U.S. Refined Palm Oil Imports
In June 2023, supplies from abroad of refined palm oil decreased by -24.5% to 96K tons, falling for the fourth month in a row after two months of growth. Overall, imports saw a mild curtailment. The most prominent rate of growth was recorded in August 2022 with an increase of 145% m-o-m.
In value terms, refined palm oil imports dropped remarkably to $104M (IndexBox estimates) in June 2023. In general, imports continue to indicate a deep reduction. The growth pace was the most rapid in August 2022 with an increase of 139% m-o-m.
Imports by Country
In June 2023, Indonesia (93K tons) was the main refined palm oil supplier to the United States, with a 97% share of total imports. It was followed by Malaysia (472 tons), with a 0.5% share of total imports.
From June 2022 to June 2023, the average monthly rate of growth in terms of volume from Indonesia was relatively modest.
In value terms, Indonesia ($99M) constituted the largest supplier of refined palm oil to the United States, comprising 95% of total imports. The second position in the ranking was held by Malaysia ($663K), with a 0.6% share of total imports.
From June 2022 to June 2023, the average monthly rate of growth in terms of value from Indonesia amounted to -4.1%.
Import Prices by Country
In June 2023, the refined palm oil price stood at $1,091 per ton (CIF, US), which is down by -7.1% against the previous month. Over the period under review, the import price saw a pronounced descent. The growth pace was the most rapid in May 2023 an increase of 8.9% against the previous month. Over the period under review, average import prices hit record highs at $1,650 per ton in June 2022; however, from July 2022 to June 2023, import prices stood at a somewhat lower figure.
Average prices varied somewhat amongst the major supplying countries. In June 2023, the country with the highest price was Malaysia ($1,404 per ton), while the price for Indonesia amounted to $1,073 per ton.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by Malaysia (-2.3%).
Source: IndexBox Market Intelligence Platform
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