Palm oil: global production volume 2012/13-2024/25
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The global production of palm oil was around 76.26 million metric tons in the marketing year 2023/24, decreasing from approximately 76.63 million metric tons in 2022/23. In that period, Indonesia and Malaysia were the leading exporters of palm oil worldwide.
Leading palm oil producers
Palm oil grows mainly in Asia, Africa and Latin America. Indonesia and Malaysia are the main palm oil producers, followed by Thailand, Colombia, and Nigeria. Unsurprisingly, Indonesia and Malaysia have the largest certified area planted with palm trees. In 2017, the Roundtable on Sustainable Palm Oil (RSPO) certified area planted with palm trees in Indonesia reached 1.7 million hectares, up from 1.54 million hectares in 2016.
Global market
Import volume of palm oil has increased worldwide over the past few years. According to the World Bank, in 2021, the average price for palm oil stood at 1,131 nominal U.S. dollars per metric ton. It is expected to drop to about 1,054 nominal U.S. dollars per metric ton by 2024.
