Latest news with #palmOil
CNA
08-07-2025
- Business
- CNA
Indonesia palm oil exports to US may fall due to tariffs, industry group says
JAKARTA :Indonesian palm oil exports to the United States may fall due to the 32 per cent tariffs threatened on Indonesian goods, allowing competitors in Malaysia to gain market share, an industry official told Reuters on Tuesday. The two countries are the world's biggest palm oil producers, but Indonesia has been by far the biggest supplier to the United States, accounting for 85 per cent of its total imports last year. But if the new tariff comes into effect, it could lead to a 15 per cent-20 per cent drop in Indonesian palm oil shipments to the United States, said Hadi Sugeng, secretary general of the Indonesia Palm Oil Association. "The competitiveness of palm oil will decline against other vegetable oils such as soybean oil and rapeseed oil, especially if countries exporting these vegetable oils receive lower tariffs," he added. Overall, Indonesia exported 29.5 million tons of palm oil products in 2024. Exports to the United States stood at an average of 2.25 million metric tons per year over the past three years, Hadi said. Indonesia's top negotiator is headed to Washington on Tuesday to meet with trade representatives of the United States, an economic ministry official said. Malaysian palm oil faces a lower tariff of 25 per cent, giving producers an advantage over their Indonesian counterparts. Speaking on Tuesday, Malaysia's plantations and commodities minister Johari Abdul Ghani said U.S. importers would have to bear the cost of additional tariffs on palm oil. He said there was was no alternative to palm oil in the U.S. as soybeans cannot be converted into oleochemicals, plant-based products used in toothpastes and detergents.
CNA
08-07-2025
- Business
- CNA
Indonesia palm oil group says palm oil exports to US may fall due to tariffs
JAKARTA :Indonesian palm oil exports to the United States may fall due to the 32 per cent tariffs threatened on Indonesian goods, Hadi Sugeng, secretary general of the Indonesia Palm Oil Association (GAPKI), told Reuters on Tuesday. Palm oil products are among Indonesia's top exports to the United States. If implemented, the tariff could lead to a 15 per cent-20 per cent drop in Indonesian palm oil shipments to the United States, which stood at an average of 2.25 million metric tons per year over the past three years, Hadi said. Overall, Indonesia exported 29.5 million tons of palm oil products in 2024. "The competitiveness of palm oil will decline against other vegetable oils such as soybean oil and rapeseed oil, especially if countries exporting these vegetable oils receive lower tariffs," he added. Indonesian palm oil products, which account for 85 per cent of U.S. palm imports, may also lose market share to Malaysian palm oil, which faces a lower tariff.
Free Malaysia Today
04-07-2025
- Business
- Free Malaysia Today
Sabah records more than RM100bil trade 3 years in a row
Chief statistician Uzir Mahidin said Sabah's exports in 2024 were led by crude petroleum with RM21.3 billion, palm oil with RM17.3 billion, and liquefied natural gas with RM4.6 billion. (AFP pic) PETALING JAYA : Sabah has once again surpassed the RM100 billion trade mark in 2024, marking the third consecutive year the state has achieved this milestone despite softer export figures. The statistics department said Sabah recorded RM107.8 billion in total trade last year, a 2.7% increase from 2023. However, exports slipped by 2.3% to RM61.3 billion for 2024, while imports jumped by 10.2% to RM46.4 billion. 'The higher growth in imports compared to exports resulted in a 27.9% decline in the trade balance, with a lower trade surplus of RM14.9 billion in 2024,' it said in a statement. Chief statistician Uzir Mahidin said the major commodities contributing to Sabah's exports in 2024 were crude petroleum with RM21.3 billion, palm oil (RM17.3 billion) and liquefied natural gas (RM4.6 billion), totalling RM43.2 billion or 70.4%. 'As for imports, the main contributors were refined petroleum products at RM5.2 billion, manufactured fertilisers (RM1 billion), and palm oil-based oleochemicals (RM266 million),' he said. While international exports from Sabah rose marginally by 0.9%, inter-regional exports to Peninsular Malaysia dropped by 7.2%, dragged down by a decline in shipments of crude petroleum, palm oil, and oleochemicals. Peninsular Malaysia remained Sabah's top trading partner, contributing nearly half (46.8%) of its total trade, while China, Thailand, South Korea, Japan and India collectively contributed 26.8% at the international level. The department also announced the annual external trade statistics for all states and federal territories, detailing each state's international trade values with other countries from 2019 to 2024. For Sabah, the international trade values used excluded trade between the state with Peninsular Malaysia and Sarawak. 'For 2024, the total trade of Sabah based on these values recorded a 3.6% growth to RM43 billion from RM41.5 billion in 2023. This total trade was contributed by exports valued at RM32.1 billion and imports of RM10.9 billion. 'Sabah's exports increased by 3.2% to RM32.1 billion in 2024 compared to RM31.1 billion in 2023,' it said. Imports in 2024 amounted to RM10.9 billion, marking a 5% increase over the previous year. The mentioned values differ from the report published on June 16 following updates made based on the latest data. Last week, Sabah's industrial development minister Phoong Jin Zhe, said the state's 'unusually high' trade figure for 2023 was likely driven by a single transaction and does not reflect the state's actual economic performance.
