In 2023, Malaysia’s total exports amounted to RM1.426 trillion (approximately US$351 billion), representing a decrease of 8% from 2022. Key exports included integrated circuits, refined petroleum, and palm oil.

Out of total exports, palm oil export earnings were RM95 billion in 2023, a significant decline of 27.1% from 2022. Weak export earnings were despite relatively high export volumes compared to previous years, as the average Crude Palm Oil (CPO) price dropped by 25% in 2023 compared to 2022. Key export destinations for Malaysia’s palm oil included India, China and Turkey.

In Sarawak, the palm oil industry raked in RM14.3 billion in 2023, accounting for 11% of the State’s total exports and surpassed crude petroleum as the State’s leading export commodity.

Indonesia lifted its temporary palm oil export ban on 23 May 2022 as its domestic supply position improved, leading to a significant drop in CPO prices. Since then, the country has implemented new regulations such as Export Permits and Domestic Market Obligation (DMO) to manage domestic prices and availability.

Malaysia’s total palm oil and palm-based products exports for 2024 were valued at RM99 billion (approximately US$22 billion) as of the first 11 months of the year, an increase of RM12.5 billion (US$2.8 billion) from the previous year’s period, driven by higher export prices and volumes. Specifically, processed palm oil exports reached RM50.73 billion and palm-based products generated RM53.44 billion in value.

In 2024, Malaysia’s overall palm oil and related products exports showed strong growth of 11.7%.
Palm oil remains a significant export, with the sector contributing 7% to Malaysia’s total exports in 2024. The largest export markets for Malaysia’s palm oil in 2024 were India, followed by China, the European Union, and Kenya.

The shift towards exporting more processed palm oil and palm-based products, rather than CPO, has helped to boost export value.