$42.3 billion throughout 2024.
This figure represents a 24.8% increase compared to 2020, when total imports were valued at US$33.8 billion. However, on a year-on-year (YoY) basis, the total import value declined 10.6% from US$47.3 billion recorded in 2023.
Palm oil—derived from the flesh of the oil palm fruit—remains a vital ingredient in cooking oil, margarine, biodiesel feedstock, and a wide range of processed food products.
Also Read:
India Maintains Its Position as the Top Importer
India continues to dominate the global palm oil market, importing US$8.7 billion worth of the commodity in 2024, accounting for 20.5% of total global imports.
Mainland China followed with US$3.4 billion, Pakistan with US$2.9 billion, the United States with US$1.9 billion, and the Netherlands with US$1.5 billion. Collectively, these five countries absorbed 43.4% of the world’s total palm oil imports in 2024.
Regionally, Asia remained the largest palm oil market, recording US$24.3 billion or 57.6% of total imports. It was followed by Europe (18.6%), Africa (14.2%), North America (6.3%), Latin America (2.9%), and Oceania (0.4%).
Also Read:
Countries with the Highest and Lowest Import Performance
Beyond India, several other countries recorded significant import values, including Bangladesh (US$1.3 billion), Italy (US$1.16 billion), Egypt (US$1.14 billion), the Philippines (US$1 billion), and Vietnam (US$992.9 million).
Notably, some countries experienced substantial year-on-year growth in palm oil imports. The Philippines saw an increase of 17.6%, Saudi Arabia rose 14.6%, and Kenya gained 7.9%.
Meanwhile, the largest declines were observed in China (-33.7%), Italy (-22.5%), Egypt (-12.7%), and Turkey (-7.7%).
Also Read: IPOC 2025: Indonesia Strengthens Palm Oil Governance and Global Partnerships in Bali Forum
Emerging Non-Traditional Import Markets
Among the top 100 palm oil-importing countries, several new markets demonstrated rapid growth. Nations such as Peru (+219.3%), Papua New Guinea (+190.8%), Tanzania (+147.2%), Honduras (+104.2%), and Nigeria (+88.2%) have emerged as promising new destinations for palm oil trade beyond traditional Asian markets.
For trade and research purposes, palm oil is classified under Harmonized Tariff System (HS) code 1511, which covers both crude and processed palm oil, whether refined or unrefined. (P2)