Yahoo
02-07-2025
- Business
- Yahoo
Palm Oil Market Analysis Report and Growth Forecasts, 2025-2030: Conventional Palm Oil Reigns with 99.06% Revenue Share in 2024, But Organic Gains Momentum
The global palm oil market, valued at USD 72.84 billion in 2024, aims to hit USD 98.90 billion by 2030, growing at a 5.30% CAGR. Driven by food and eco-friendly products, demand spans personal care, cosmetics, and biodiesel sectors. Key producers Indonesia and Malaysia supply the Asia-Pacific, the top consumer. Palm Oil Market Dublin, July 02, 2025 (GLOBE NEWSWIRE) -- The "Palm Oil Market Size, Share & Trends Analysis Report by Nature (Organic, Conventional), Product (Fractionated Palm Oil, Crude Palm Oil, Palm Kernel Oil), End-use (Food & Beverage, Pharmaceuticals), and Region with Growth Forecasts, 2025-2030" report has been added to Palm Oil Market was valued at USD 72.84 billion in 2024, and is projected to reach USD 98.90 billion by 2030, rising at a CAGR of 5.30%. The growth is driven by increasing demand for food applications and eco-friendly, organic, and sustainable products. Personal care products and cosmetic industries are also major sectors accountable for the growth of products. Palm oil is an edible oil that is derived from the mesocarp of the palm fruit. Indonesia and Malaysia are the largest producers as well as exporters of the product globally. It is extensively used in the food, cosmetic, and personal care products industries, among others. Asia-Pacific region is the largest consumer of palm oil owing to its key application for food preparation in the global product market is amalgamated as well as competitive in nature. It is one of the well-established companies with a developed value chain. Internationally, the product market has a resilient network of distributors, traders, and strong relationships with manufacturers. The overall product market is considered to have an extremely cohesive supply chain and increasing demand for the product for an expansive range of end-use applications comprising biodiesel, food & beverages, and personal care & cosmetics, among palm oil product segment appeared to be the largest segment in the international market, accounting for the highest share in 2022 of the global revenue of the market. This segment is the most popular due to its easy economic availability worldwide and manufacturing ease owing to 50% unsaturated and 50% fatty acid constituent nature of palm oil. The segment is expected to expand over the forecast period owing to its extensive utilization by the Oil Market Report Highlights The conventional segment led the market with the largest revenue share of 99.06% in 2024. The organic segment is anticipated to grow at the fastest CAGR during the forecast period. The fractionated segment led the market with the largest revenue share of 39.23% in 2024. The crude palm oil (CPO) segment is anticipated to grow at the fastest CAGR during the forecast period. The food & beverages segment led the market with the largest revenue share of 65.98% in 2024. The personal care & cosmetics segment is expected to grow at the fastest CAGR during the forecast period. Asia-Pacific dominated the palm oil market with the largest revenue share of 71.18% in 2024. The India palm oil market accounted for the largest revenue share of over 20.2% in Asia-Pacific in 2024. Companies Featured The major companies featured in this Palm Oil market report include: ADM Wilmar International Ltd. Sime Darby Plantation Berhad IOI Corporation Berhad Kuala Lumpur Kepong Berhad United Plantations Berhad Kulim (Malaysia) Berhad IJM Corporation Berhad PT Sampoerna Agro, Tbk Univanich Palm Oil Public Company Ltd. PT. Bakrie Sumatera Plantations tbk Asian Agri Key Attributes: Report Attribute Details No. of Pages 80 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $72.84 Billion Forecasted Market Value (USD) by 2030 $98.9 Billion Compound Annual Growth Rate 5.3% Regions Covered Global Key Topics Covered: Chapter 1. Methodology and ScopeChapter 2. Executive Summary2.1. Market Snapshot2.2. Segmental Outlook2.3. Competitive OutlookChapter 3. Market Variables, Trends, and Scope3.1. Global Palm Oil Market Outlook3.2. Value Chain Analysis3.2.1. Raw Material Outlook3.2.2. Manufacturing/Nature Outlook3.2.3. Sales Channel Analysis3.3. Price Trend Analysis3.3.1. Factors Influencing Prices3.4. Regulatory Framework3.4.1. Standards & Compliances3.5. Market Dynamics3.6. Porter's Five Forces Analysis3.7. PESTLE AnalysisChapter 4. Palm Oil Market: Nature Estimates & Trend Analysis4.1. Palm Oil Market: Nature Movement Analysis, 2024 & 20304.2. Organic4.3. ConventionalChapter 5. Palm Oil Market: Product Estimates & Trend Analysis5.1. Palm Oil Market: Product Movement Analysis, 2024 & 20305.2. Crude Palm Oil5.3. RBD Palm Oil5.4. Palm Kernel Oil5.5. Fractionated Palm OilChapter 6. Palm Oil Market: End Use Estimates & Trend Analysis6.1. Palm Oil Market: Product Movement Analysis, 2024 & 20306.2. Food & Beverage6.3. Personal Care & Cosmetics6.4. Biofuel & Energy6.5. Pharmaceuticals6.6. OthersChapter 7. Palm Oil Market: Regional Estimates & Trend Analysis7.1. Regional Analysis, 2024 & 2030Chapter 8. Competitive Landscape8.1. Recent Developments by Key Market Participants8.2. Company Categorization8.3. Company Heat Map Analysis8.4. Company Market Positioning Analysis, 20248.5. Strategy Mapping8.6. Company Profiles ADM Wilmar International Ltd. Sime Darby Plantation Berhad IOI Corporation Berhad Kuala Lumpur Kepong Berhad United Plantations Berhad Kulim (Malaysia) Berhad IJM Corporation Berhad PT Sampoerna Agro, Tbk Univanich Palm Oil Public Company Ltd. PT. Bakrie Sumatera Plantations tbk Asian Agri For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Palm Oil Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Malay Mail
02-07-2025
- Malay Mail
Three killed after Isuzu D-Max pickup crashes into palm oil trailer in Lahad Datu
KUALA LUMPUR, July 2 — Three men were killed after the pickup truck they were travelling in collided with a palm oil-laden trailer at KM16 of the Lahad Datu–Sandakan road in Lahad Datu last night. Berita Harian reported that all three victims were trapped in the vehicle and pronounced dead at the scene by medical personnel. Lahad Datu Fire and Rescue Station chief Sumsoa Rashid said they received an emergency call at 8.52pm. A team of 12 personnel, along with a fire engine and an Emergency Medical Rescue Services (EMRS) unit, was dispatched to the scene, located about 30km from the station. 'Upon arrival, the team found the crash involved a palm oil tanker and an Isuzu D-Max pickup. 'All three male victims were found trapped in the vehicle and were extricated before being confirmed dead,' he said when contacted by the national daily today. He added that the trailer driver, a 61-year-old man, was injured and taken to hospital.
